Why Now Is The Time To Adopt AI For Your Business

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Once a science-fiction staple, artificial intelligence is now commonplace in practically every aspect of life. From personalized recommendations on Netflix to lane-keeping assist systems in cars, this smart technology is constantly improving our day-to-day lives.

Naturally, small businesses can also benefit from AI in a variety of ways. Artificial intelligence tools can help business owners improve the customer experience, increase efficiency, and reduce costs, so your company can profit more — and that’s just the start of how it can help your business thrive.

We’ll explore how AI works as a business tool, then dive into the potential business applications of AI.

Types of AI for Small Businesses

All forms of artificial intelligence use algorithms to process and learn from data, which enables it to provide effective analyses, recommendations, and automation across industries. This allows small businesses to run as efficiently as a large-scale businesses, even before they’re ready to scale their teams.

However, choosing the right types of AI — the ones that actually help your business achieve its goals — is key to maximizing the benefits of this technology. Common types of AI include:

  • Interactive AI, which streamlines communications
  • Analytic AI, which offers actionable insights that businesses can use to make better decisions
  • Functional AI, which automates actions or events when a dependency is fulfilled
  • Visual AI, which can identify objects

AI Applications in Business Strategy

While many people think of AI as a tool that requires full-blown development teams, you don’t necessarily need tech experts to benefit from the technology. Just as a consumer might use an AI-powered fitness tracker to get recommendations for their health, businesses can gain access to AI just by purchasing or subscribing to pre-built software.

To aid your exploration of business AI, here are five areas of business where you can implement artificial intelligence just by using software from third-party vendors.

Risk Management

One of the most popular uses of AI is for risk management. While small businesses often don’t have the resources to regularly evaluate risks, the right AI can automate the process of identifying potential issues and determining their risk levels. Additionally, AI software can recommend the right responses, so your company doesn’t have to do the guesswork. Instead, your system can use data and smart algorithms to help you form an unbiased strategy.

Since building a successful small business will always involve some risk-taking, AI is key to mitigating those risks and maximizing rewards.

Data Analysis

When your business grows past what your current operations can handle, AI can help. An AI program can automatically gather data about your customers, the success of marketing campaigns, and more. As a result, you can have the information you need to build an effective scaling strategy that takes into account customer needs, staffing requirements, and more.

You don’t have to do your strategizing manually either. Some AI systems can offer instant insights that make decision-making significantly easier — for instance, by forecasting demand based on your current growth rate or recent purchasing trends.

Automation

Another way AI can help you scale is by reducing your reliance on skilled labor for repetitive tasks. Artificial intelligence is frequently used in businesses for its automation capabilities, which can reduce human error and ensure employees can focus on more high-level tasks, like strategy and process optimization. For example, when you use billing automation solutions, you can benefit from more secure transactions, while helping your accounting team focus on financial planning.

Customer Service

If you’ve ever used a chatbot, you’ve experienced interactive AI at work. Chatbots help you answer customers’ questions, even when your customer support team isn’t available to help — and the questions chatbots can answer are getting more complex with time. Using chatbots is a great way to add a personalized, human-like touchpoint to your small business without increasing your staffing needs.

Get creative about how you apply AI in your business and your company can thrive more than ever.

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