How Is AI helping Small Businesses Grow?

Artificial Intelligence(AI) is becoming quite the buzzword in the marketplace lately. In this article, we will discuss “how artificial intelligence helps businesses grow?” For those who are unaware of what AI is, it is what makes it possible for machines to learn from experience just like humans but in a faster and more focused manner. From these learnings and experiences, the machines can then learn to adjust to new inputs and perform tasks that are human-like.

Recently self-driving cars were being talked of in the news and tech platforms, which also is an example of AI at work.

A lot goes behind creating AI that performs tasks like driving. AI relies heavily on deep learning and language processing, this is all done by processing large amounts of data.

AI aims at making human lives simpler and easier by eliminating monotonous tasks and freeing up time. With each passing day, AI is becoming a valuable and important part of technology.

There are a lot of people who think something like Skynet from Terminator could come to play with the advancement of AI. Which is saying a lot if you ask me.

To help you understand AI better and how it works, I’ll make a comparison between AI and a baby. AI like a baby is a functioning healthy mind and body that needs data to process since it has none of its own.

Just as a baby learns to talk, walk and learn from watching and learning for their experiences. AI needs to have access to objects, properties, relations between them to be able to relate them, make apt suggestions and implement that knowledge to further apply logic and troubleshoot. This is a tiresome task and a never-ending one much like that of a human’s life spent learning.

Why does your business need AI?

Problem-solving lies at the very foundation of AI and every business needs an automated system that can troubleshoot efficiently and swiftly.

Artificial intelligence helps businesses boost their sales, identify fraud and enhance and enrich customer experience and assess the business and its work processes for further tweaking.

Artificial intelligence and healthcare

Platforms like healthcare, finance, logistics and automotive are already using automation to help them in various ways. Artificial intelligence and healthcare when combined can save lives and act as the second line of defense when your body’s defense fails.

Apple releasing the feature of fall detection in their watch is a sign of AI being used in a way to benefit the human race from a medical standpoint.

Wearables can help cater to the healthcare platform in integrating AI and act as first indicators in diagnosing health issues and diseases.

AI and Finance 

Finance and accounting platforms are growing and adapting AI at a rapid speed. AI is using it to bring fraud to light and help churn huge chunks of data in a matter of minutes, all this is done while keeping the client’s data secure and accurate to the last penny.

AI and Logistics

Logistics platforms are expanding their reach to the little nooks and crannies’ with a better hold on inventory and delivery supervision that is all automated thanks to AI.

Amongst other things consumer behavior mapping, customer service chatbots, autonomous cars and a lot more are already a part of our lives and the credit goes to AI.

So, does your business need AI? This really shouldn’t be the question. The question should be:

Can your business stand the test of time without AI?

The idea of only large corporations tapping into AI is a thing of the past. A lot of small businesses that are willing to take risks and who believe AI to make a huge impact are tapping into its potential.

Starting small, artificial intelligence helping businesses gauge and oversee employee engagement through AI-based tools. Thus giving authorities the insight on employee’s development needs, which will further lead to improved efficiency at work. This will help save the business money and result in increased efficiency.

AI helping small businesses

Several AI-enabled tools in the market can also help gather the information that provides market analysis helping small businesses. It helps businesses to narrow down the kind of consumers to target and if their business strategy helped reach out to that particular consumer segment.

Customer service needs a lot of attention as it is the last window for you to retain a customer if things don’t fall into place the first time. So, it becomes even more important for a small business to focus on their customer servicing.

By bringing AI into the picture small businesses can enhance customer engagement, therefore resulting in a rise in satisfaction as well.

Other such AI plugin tools help small businesses save money, amplify efficiency and gather data. This data can then be analysed to make decisions that lead to expansion and growth in the long run.

A lot of people think of AI as science fiction. Something of the future that has yet to come and bring with it robots and changes to rule the human race thanks to the movies we’ve all been watching.

However, the truth is AI already is a part of our lives, with the smartphones we own, our laptops and even our cars of late.

With Alexa, Cortana, and Siri being named that almost each one of us is aware of and have used, AI is making its presence felt. With every “Hey! Google” and as we raise our wrists to speak into our smartwatches. AI is a highly intuitive tool and it will flourish only when it is accepted and used by masses.