How Artificial Intelligence is Helping Small Businesses
The world of business is experiencing a deeper dependence on tech and smart business owners are taking advantage of innovations in machine learning and cloud technology. Artificial Intelligence (AI) isn’t only built for playing chess and challenging the latest world chess champion each year. It is also making business processes easier, faster, and error-free. A lot of times, people assume that business automation is only for large companies making millions of dollars in revenue but this article will show you how to automate that small business that operates from your garage. But first what is AI?
What is Artificial Intelligence?
The term Artificial Intelligence is a system in which machines imitate human-level intelligence. AI technologies work by using machine learning to analyze copious amounts of data for patterns. It then uses these learned patterns to carry out actions in predictive situations. The applications of artificial intelligence systems today include advanced computer science field studies, machine learning, robotics, machine vision, facial recognition, supervised learning, automatic speech recognition, and even self-driving car.
Since the Turing test was created in 1950, AI has transformed considerably. Today, there are two categories of AI. We have strong AI also known as artificial general intelligence with a complex neural network, and weak AI, otherwise known as narrow AI. Virtual assistants like Apple’s Siri, Amazon’s Alexa, self-driving cars, and industrial robots use weak AI. Strong AI, for now, is just a theory that AI researchers and logic theorists are working on.
The concept is that AI systems would have cognitive abilities that equal or surpass that of a human brain. AI research suggests that this type of AI would be self-aware, conscious, learn, and approach problem solving and planning like a human being. At the moment science fiction like the rogue computer assistant in 2001: A Space Odyssey and Jarvis in Ironman may be the best examples of this super-advanced AI.
Examples of Artificial Intelligence Small Business Tools
How AI and Deep Learning Can Empower Small-Business Owners
Rather than hire many human experts, many companies are using AI algorithms to get a competitive advantage. Artificial Intelligence can help small businesses perform repetitive tasks. Below are some business processes that can small businesses can apply AI to specific tasks.
Customer Service through Natural Language Processing
Artificial Intelligence in customer service is actually quite widespread. Big companies and sole proprietorships are using chatbots to answer inquiries and resolve issues customers may have. Chatbots are incorporated into apps, websites, and so on to provide 24/7 customer service. Chatbots are fed with examples of inquiries and learn to supply the same answers in real-life situations.
Phone systems can also be improved with AI using past data and language processing software to understand the human language. Some artificial intelligent machines for customer relations can detect when situations require human intervention. Then they can connect the customer to a customer care officer.
FAQs, and registration guidance, are tasks AI can help businesses do at a low cost in record time. To improve customer relations, firms are integrating machine learning algorithms into analytics and customer relationship management (CRM) platforms.
Also, the degree of quantum computing integrated into general AI makes some of them reactive machines. They respond to situations as they happen and continuously learn from the outcomes of these events to strengthen their complex neural network. This makes it possible for customer support bots to grow smarter as they handle more customer queries.
Quality Assurance Beyond Human Intelligence
For product manufacturers, quality control is an essential cost that can take a toll on the payroll budget of small businesses. A manufacturer can cut labor costs and speed product quality assurance by automating the scanning and evaluation process.
An AI system uses machine learning software detects anomalies in your product and alert you. That way you can take out defective products that even your employees may miss. Machine vision and computer vision are two AI applications that can be used for quality assurance.
Computer vision is an AI technology that enables computer systems to access information from digital images, videos, and other visual inputs. The software can take action or provide recommendations. It is great for digital products.
Machine vision is another AI tech, that can be used in quality assurance, especially for physical products. With machine vision tech, products are scanned with a camera, analog-to-digital conversion, and digital signal processing. Machine vision can be programmed to see through walls and other opaque surfaces, that is something that the human eye can not do.
Financial institutions also have sound use for these artificial beings. They can now predict loan risks and the probability of a borrower defaulting on a loan. These AI’s goals to accurately predict outcomes increases with time as they constantly input data that serve as training data for the program’s ever-learning neural networks, which are programmed with several hidden layers of deep learning algorithms beyond the understanding of an average person.
Cybersecurity Powered by AI Program
Today, more than ever, companies are processing information on the Cloud, computer systems, and other smart machines. Cybercriminals take advantage of security loopholes to steal personal and financial information as well as digital assets. In Steve Durbin’s opinion, IoT (internet of things) systems and devices are most vulnerable because they have limited computing capacity. Also, they can not run security solutions. the ransomware attack on Colonial Pipeline is an apt demonstration of this.
If your business uses IoT, you could benefit from AI-based cybersecurity solutions. Machine learning can make up for the lack of a cybersecurity team. It can help to monitor traffic patterns and analyze data to find anomalies that alert you to potential threats.
How to Get Started with Artificial Intelligence
AI is already a popular tool in business automation but some people are new to it and may find getting started rather intimidating. Here are two key things to know about getting started with
Identify a need: Artificial Intelligence for your business is great but do you know what kind your business needs? Through a critical evaluation of your small business, identify the daily tasks that are reducing productivity. For example, if you run your business for 10 hours every day and spend 6 hours answering FAQs, you have 4 hours left for production, bookkeeping, and other important stuff. So you automate the customer relations part of your business. That would give you the best return on investment.
Ease of use: for anyone business automation needs you want to fill, you will find several options. It is important to consider the human competence that your business has to regulate AI within your workplace. Don’t get carried away by the most expensive, newest, or flashiest Artificial Intelligence tech on the market. Choose an option that your business can pay for and use efficiently.
What are The Best AI Tools for Small Businesses?
Although automation may not come cheap, they provide a good return on investments over time.
Bold360: is a website chatbot that uses a unique natural language processing technology that doesn’t need keyword matching. It has an impressive memory and can recall previous conversations. Bold360 can help guide customers through the entire purchase process.
Legal Robot: you can save time pouring over legal documents or the cost of hiring a lawyer to interpret for you with Legal Robot. It simplifies complex legal contracts and helps you create clear legal contracts. It uses natural language processing and deep learning to create sophisticated legal documents with data from a large database of contracts.
Siri: Business owners can use this Apple virtual assistant to aid multitasking. It allows you to keep your hands free to do other things while you use voice commands to make calls, send emails and calls. Used effectively, Siri can save valuable time and resources that go towards daily mundane tasks.
Conversica: this AI is an automated sales assistant that optimizes email marketing. It engages sales leads via two-way email conversations and helps retain customers. Conversica is a great tool to save time and money spent on chasing sakes leads and do it faster.
Crystal: this AI analyzes data from a behavioral platform to help firms understand the personalities of their clients, customers, and employees. It can help improve communication, team management, and sales strategy.
AI and Machine Learning for Small Business
A.I. will drive major changes in how business is done in the next few years. Many big companies are implementing AI tech and driving innovation in the Artificial Intelligence industry. By 2025, the global AI software market is expected to be almost $126 billion, according to Statista.
A 2020 McKinsey survey revealed that companies implemented internal digitization that should have taken three to four years just in 2020. This digitalization enabled product growth by seven years. For small businesses, AI and machine learning can be game-changer. With the fast-paced Artificial Intelligence research going on in big corporations, AI development has taken a sharp turn in its ability to describe data, perform tasks, and predict even tech trends.
Combining human intelligence with AI is the smartest and most efficient way to take your small business to the next level. Small businesses can avoid common human errors by using an ever-learning computer program that is sharper than the human mind.
Also, mundane tasks take too much productive time. Using one of the best AIs explained above can help you get routine tasks sorted more efficiently while you focus on what matters. This could significantly put you ahead of the competition in your industry. This unfair advantage is what makes Artificial Intelligence important to every small and medium-size business.
So...What Do you Think?
We want to hear from you. What do you think of this article and was it helpful in your search for the best artificial intelligence tools?
Our team at Upwise Capital is here to assist you with every step of the way to secure whatever funding is needed to help your business grow. If you have any questions regarding how our software financing options work, please call our team at 77-55-UPWISE or email [email protected]. You can also apply online for software financing, so you can get back to work and running your business.
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