How Small Businesses Can Benefit From Artificial Intelligence

Artificial Intelligence Benefits to Society

Artificial intelligence or AI is a tool for the future with great potential to bring development. Yet it remains an enigma to many. People consider it to be something, only computer scientists and analysts can work with. This discourages small businesses with limited resources from implementing this technology. However artificial intelligence is just like other technologies. As it’s becoming more popular, there are more providers. This resulted in cost fall, due to competition and AI becomes affordable even to the small businesses.
Artificial Intelligence primarily works on statistics. It studies the statistical data and gives the appropriate response based on it. Collection of this statistical data is a very easy process. Such data is usually freely available. This proves that the implementation of AI is easier than ever.
There are a number of ways for small businesses to implement AI for regular activities.

Streamlining Customer Interactions
This is currently the chief application of artificial intelligence. As small businesses cannot afford employees for operating and handling customer interactions. AI provides the solution to this problem. AI powered customer interactions are fast, accurate, and cheap. Businesses make use of chatbots, and AI powered answering machines to cater to customer services easily. It also allows them to send relevant updates to customers, helping the business to grow. Thus businesses use AI to improve customer experience, which in turn contributes greatly to their development.

Data Collection, Analysis and Prediction
Perhaps the greatest advantage of artificial intelligence is its ability to build statistical models from the provided data, to analyse the models and to make predictions based on the analysis. AI collects data from customers regularly. It creates the statistical models and finds out the patterns from these models. This allows businesses to know more about their customers, and their needs, and what makes them come back. It also helps predict the sales of products. Helps to find new customer ‘s niches. Earlier these tools were very expensive, but after invention of artificial intelligence, they are quite affordable. AI has proven invaluable for small businesses, as it’s analysis gives them the information they need to grow, quite easily.

Benefits of Artificial Intelligence

Performing Rhetoric Tasks
Artificial intelligence is capable of performing tasks quickly that would take humans a long time. Say someone had to sort the records of books sold along with the date, time and name of the customer. A human employee would take a while to do this, especially if the data is really big. However AI would do this job quite swiftly and also come up with patterns that would help plan future business strategies. This would leave the human employee free to do more meaningful tasks. Thus AI helps in optimizing the use of the human resources, which is quite crucial for small businesses.

Streamlining of Hiring Process
There is a huge gap between the demand and supply for job positions. As a result employers have to deal with a large number of job applications and resumes. They don’t have time to analyse every applications on its merits. They just have to select an application and hope for the best. AI solves this problem too. It efficiently sorts the applications, eliminates those that do not fulfill the requirement, and brigs the forefront of best ones. AI also collects relevant data about an applicant from sources such as Facebook, LinkedIn and also from various databases. This allows small businesses to hire the best talent available, giving them quality human resources.

Keeping tabs on the Market
Artificial intelligence contributes vital information in planning of business strategies. It does this by keeping track of consumer trends and predicting the changes in them. It also helps in keeping tabs on the competitors, their businesses and marketing strategies. This helps small businesses enormously as their survival depends on optimum and accurate strategy making.

Conclusion
Artificial Intelligence is no longer restricted to high budget large corporations. It’s now available to small businesses as well. It’s easily deploy-able and comes with high benefits. Is imperative for all businesses to make use of this new technology in order to stay with the competition. Artificial intelligence is a short and smart way to development of any entrepreneurial venture.