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Can Artificial Intelligence and Machine Learning Transform Small Businesses?

Multiple market factors such as cost of investment and limited skilled resources in AI and ML technologies are limiting the benefits of AI for small businesses. However, itu2019s not feasible for small business enterprises to ignore the potential of these emerging technologies in the near future. Small business who do the groundwork and invest in AI technologies today will be best placed to benefit from these technological investments in the future world.<br><br>

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Can Artificial Intelligence and Machine Learning Transform Small Businesses?

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  1. Can Artificial Intelligence and Machine Learning Transform Small Businesses?

  2. According to a Gartner prediction, 70% of global organizations will be integrating AI into their workplace by the year 2021 to boost employee productivity.

  3. A 2018 survey conducted by Vistage regarding the role of AI for small business revealed that 13.6% of small-to-medium businesses (or SMBs) are currently using AI technologies to improve their business operations and customer engagement.

  4. AI Applications for Small Businesses What are some of the current applications that is utilizing AI technology for small businesses? AI applications for small business are benefiting them in the following ways:

  5. Improving Sales and Marketing Efforts AI tools for small business enterprises are certainly useful for extracting sales-related insights from customer data. For instance, the AI-enabled customer relationship management (or CRM) tools are enabling small business owners in analysing their customer feedback and accordingly adapt their sales lead generation activities.

  6. Automate Customer Service and Communications Through the use of automated chatbots or digital assistants that work 24×7 around the clock, small businesses are elevating their customer service and communication without hiring and training a dedicated customer support team.

  7. Improving Recruitment and HR activities Among the prominent benefits of AI for small business, AI technology is streamlining the entire employee hiring process along with improving the HR function through employee feedback.

  8. Why are AI and ML Applications Important for Small Businesses?

  9. Why are AI and ML Applications Important for Small Businesses?

  10. Why are AI and ML Applications Important for Small Businesses?

  11. How can Small Businesses integrate AI and ML into their operations? SMBs require a slow and structured approach towards enabling AI in their business operations instead of a rushed adoption process.

  12. Here are some of the steps that they can adopt:

  13. Define your business expectation from AI based on your current business profile. • Measure your progress against relevant baselines. • Decide on the outcome of your experiment as either success or failure.

  14. On a similar note, machine learning for small business firms can help in improving their business processes through automation. • This is relevant from the use of machine learning tools like the Google TensorFlow and Spark MLlib that can process large volumes of data in various SME domains like manufacturing, finance, and healthcare.

  15. Here are some of the benefits of machine learning in business enterprises particularly SMBs:

  16. How can AI help small businesses in the future? • Despite the numerous AI applications for small business, the technology itself is in a nascent stage and offers tremendous potential for the future. • While leading companies like Microsoft and Google are investing in the research and development of AI-based systems, the future of artificial intelligence for small business success depends on how each of these smaller firms can adopt and customize AI-related technologies for their individual business needs.

  17. As AI technologies become more accessible and affordable, industry leaders in the small business space must evaluate the multiple components of AI including robotics, machine learning, natural language processing, and machine vision to see which fits the best into their business model.

  18. Conclusion

  19. Connect with us now with your business needs and let us help you grow your business faster!www.countants.com

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