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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, it’s 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.

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135 views19 pages

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, it’s 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.

Uploaded by

Countanats
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Can Artificial

Intelligence and
Machine Learning
Transform Small
Businesses?
According to a Gartner
prediction, 70% of
global organizations
will be integrating AI
into their workplace by
the year 2021 to boost
employee productivity.
• 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.
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:
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.
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.
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.
Why are AI and Small to medium businesses (or SMBs) account
for more than 50% of the total job creations in
ML the U.S. and account for 40% of the country’s
Applications GDP.

Important for
Small AI applications for small business can be used to
Businesses? handle a majority of routine or repetitive tasks.
With the increasing volume of business data
being generated by organizations, AI-based tools
can be used for advanced statistical analysis and
deep learning for small businesses with budget
constraints.
Be it for sentiment analysis or for tracking
Why are AI and customer preferences through social media
ML tracking, the implementation of machine
learning in business is enabling data gathering
Applications from a variety of data sources, which can then
be analyzed for key business insights.
Important for
Small
The use of artificial intelligence and machine
Businesses? learning for small businesses is largely enabling
them to manage the shortage of skilled
resources and manpower
For instance, in a December 2017 article by
Why are AI and James Poyser, the cofounder of the
ML inniAccounts (a small accounting firm), he talks
about how his firm has succeeded in
Applications automating basic accounting and bookkeeping
with the help of AI applications.
Important for
Small
Businesses? Considering the limited number of human
resources that small businesses have, AI
technology is crucial for them to manage their
limited human capital more efficiently.
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.
Integrate third-party applications that can
boost the productivity of the current
workforce.

Here are Gradually move your business processes


towards a more flexible working model
some of the with AI-powered applications.
steps that
they can Identify a common business problem that
can provide a good ROI for its solution.
adopt:
Adopt AI with the following 3-step
process:
• 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.
• 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.
Provide valuable insights into customer behavior

Here are some


of the benefits Personalize customer service through the
deployment of natural language processing (or NLP)
of machine
learning in Provide relevant product recommendations
business
enterprises
Improve business security
particularly
SMBs:
Improve SEO
• Despite the numerous AI applications for small
business, the technology itself is in a nascent
How can AI stage and offers tremendous potential for the
future.
help small • While leading companies like Microsoft and
businesses in Google are investing in the research and
development of AI-based systems, the future of
the future? 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.
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.
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.

Conclusion However, it’s 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.
Connect with us now with your
business needs and let us help
you grow your business faster!
www.countants.com

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