Artificial intelligence is helping small businesses save time and complete their work more efficiently. AI is revolutionizing these businesses by allowing them to operate in difficult times without having to expand on their manpower or increase costs. Among all the ways AI is doing all these things, here are five of the most critical ones.
1. Tapping into Business Intelligence
Data is the most valuable asset a business can have these days. Properly analyzing the data gets them new leads and helps predict business consequences accurately. So, it’s easy to see why the need for business intelligence is growing rapidly.
Business intelligence is dependent on data. The more data points a business has on something or a scenario, the better its chances of making the right decisions. However, data itself will not do much good unless they know how to utilize it efficiently. That’s where AI comes in.
With the help of artificial intelligence, businesses can interpret data in different ways. The same data points can provide them with multiple scenarios and predict which one has the greatest possibility of happening. Tapping into business intelligence has now become easier thanks to AI. Tools like Microsoft Power BI can instantly break down your data into visuals that you can analyze to get an overview of any situation.
IT support companies are playing a vital role in helping small businesses leverage the latest technology to stay competitive. These companies can provide a range of services such as Business Intelligence, Identity Intelligence, and Business Forecasting, which can be critical for small businesses looking to gain an edge in today’s fast-paced digital landscape.
They can also provide ongoing support and maintenance for the new technologies implemented, to ensure smooth operations. As small businesses are increasingly turning to IT support companies to stay ahead of the curve, it’s becoming more and more important for them to find a provider that can meet their specific needs.
2. Enabling Businesses to Obliterate Fraud with Identity Intelligence
Many small businesses and startups are tapping into newer industries and business sectors. Some of these business sectors have been left unexplored in the past and are only now gaining traction. However, a few of these businesses require entrepreneurs to be careful of their potential customer’s ages and identities.
Take the legal cannabis industry as an example. Many small businesses centered around this sector use ID verification methods provided by au10tix.com. This identity verification company uses AI and computer vision to verify identities and secure the identity management process. Cannabis companies can ensure synthetic fraud detection and verify their clientele’s details before selling to them.
Thanks to such advancements in ID verification procedures, such businesses operate legally without causing trouble for the government and concerned authorities.
3. Automating Production Procedures
One of the biggest challenges that small businesses face is the inability to hire additional manpower when they need to. Given that these businesses are usually low on capital, they can’t afford to pay wages, health benefits, rent, and other costs while hiring more people for the workforce. In such situations, it’s imperative that they look for an alternative, and AI has them covered here too.
Industrial automation has been around for decades now. However, the technology has evolved, and the integration of AI-based systems into the automation process has made life easier for small businesses. Automating the production process results in more precision and accuracy, with fewer chances of error.
Compared to hiring new workers, automation is much cheaper. It’s also more efficient and time-saving. Small businesses only need to hire two or three engineers to maintain the entire system. Apart from regular maintenance costs, such automated systems don’t require you to spend extra cash on them.
4. Automating Customer Support
Businesses outsourced their customer support responsibilities to different agencies worldwide in the past. It was the cheapest way to do so. Now, however, businesses don’t need to outsource this part of their responsibility. They can automate it.
Facebook Messenger already allows businesses and pages to operate chatbots. Small businesses are taking full advantage of that system to address customer queries.
They are doing the same with live phone calls, where an AI responds to queries over the phone. By doing so, small businesses can save costs on hiring manpower or agencies to provide customer support.
5. Conducting Market Analysis and Business Forecasting
We already know that AI assists with business intelligence. Doing so can conduct market analysis and help with business forecasting.
Take the stock market as an example. Based on recent and historical data, AI-based systems can predict the rise and fall of stock prices. Unless someone manipulates the market, its predictions are almost always accurate.
AI can also provide you with smart suggestions. That means instead of just telling you the possible stock prices, it will tell when you should buy or sell stock.
As humans continue to explore the potentials of AI, we’ll soon be introduced to newer ways it can help small businesses achieve success.
