The Future of Artificial Intelligence for Small Businesses

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Click to learn more about author Olivia Diaz.

Many businesses are now turning towards the buzz of ‘artificial intelligence’ (AI) as they strive harder to put their specific needs into valuable output. AI is continuously migrating from research labs into the world of business where leading companies are using its power for analyzing countless data points in seconds of time, to deploying chatbots in order to improve customer interactions.

Huge advances in deep learning are still fairly limited, yet it can have a great impact as AI-driven systems can help the business and society to tackle a large set of more general problems. AI enables companies to continuously adapt processes which are based on past experiences by ushering in vast improvements for customer targeting, as deep learning algorithms help to spot patterns in behavior that are more likely to generate more business.

In this article, we will look at how AI can be applied to solve your everyday business challenges and what steps are to be taken by SMBs to understand its effective implementation.

Machine Learning Basics

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At its core, machine learning is a part of artificial intelligence which helps software to learn from trial and error method by improving user experience automatically. This can be achieved through algorithms, which not only process massive amounts of input data to detect changes in the patterns, by making the mandatory modifications to accommodate these changes. All of this occurs quickly and hence it might feel to the SMB leaders a bit darker about where AI is heading and how it will integrate into their workflow in this cutting-edge technology.

For instance: We are quite aware of facial recognition programs that allow Facebook to recognize your friends in a picture with you and also in e-commerce platforms to give updates on customer order. All these programs learn deeply as they go further and become increasingly better at what they do.

How AI is Implemented Across the Globe

AI is impacting companies across the globe, earlier in 2019 it was discussed how large companies implement AI strategically by focusing on main areas like improving revenues and cutting costs, through more production with less workforce and emphasis on back-office processes.

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When the business starts to focus on automation it can save a bunch of time which is getting consumed by sales in finding, scoring, and segmenting projects to reduce manual tasks. With the aid of AI-enabled sales apps, companies can make the process more humanized and effective. Also, customer service is another high-touch area for most businesses as chatbots are which employ machine learning in the process.

What Do Business Leaders Think About the AI?

Leaders agree about the noise made these days around artificial intelligence as it helps a business to automate their manual processes and translates it into a deep learning word vector. There are some few steps which need to be implemented in order to make AI do wonders for your businesses.

  • Merge the Processes

Start to consolidate all of your business data into a resource so that the AI tools are able to find the correlations to generate more business. Search for publicly available data on your competitors and compile all the relevant information from your CRM, email lists, advertisement campaigns, onsite traffic analytics and audiences from social media.

  • Look for Alternatives

You should always think about the riskiest parts of your funnel which can be resolved with the help of AI tools. For instance, if you face any trouble in generating leads then try to use machine learning for cold pitching, advertising, and prospecting. Go for a chatbot if you’re lacking onsite engagement. You may also go for some AI-enhanced marketing automation to close more deals from your existing audience lists.

  • Segmentation

Before you give your commitment to any specific service, visit some tool review platforms like Capterra and GetApp to do the diligence. After this, run an experiment with just one segment of your business to see how you are likely to impact your AI before giving access to these tools for the entire database.

How Do We See the Future of AI?

The word AI is ready to enter the doorway for all SMBs to automate the ever-increasing amount of work by ensuring we all can keep our jobs and be more efficient. AI is definitely not a human replacement, but this technology can shift the business in terms of productivity from handling data to accounting and customer service to social media. The real power of AI lies in what you make out of it. Keep Learning!

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