Artificial intelligence (AI) was invented to support humans. With time, it has developed into a technology that delivers results. Although expensive initially, AI has now become affordable for small businesses as well.
AI tools can transform the MSME space enabling small business owners, and entrepreneurs to create hugely successful operations across a spectrum of business functions including, product development, sales, customer service, and marketing. It can be used to support various kinds of businesses like Online Retail, Logistics, Customer Relations, etc.
Online Retail: Since most of the small businesses are also selling through the online platform, the idea to make use of artificial intelligence to give customers a feel of the product in advance that they are going to use has gained traction. Decision-making related to product purchase is happening through online research and by browsing through various applications of online stores. Small businesses are putting their products on the online platforms in the same group as the products from the big companies.
Logistics: It is one field all small retailers deal with. With the arrival of AI, it has become more accurate to deliver goods without any human intervention. For example, warehouse management is one such concern that businesses deal with, but artificial intelligence has given it a new meaning today. It focuses on predicting the points where congestion is likely to happen and strategically avoid that route or channel to keep it smooth.
The most crucial and essential use case of AI for small or even humongous business is in Analytics. AI has opened new horizons in the domain of analytics; by leveraging predictive analytics, one can scale up their enterprise in a tremendous way. If you are trying to implement AI for your business without wanting to invest heavily in machine learning, then analytics is the way to go. AI-powered analytics software will help get business intelligence at good rates. Amazon Machine Learning and Microsoft Onboard are few such analytics software.
AI also helps businesses automate Customer Communications with the help of a Chatbot. Both product- and service-based small businesses have begun using chatbots on their websites to initiate customer communication and help answer questions.
It also helps with Smarter Hiring. Small businesses have a tough time with the hiring process due to the lack of huge networks, name recognition, and other resources for job hunters. AI, however, can level the playing field considerably. Earlier, recruiters would manually go through hundreds of resumes. AI makes the process a lot more expansive and streamlined.
Small businesses can now utilize AI to improve their profit margin by increasing efficiency, identifying their actual competitors, reducing revisions and costly outsourcing, uncovering the actual wants and needs of the target audience, and generating meaningful recommendations from data.
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