Artificial intelligence is one of the fastest-growing technologies in the world. The reason behind this is its capabilities of automating some processes fully and some to an extent. Sectors such as customer service, pharmaceutical, shipping, broadcasting, and more have started using artificial intelligence for their growth and to stay competitive.
According to a Statista report, the global artificial intelligence for businesses market size has grown to touch the value of $327.5 billion. By 2024, it is expected to cross $554.3 billion in global revenue.
Behind this growing popularity of artificial intelligence lies its efficiency in pushing businesses towards their optimum performance. From automating processes to helping in making better operational decisions with the help of predictive analytics, artificial intelligence is changing the way businesses work.
So, today, we are throwing some light on a few benefits of artificial intelligence for entrepreneurs and small businesses. We will discuss how these two types of businesses can use artificial intelligence to not only grow their business but to overtake the competition as well. So, if you think this blog can be helpful for you, stay with us until the end.
1. Predicting Outcomes
To make better operational decisions, it is crucial to take possible outcomes into the account before making any decision. This is where artificial intelligence can play crucial roles. A part of artificial intelligence, called machine learning, with the help of historical data can help in identifying possible outcomes of a step. Machine learning algorithms use events that have already happened in the past as references to learn patterns. Accordingly, these algorithms can help users in predicting possible outcomes in the future.
2. Targeted Ads
In the era of digitalization, it has become easier for all sizes of businesses to onboard the digital space to reach the right users directly. Instead of traditional ways of distributing templates and displaying hoardings, now, business plans are framed to target the right users to display ads on the internet. AI is one of the ways of making better performing digital ad strategies.
AI can suggest the right target markets, average internet speed, average user income, and more information based on the quantitative data collected through different surveys and sources in the past. Accordingly, some AIs can also provide suggestions, including the right steps to take to make these ads more effective. Modern Search Engine Optimization (SEO) techniques also use AI to filter the right blogs to display them on the first page of search results. Also, these algorithms get updated regularly in order to push businesses with the right strategies to the top.
3. Cost Reduction
For small businesses and entrepreneurs, saving costs is crucial as that money can be used in the growth of businesses. Among many ways, using AI for customer service is one of the most efficient ways to reduce cost. Researchers say modern AI is capable of solving 70% of customer queries on its own if paired with chatbots. These AI chatbots can detect keywords to display results according to the query sent by the customers.
On top of that, AI chatbots can also support multiple languages, accents, and pronunciations to provide satisfactory answers to user queries by understanding them better. By the end of 2022, expectedly, AI chatbots will be able to handle customer queries entirely on their own. As most of these chatbots are uploaded on cloud servers and do not require regular maintenance, it is safe to assume that they are a key to reducing organizational expenditures effectively.
4. Enhanced Cybersecurity
For businesses of any size, cyberattacks can be the worst possible enemies. A Statista report shows, in 2020, approximately 30,000 cyberattacks were attempted globally and this number includes organizations of all sizes. Cyberattacks are done to steal the data, lock the data to ask for ransom, or to corrupt the data to ruin companies. Thus, for small businesses, even one worst cyber-attack can be enough. But with the help of cybersecurity measures that include the usage of AI development services, these attacks can be recognized, predicted, and countered.
With the help of events happening around the world, these cybersecurity systems can also be upgraded with time to ensure, even if attacks evolve, AI is there to counter them. AI can regularly scan system health by keeping an eye on hardware and software systems to predict any kind of failures that might end up becoming the gateway for cyber attackers.
5. Onboarding Metaverse
2022 is the year of Metaverse. When large businesses such as Microsoft are showing interest in the technology, it is certainly the right time for small businesses and entrepreneurs to onboard the digital space. And with artificial intelligence, it can be easier for businesses to create virtual spaces to set up their businesses in the Metaverse. In the Metaverse, AI is already used to make technologies such as VR more efficient for the best possible cybersecurity and to enable smart interactions.
6. Smarter Supply Chain Management
Modern supply chain management processes are now getting paired up with AI for better efficiency. From smarter inventory management systems to smarter shipping, AI is applied throughout multiple stages of the supply chain. Some businesses are using AI in customer service to collect data related to target markets while others are applying AI algorithms to the shipping process. With the help of predictive analytics, it has also become easier for businesses to predict accurate delivery duration and deadlines.
AI is a technology that can give small businesses a good boost. While not only being beneficial for them from the financial perspective, the technology is also capable of bringing the best out of these businesses. As we know, there are plenty of businesses around us that have amazing potential but they are not able to keep up with the evolving trends. With the help of AI, such businesses can also keep a close eye on evolving strategies that can help boost these businesses. In the level of competition today where spending good money on marketing strategies is not the only solution to grow, businesses will have to adapt to changes to survive.