Since the advent of Machine Learning and Artificial Intelligence, the online faces of businesses have changed. These technologies are rapidly becoming the mainstay for many enterprises, changing the way they function and operate.
In their 2019 CIO survey, Garner mentions that 37% of businesses use AI and ML for mechanical operations.
If you want your business to be forward-looking from the beginning, leveraging the latest technology only makes sense. After all, AI and Machine Learning can more-or-less transform the way small business functions.
As you curious about the difference they can make on your business? Read on to find out!
How A Small Business Can Use AI And Machine Learning?
One of the biggest misconceptions going around is that AI is only for large enterprises. However, that is far from the truth.
AI and Machine Learning do not necessarily require costly hires, tech specialists, and data scientists. Instead, these technologies aim to help your business reduce costs by taking over all these professional functions.
With the right budgeting, planning, research, and preparation, no business is too small to use Artificial Intelligence and Machine Learning. In fact, the earlier a stage a business implements these, the better it will perform as the business grows.
Ways In Which AI And ML Transform Businesses
Let us look at how small businesses can make optimal use of AI and ML.
Gamify The Hiring Process
Talent acquisition and hiring is a tedious and long process that impacts the business’s functioning. Moreover, it is ongoing and can take a significant amount of time and effort from the HR department.
AI can use interactive games that can access applicants’ cognitive and personality traits. By comparing the results from successful employees in the business, AI can shortlist a small list of suitable candidates or even find the best fit.
Small businesses can save up to $20,000 and 250 hours by letting AI and ML do the dirty work.
Streamlining IT And Repetitive Operations
By allowing Machine Learning and Artificial Intelligence into your business, you allow many organizational functions to be automated.
With the help of Machine Learning algorithms and pre-trainer Artificial Intelligence, your organization’s functions can be orchestrated without human intervention.
Tasks such as paperwork, scheduling, and timesheets take a lot of time but do not need humans anymore. AI can do all that for your business without costing as much as virtual assistants and data entry professionals.
Improving Marketing Efforts And Sales
Acquiring feedback and analyzing it takes a lot of a marketer’s time. To help reduce that effort, a small business can use AI-powered CRM (customer relationship management) tools.
These tools specialize in attaining customer data, feedback, and history to access product success. Moreover, these tools help device lead generation strategies by allowing businesses have all the required information ready to brainstorm on.
Facilitates Smoother Customer Experience
No more do businesses have to invest in customer relations managers or technical experts to provide after-sales services. With the help of AI, customers can get solutions to their problems within seconds and at all times.
Small businesses can use digital assistants and automated chat boxes to continue 24 x 7 communication with customers. AI can easily clear at least 30% of customer queries.
Accessing Looming Security Threats
Cybersecurity and internal fraud detection are two things a small business might negate in the beginning. However, doing so can be the beginning of the end since you will not know who might be accessing your organization’s sensitive data against you.
Machine Learning can be put on a constant check for business data and operational patterns. Any anomaly in them can lead to alarms and alerts to the required people.
Summing Up
Even though implementing AI and ML might not be the easiest for small businesses, you cannot negate the potential benefits they come with. Leveraging the latest technology from the beginning can help small businesses benefit in the future world.
Automating and making your business function smartly should not be an option. It should be a given if you want your business to grow rapidly. Therefore, using AI and ML to transform your business operations should be a priority.
