4 Ways Artificial Intelligence Can Help Small Businesses

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4 Ways Artificial Intelligence Can Help Small Businesses

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In society, artificial intelligence (AI) is mythical and considered an exceptional force that undermines economic stability. In fact, it is like any other technology. As more and more companies use AI, competition increases, costs decrease, and 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. Developers are trying to make their programs available to companies in this economic niche. As artificial intelligence becomes popular, it is important to take advantage of this technology. Below are four ways to do this:


Use AI to Collect and Analyze Data

Source: Forbes.com

Scientists conducted a study that gathered and analyzed the opinions of 250 marketing leaders. It was found that 96% expect that within five years, AI will cope with regular research tasks such as data collection. At the same time, 63% believe that AI will replace statistical analysis over the next decade.

AI brings changes not just to the marketing industry. It is indispensable for large companies that have access to a large amount of consumer data. It is also important for small enterprises that want to get useful conclusions from a more modest amount of information. Modern methods such as statistical regression analysis were not available to small enterprises with a limited budget but AI made them accessible and intuitive.

When small businesses gain access to sophisticated statistical tools, they can learn more about their customers and attract new ones. Regression analysis allows you to establish the relationship between a large set of variables and determine how they affect the business. Artificial Intelligence helps to collect data. Data collection mechanisms that track customer preferences and habits are now available to any business.


Use AI to Recruit Employees

Large companies have public recognition, extensive connections, and resources for finding workers. They also have trained HR personnel who know how to recruit suitable candidates as quickly as possible. How can small businesses compete with this approach? Artificial intelligence equalizes the chances in the battle for talented employees. Previously, recruiters had to manually review huge stacks of resumes, now AI makes this process simple.

Machine learning algorithms can determine which previous hiring methods helped find employees, where you looked for candidates and how you contacted them. Using AI, you can learn how to attract a specific candidate, find leads and detailed information about work experience and suitability for a specific task. These methods will improve the hiring process, which will help the business to be competitive.


Make Backend Organization More Efficient With AI

It is often discussed that AI will replace a person in the workplace but it is more reasonable to consider AI as a technology that takes care of certain specific tasks. Some of these tasks are on the backend. It can be logistics operations, business accounting which is offered on this website, planning, and other daily tasks. A small business has a limited number of employees and the transfer of labor-intensive tasks to artificial intelligence will help to use human resources more efficiently.


Build an AI-Based Marketing Platform

Source: Pylinks.com.ng

AI revolutionizes marketing. A study showed that 93% of marketers consider artificial intelligence a prospect for the development of the industry. This is true for both small enterprises and corporations. Small businesses previously were limited to advertising that they could afford in local markets, but now placing ads online gives them the opportunity to reach a wider audience.

You can use the advertising platforms like Facebook and Google to find specific consumers who will be susceptible to the announcement, collect and analyze consumer data from several channels. And all this without an “army” of marketers. Small businesses should implement artificial intelligence now to attract as many consumers as possible in the future.

Featured image via Investincotedazur.com

Updated 03:11 AM UTC+8, 05 Oct 2019
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Amelia Grant
Amelia Grant
Contributor
 
I am Amelia Grant, journalist, and blogger. I think that information is a great force that is able to change people’s lives for the better. That is why I feel a strong intention to share useful and important things about health self-care, wellness and other advice that may be helpful for people.
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