Regarded as one of the fastest-growing technology trends worldwide, Artificial Intelligence is radically transforming the business landscape. The radical shift is opening up new opportunities for small businesses to get a foothold in the market. According to a Statista report, the global artificial intelligence for businesses’ market size has grown to a value of $327.5 billion. By 2024, it is expected to cross $554.3 billion in global revenue. Artificial Intelligence is the future of value-added chain operations in a business and it helps to optimize work processes.
AI-powered tools and services have become versatile across many business functions and can be used to accomplish complex, time-consuming tasks in a more efficient manner. In fact, an increasing number of organizations have started adopting AI technologies to prevent data breaches, and mitigate cyber security risks. Today, document and data processing services leverage artificial intelligence (AI), which has transformed the way documents are processed and managed. With AI-powered tools and services, these organizations can level the playing field and compete with larger players in the field.
Rapid Surge in Artificial Intelligence (AI) Applications
In order to succeed in this new business environment, small businesses need to be ready to embrace change. Artificial Intelligence has revolutionized all aspects of businesses as this technology not only promises better results but also enhances the user experience. Behind this growing popularity of AI lies its efficiency in pushing businesses towards their optimum performance. Right from automating processes to making better operational decisions (with the help of predictive analytics), artificial intelligence is changing the way businesses work. Here discussed are some top ways in which AI can benefit small businesses-
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- Predicting Outcomes – In order to make better operational decisions, it is important to take into consideration the possible outcomes. The prominent role of AI becomes evident at this point. AI, with the use of machine learning, can analyze historical data and identify the possible outcomes of a step. Machine learning algorithms use events that have already happened in the past as references to learn patterns. These algorithms can help users in predicting possible outcomes in the future.
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- Customer Service – As customers are the lifeblood of any business, harnessing the power of AI can enable small businesses to take their customer service to the next level. Many businesses across the globe are investing in AI solutions for customer service to deliver better services and improve efficiency. AI-enabled tools can be used to provide faster responses to customer queries, automating repetitive tasks, and offering personalized recommendations. In short, AI provides a better customer journey and creates personalized experience. In addition to automating basic tasks, artificial intelligence can be used to provide 24/7 customer support. For instance, a Chatbot can answer questions and solve problems.
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- Business Development – AI has a positive effect on the development and growth of a business. The technology can impact bottom-line-oriented tasks like manufacturing and supply chain management, and top-line-oriented tasks such as sales and marketing. Right from offering targeted product recommendations, upselling opportunities and personalized discounts, small businesses can make the most of their limited resources. In addition, this technology can help identify key business areas that require improvement and potential growth. As per a McKinsey report, companies that used AI achieved a 20 percent operating profit margin when compared to just 2 percent for companies without AI.
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- Enhanced Cybersecurity – With an increasing relevance on technology, security is one of the top aspects that need to be considered. As per a Statista report, in 2020, approximately 30,000 cyberattacks were attempted globally and this number includes organizations of all sizes. Security professionals will be able to use the power of artificial intelligence in cybersecurity to prevent data breaches and protect vulnerable networks. This technology can help small businesses enhance their security measures by providing fraud detection, intrusion detection, and data encryption capabilities. It can assess user behavior and detect network anomalies, making it easier to uncover cyber vulnerabilities. In addition, AI can draw immediate insights and reduce response times. By incorporating AI into their security protocols, small businesses can offer a much-needed boost in the ever-evolving digital landscape.
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- Increasing Efficiency – AI-enabled tools can help small businesses increase their efficiency by automating and optimizing processes and providing real-time results. By utilizing AI tools in different ways, small businesses can see a 40 percent increase in productivity. For instance, AI can speed up processes that would otherwise be slow and tedious for human workers. In this way, businesses can operate more efficiently.
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- Targeted Ads – Digitalization has made it easier for small businesses to onboard the digital space to reach the right users directly. AI can help suggest the right target markets, average customer income and more information based on the quantitative data collected through different surveys and sources in the past. In addition, certain AI technologies can provide suggestions, including the steps to be taken to make the ads more effective. On the other hand, modern search engine optimization techniques use AI to filter the right blogs to display them on the first page of search results. Also, these algorithms get updated on a frequent basis to push businesses to the forefront.
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- Onboarding Metaverse – 2022 is the year of Metaverse. With artificial intelligence, it is easier for small firms to create virtual spaces to set up their businesses in the Metaverse. In the Metaverse, AI is already used to make technologies such as VR more efficient for the best possible cybersecurity measures.
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- Smarter Supply Chain Management – Pairing supply chain management processes with AI helps in enhancing business efficiency. Right from smarter inventory management systems to smarter shipping, AI is applied throughout multiple stages of the supply chain. In certain cases, businesses are using AI algorithms in several areas like customer service, shipping process etc. The use of predictive analytics technology has made it easier for businesses to predict accurate delivery duration and deadlines.
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- Cost Reduction – AI technology can help small businesses save time and money while improving their efficiency and productivity. AI can act as a valuable tool for automating tasks, eliminating manual data entry, and reducing the need for customer support staff. Companies that constantly deal with data collection from customers, such as through transactions or web forms – can help analyze all data to identify patterns and trends. Using this analysis, artificial intelligence can predict customer behavior and streamline their marketing campaigns across all platforms.
- Better Decision Making – By providing data-driven insights, AI Solutions can help guide decision-making in areas like marketing, product development, and other business operations.
Artificial intelligence is no longer a futuristic concept, as the technology is tremendously changing the landscape of business. It can help small businesses increase efficiency and improve productivity.
AI can transform the existing business operations by using machine data and analyzing it to gain insights to enhance their operations. The insights from analytics can be used to identify areas of improvement and improve the flow of business operations. Providers of outsourced solutions can utilize the latest technologies to carry out various business processes more quickly and efficiently.
