AI whose full form is Artificial Intelligence is a recent technology that enables humans to achieve feats that were formerly mere dreams. AI has grown significantly during the 21st century and every day new research improves the usage of AI.
According to many experts, AI is said to be the main technology that will be the change-maker in the 21st century. This century has witnessed great revolutions in the technological sector and AI is from among them. But used positively AI as a technology, has the power to outgrow all other major technologies that have been developed in the 21st century.
Recent surveys have uncovered a new pattern that denotes that almost 30% of small businesses have moved towards infusing AI into their everyday activities. Most of these businesses’ CEO and owners have stated that AI is the need of the hour for small businesses. If they want to compete with market leaders and want to make their business reputable and flourishing, it is important to move towards accepting AI technology.
Let us have a look at some of the benefits of AI.
Benefits of AI
1. Better Customer Experience
You can leverage the AI technology by using chatbots that can serve your customers round the clock without needing any sort of time out. Deploying AI chatbots for your business helps you to solve your customer’s queries quickly and efficiently with little to no cost.
2. Better Decisions
This is by far the main benefit to businesses in implementing AI technology, they can put their parameters into an AI system that can simulate future conditions, and based on the output from the system, the decision-makers can get an idea about the impact of their decisions. This can be highly beneficial when making critical decisions in key times.
3. Increased Growth Chances
AI technology equips businesses with the power of better decision making. This is a highly important aspect for a business that wants to grow rapidly. Continuous better decisions unlock higher growth chances, maximizing growth for the business as well as all the related people.
4. Enhanced security
In the conventional business model, the more people have access to sensitive business information, the less secure is the business. Using AI you can be free from all worries related to security as you’ll have to provide data at only one source and you can strengthen that route to make sure that there is no security breach.
Disadvantages of AI
1. Preliminary Costs:
Setting up AI systems is not a cheap solution. People who genuinely want to leverage the benefits of AI should only try to implement them. Because the costs that businesses incur in setting up the AI systems are immense as there are a lot of modules involved in making an excellent AI system.
When AI gets infused in our day to day business operations, we become dependent on it which means if ever the system malfunctions, it’ll be hard to function smoothly. Infusing AI into all modules of your business will make your business’s survival dependent on AI. No business should be dependent on anything, AI is just a way to ease our tasks, and not to make us forget how we can achieve those tasks after putting them on autopilot mode.
3. Accuracy Issue
Like humans, machines can also be inaccurate sometimes but that is mostly due to some human error in programming. Machines work on the principle of garbage in garbage out, which directly states that if you do not provide your AI system with proper data, you cannot achieve the expected results. Moreover, as this is an emerging technology, which means that there are still chances for improvement in the technology and it is still prone to errors. Some of these errors may directly affect the accuracy of your AI system.
There are several ways in which AI can be used by smaller businesses which can provide them a competitive edge and help them grow sustainably.
Generate Insights for all business dimensions
We can use the past and generate future predictions with AI of course. It can collect data over various communication channels and generate insights which would have been laborious and a pretty hard task for humans to do. For instance, AI can collect information about customer satisfaction and feedback from the mail, phone, social media, etc, and use that data to automatically adapt marketing strategies and lead generation.
This helps improve and automate the Customer Relationship Model which aims for sales optimization. AI can be used to analyze and predict market conditions. It can collect large amounts of data in real-time and provide constructive analysis.
Giving your Business a competitive edge
AI is an intriguing technology that turns heads. Having the phrase “Using AI” at the end of your product/service will make people curious which you can use to your benefit and take that opportunity to promote your business.
With increasing competition, having AI can give small businesses a stage to be heard from and not get lost amidst dozens of similar products/services available in the online market. For example, one of the wide applications of AI in business has been in using augmented reality with AI to give customers the feel of the product.
Various AI services give business insights about their competitors like their marketing ways, price changes, etc by tracking their digital platforms.
Automate Redundant Tasks
We can make the machine do all the reiterating tasks by providing steps and required data into the system. With the time saved from such activities, small businesses can focus more on tasks that require human attention. Redundant tasks are the biggest time consumers in a business, using AI you can automate such tasks with great ease and can focus your mind on the growth of the business.
For instance, you can use AI to automate tasks such as employee monitoring, report generation, lower-level plan generation, prompt email replies, setting up your daily schedule, and much more. All these tasks are just the tip of the iceberg and there are endless opportunities for automation using AI.
Today we had a look at how small businesses can benefit from AI systems. AI technology is the main ingredient for success in today’s digital era, and using it extensively will generate more growth chances for you as well as your business. AI will help you scale your business at a rapid rate.
- Best 3 Ways Small Businesses Can Quickly Embrace AI without Big Data - March 1, 2021
- Best Startup Choices with Artificial Intelligence - November 18, 2020