At some point, AI was just Hollywood fantasy, but it is now a fast-growing industry capability. It is projected that by 2025, AI will surpass $390 billion globally. This is a massive increase from the $24.9 billion estimates in 2018.
The role of AI is to convert information into actions that are intelligent and automated. The unique algorithms and data structure consolidation mean that it can learn automatically and recreate patterns that have been synthesized previously.
Many tech giants such as Facebook, Google, and Amazon put in their dollars in hundreds of millions in investing in AI to enhance their platforms, marketing programs, and create new products. However, this is not exclusive to large companies alone. Small businesses can leverage AI to improve their operations and battle bigger competitors.
While many see AI as something that will take over others’ jobs, however, the main job of AI is efficiency in undertaking jobs by revamping outdated processes and automating specific tasks. This allows workers to maximize some of the difficult parts of their profession. In short words, AI enhances the ability to carry out complex tasks or automates the accomplishment of some tasks.
As many as 54 percent of company executives and business owners claim that the business’s productivity has increased with the introduction of AI, said Alexander L. from write my college essays and best essay writing service.
According to Dr. Valeria Sadovykh, an AI expert, small businesses have a better opportunity to enjoy AI benefits. So, there’s no excuse not to utilize this technology to enhance their business’s competitive advantage and decision-making. Smaller data sets and lower volume aids easy accessibility, and this helps small businesses.
There’s a common adage that says, “the customer is always right.” This is still very true, so it is essential to build and maintain good relationships with its customers. According to a recent survey of over 1000 business leaders, 87% of them deployed AI to improve customer experience and customer service.
It goes a long way for your business if you know your customers, but providing them with personalized service helps grow the bond even better. With AI, startups can leverage their data to create a solid and intimate relationship with their customers. They can also use this to save their customer’s time in many ways and satisfy them better.
Retrieve Customer Data
One thing that large corporations have that small businesses don’t have is a large score of data. However, they can still use the little that they have in many ways. The predictive model of AI that analyzes CRM data can help small businesses discover patterns they would have missed on their own. It also provides them with insight into the best ways to target future clients and customers to improve customer retention.
Machine learning and AI, in general, provide businesses with a well-optimized view of their business and how to improve. This allows them to work at their peak capacity.
With more businesses and companies adopting and implementing artificial intelligence and machine learning capabilities in their business strategies, they must examine and understand the processes that AI can automate. The most important factor driving growth for business organizations is sales, and when you pair sales with AI, you can get up to 50 percent growth in your business. Across many industries, the future appears bright with estimates that forecast AI could potentially boost the average profitability rates of business by as much as 38 percent and cause about a $14 trillion economic increase by 2035.
Different kinds of small businesses can leverage AI to strengthen different parts of their daily operations – from customer service to sales to corporate finances or product inventory. Small businesses can also automate processes that are time-consuming to improve their efficiency and promote the organization’s significant components to compete with the more prominent companies.