Small Businesses Can Beat Competition with AI

It seems like everything people touch and use today has some element of artificial intelligence. You can see robot hotel concierges, chatbots, robot vacuum cleaners, other robotic devices, and humanoid robots that can have intelligent discussions with people. As AI applications grow, they change the way many companies operate. 

Artificial intelligence is not new. IBM applied it on its IBM 701 Electronic Data Processing Machine in 1952. It led to the creation of Watson, a computer system capable of answering questions using natural language. Watson learned from its various interactions and became the foundation for many of today’s AI programs.

What makes AI the ”in” thing?

Artificial intelligence is more informed and robust today because of the availability of data coming from internet-connected devices, search results, web cookies, online usage, and enormous databases. With the help of data annotation, a service provider can sift through tons of data and provide machine learning models with high-quality information they need to learn. Click here if you need an excellent data annotation platform for the ML project you are building.

Further, businesses can access datasets, such as frequently used keywords, customer locations, buying patterns, and customer demographics. Companies can improve various processes with programs and apps, such as human resources, sales and marketing, or customer service. AI can also enhance cyber security and fraud detection.

How does AI affect small businesses?

You do not have to spend too much to use AI as a small business owner. Several innovations are moving into the AI world; thus, the technology has become affordable and accessible. The availability and affordability give nearly similar AI capabilities to large and small organizations.

You can get ahead of your competitors in various aspects of the business, such as:

  • Customer service. Instead of hiring additional staff to handle customer service, you can have chatbots on your website. You do not need a team working in shifts to take care of customer service 24/7. The chatbot is an untiring assistant. Aside from being a customer service assistant, the chatbot can mine data from the customers. It learns and stores information with every interaction, allowing the app to respond better to similar situations.
  • Personalized marketing and sales strategies. Customers are wary of generic marketing and sales approaches. Thus, many marketers create customized plans to reach customers and potential clients. AI-powered data analytics allow marketers to gather the correct information for various target groups. It enables them to formulate the strategies for appropriate marketing or sales thrust based on the prospects’ needs.
  • Improve customer experience. Customers easily switch brands if the company cannot anticipate their requirements. AI-driven apps can use your consumer data to speculate what your customers want. The app can then predict the actions you can take to satisfy the customers. For example, you can give reminders, additional information, or recommend new products or services based on their purchase history.

Do not wait for your competition to act first. Instead, choose from the various AI applications that you can use to make your business reach more customers and prove that you are better than your competitors.

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