Artificial Intelligence For Businesses: 5 Ways To Use
In popular culture, artificial intelligence (AI) is covered with myths and is considered an exceptional force that undermines economic stability. In fact, it is similar to any other technology. As more and more companies use AI, competition increases and costs decrease — artificial intelligence becomes available to a wide range of enterprises.
In the United States, more than half of the jobs are created in small businesses, and its share in GDP is more than 40 percent. Therefore, developers are trying to make their solutions available to companies in this economic niche.
As artificial intelligence becomes popular, it is important to take advantage of this technology. Below are five ways to do this.
Use AI to collect and analyze data
Qualtrics conducted a study that collected and analyzed the views of 250 marketing leaders. It was found that 96% expect that within five years, AI will cope with regular research tasks, such as data cleansing. At the same time, 63% believe that AI will replace statistical analysis over the next decade.
Changes are not only in the marketing industry. AI is indispensable for large companies that have access to a large amount of consumer data. It is also important for small businesses that want to draw useful conclusions from a more modest amount of information. Modern methods, such as statistical regression analysis were not available for small businesses with a limited budget, but AI (with tools made available by app developers) made them accessible and intuitive.
When small businesses gain access to sophisticated statistical tools developed by app developers, they can learn more about their customers and attract new ones. Regression analysis allows you to establish relationships between a large set of variables and determine how they affect your business. AI is a universal tool for statistical tasks, from determining factors that encourage customers to return, to finding new market niches.
Artificial Intelligence helps collect data. Data collection mechanisms – from machine learning algorithms to textual analysis of are now available for any enterprise. On Facebook, for example, you can launch a chatbot based on machine learning suitable for this purpose. All businesses can enjoy this technology by meeting with app developers.
Use AI to hire employees
Large companies have public recognition, a name, extensive connections, and resources for finding employees. They also have trained personnel officers who know how to recruit suitable candidates as quickly as possible. How does small business compete with this approach?
Artificial intelligence equalizes chances in the battle for talented employees. Previously, recruiters had to manually browse huge stacks of resumes, AI tools designed by app developers now makes this process simple and orderly.
Machine learning algorithms can determine which previous hiring methods helped find employees, for example, where you looked for candidates and how you made contacts. With AI, you can learn how to attract a particular candidate, find clues and detailed information about work experience and suitability for a particular task. These ways will improve the hiring process that will help the business to be competitive.
Increases the efficiency of backend organizations
It is often discussed that AI will replace a person in the workplace, but it is wiser to consider AI as a technology that takes on some tasks. Some of these tasks are on the backend. For example, logistics operations, such as basic accounting, planning, and other daily tasks. Given that a small business has a limited number of employees, the transfer of labor-intensive tasks to artificial intelligence will help to use human resources more efficiently.
Most employees welcome technology that helps get rid of monotonous tasks and free up time for meaningful assignments. As survey respondents acknowledge, AI does just that.
Use AI to improve service
Companies have never had so many ways to interact with customers. Due to the rapid development of online communication channels and more demanding consumers, it is time to offer new methods for quickly solving customer problems.
According to the Qualtrics survey, part of the surveys will be conducted by a digital assistant and this will be implemented within 5 years. Forecasts give good reason to expect AI to play an important role in communicating with customers in the coming years.
Chatbots designed by app developers provide benefits to small businesses. Small businesses cannot afford round-the-clock customer service lines. In this case, chatbots will be a good solution. Virtual assistants are available to customers at any time, and immediately answer the questions of potential users.
Create an AI-based marketing platform
The study showed that 93% of marketers consider artificial intelligence a prospect for the development of the industry. Artificial intelligence is changing marketing. This is true for small businesses as well as for corporations.
Previously, a small business was limited to advertising in local markets, and now, by placing ads online, it has the opportunity to reach a wide audience. You can use Facebook and Google advertising platforms to search for specific consumers who will be susceptible to the ad, collect and analyze consumer data from several channels.
That is why it is not surprising that the McKinsey report for April 2018 concluded that “AI has the most significant effect on marketing and sales.” Small businesses should introduce artificial intelligence now to attract as many consumers as possible in the future.
In conclusion, both large organizations and small businesses can make use of AI. This technology is so massive that it can be applied in different industries that affect customers and businesses’ comfort. Failure to implement it into your daily activities now can prove to be a big mistake. You should consider meeting with app developers for tools to make use of AI in your business.