Before we dive into the uses of AI for your small business, it is best to understand what artificial intelligence is. Simply put, AI is any computer software that mimics or engages human-like activities like reasoning, learning, and understanding. These systems can take whatever is the correct action for their specific goal by processing the data provided.
Machine learning is a branch of AI and Computer Science wherein a computer program can automatically learn and adapt to new data without human help. This is made possible by deep learning techniques that absorb massive amounts of unstructured data such as texts, videos, and images.
We are fully reaping the benefits of Artificial Intelligence as our society gets techier by the day, but AI dates back to 1956 when the term was coined, and it was used primarily for problem-solving, the interpretation of spoken language, and research. Since then, the AI experience has gotten exponentially better, and right now, it is more immersive and accessible than ever.
Artificial Intelligence is slowly changing the world. This doesn’t only apply to huge tech companies and businesses - most of us use AI from day to night. Here are only a few examples of how we use AI in our daily lives:
Gone are the days where we had to unlock our phones using our keypads manually. Through the power of AI, our phones can use fingerprints and face recognition to easily lock and unlock our mobile devices. It is much better this time as it is much more secure and personalized.
Have you ever wondered how apps like Google Maps and Waze could detect traffic and help users take the easier route when commuting or driving? Again, this is all thanks to AI. Artificial Intelligence collects data to provide information like traffic flow and even weather conditions.
Siri, Alexa, and others can properly respond and carry out our requests because of AI’s natural language processing help.
We can only see the most relevant information in our news feeds through AI out of hundreds or thousands of our Facebook, Instagram, or Twitter followers. It analyzes data from our past interactions, customizes it, and makes sure that what we see is relevant to us based on the data gathered.
Aside from making our lives so much easier, using AI proves to have even more benefits to give its users. It is adaptable. It can keep up with ever-changing, massive amounts of data to be processed at a time. It is purposeful—AIs mimic human-like activities. Using the data they process, they can make decisions based on what is required. It is, of course, intelligent. Using machine learning, deep learning, data analytics, and many other processes it takes for these programs to run and sufficient data to process and analyze, AI can create algorithms to get the job done.
With all that being said, the question still stands: Does your small business need to use Artificial Intelligence? Here are five ways AI is starting to revolutionize small businesses.
One of the main ways Artificial Intelligence can help your small business is through better marketing. It can analyze the data and target the demographic that can see your ads. Through AI, your business can also gain relevant insights about current and potential customers. It can help predict behavior as well. Aside from that, the program can deliver predictions and recommendations based on your company and customer data, which can help you cater to your clients more.
Looking for goods and services online is another way to land more customers. Using AI algorithms on your business’ page can help upsell and cross-sell your products and services to customers that match the demographic you want. Search results in e-commerce are also made even better with AI. It can provide customized results to customers up to the color, texture, shape, or even brand. Through this, your products or services reach the right customers at the right time.
One of AI’s strengths is multitasking. It can automate repetitive tasks. It can be used to do basic accounting, file reports, schedule meetings, among many others. It can take care of mundane tasks in a much faster turnover time that helps increase productivity for the business.
Aside from this, AI can also improve customer service by using automated chat responses or chatbots that decrease your customer’s wait time and improve the support experience.
Right now, Artificial Intelligence is not as intimidating as we think it is. It is not only seen and used in robots, tech giants, or self-driving cars. It is used daily to improve the quality of life. For your small business, it has the power to increase efficiency, lower production costs, and even boost business revenue.
Here at cobuildlab, we partner with industry experts to ensure the program you will be using for your small business is tailor-made for your company’s needs.