In the context of small business operations, artificial intelligence integration is a game-changer that is essential in maintaining competitiveness. This is becoming especially relevant in a market that is becoming more and more digital. It sparks the question: how can AI help transform small businesses’ operations?

AI can play a critical role in the operations of small businesses, as it has the ability to handle and analyse massive datasets. Previously, this was a skill limited to larger, more resource-rich corporations.

Small businesses may now make data-driven decisions that improve their competitive edge by gaining greater insights into consumer preferences and market trends through technological advancements.

In this piece, we’ll examine how small businesses can employ artificial intelligence. On the whole, there have been numerous ways in which the accessibility of AI applications and solutions has become more freely available.

Why AI is a game changer for small businesses

From low-code and no-code alternatives, to the ability to outsource AI needs to third-party developers at an affordable price. Therefore, tapping into the power of AI is an achievable goal for businesses of all sizes and expertise.

Furthermore, repetitive and tedious tasks can be automated with the help of AI technology. In addition to improving efficiency, this technology reallocates employees to more sophisticated and valuable tasks, increasing the overall output. AI can help small businesses maintain their operational effectiveness while optimising supply chains, personalising marketing campaigns, and enhancing customer service.

Innovation is also greatly enhanced by the use of AI in small businesses. It provides opportunities for new business models and services that meet the needs of a tech-savvy customer base while keeping up with the changing market. Because AI can foresee market trends, small enterprises can stay flexible and adapt to changes, which ensures their sustainability.

Top Areas AI Can Address

Customer Management

AI can be helpful in multiple ways for customer management. AI-backed CRM softwares give invaluable insights from patterns derived. For example, they can learn that a certain customer orders services regularly, and then use that knowledge to inspire further customer loyalty.

So on the customer’s next order, the company can decide to offer a voucher. As well as this, small businesses can deploy AI chatbots to automatically converse with customers.

Process Optimisation

Small businesses need to account for many things, from accounting to management, hiring, and marketing. Often, these areas are manned by one or two people, rather than fully-fleshed out departments. Similarly, these business requirements are often outsourced to third parties, which can be a security concern.

AI can easily address concerns like accounting information and automation of manual processes. Therefore, business owners are able to save time, effort, and money.

Data Insights

One of the most powerful things AI can do for small businesses is derive insights from data. Analytics tools powered by AI can provide analysis of your website and marketing efforts.

Furthermore, AI can even build conversion models for you to better attract new customers. Moreover, having a comprehensive and responsive view of your overall data can alert you to threats and irregularities.

Marketing

AI can be useful across the entire chain. From product optimisation and pricing, to customer acquisition and retention, and social media analytics. For example, AI can deploy dynamic pricing, where the price automatically adjusts based on competitors.

Another example is personalised digital and social media marketing. This involves the AI being able to leverage the feedback from different channels in order provide adjustment recommendations.

Examples of AI for Small Businesses

• Tensor Flow

Tensor Flow is a free AI software library for artificial intelligence and machine learning. It’s flexible and can be used for a variety of tasks. With a particular focus on training and inference of deep neural networks.

An example would be small businesses hiring a data scientist to use TensorFlow. They could do this in order to ingest online conversations about a product or a company to assess customer sentiment.

• SnatchBot

Snatch Bot works to create AI-powered chatbots for businesses, with the ability to work with specific industries in mind. Their omni-channel platform support the entire lifecycle of a bot.

From development and testing to deploying, publishing, hosting, tracking and monitoring. This includes natural language processing, ML and voice recognition. The platform also provides robust administrative features and scalable, enterprise-grade security that complies with all regulatory mandates.

• Watson Assistant

Watson Assistant is an IBM powered bot-builder that can build chatbots using AI and NLP. The chatbots are customised to simulate conversation with a user. Using messaging applications, websites, mobile apps and more, giving them accurate and relevant information.

The chatbot can be built around a certain topic in as quickly as 30 minutes. Moreover, integration into websites is easy through a JavaScript snippet that can be pasted into your existing website’s HTML.

Key Takeaway of AI for Small Businesses

AI will play an increasingly significant part in the expansion and success of small businesses as we move towards a more technologically sophisticated and interconnected commercial landscape. These AI-powered tools cover a broad range.

From complex consumer insights to automated administrative procedures, these tools give small business the capability of  maximising their operational effectiveness, reacting quickly to market developments, and interacting with customers more successfully.

Small business can greatly enhance their operational decision-making, customer service, and strategic planning by incorporating these AI technologies. This will in turn increase their competitiveness and sustain growth in an increasingly digital environment.

The fact that these machine learning tools are now readily available highlights how technology has become more accessible in today’s corporate environment. It creates equal opportunities for growth and innovation by enabling small businesses to leverage AI capabilities that were previously exclusive to larger corporations.

Let Gemmo AI assist your small business

Whatever your situation, Gemmo AI can assist your small business in creating a more customised business strategy. We will also take affordability into consideration while determining eligibility for the SMEs group. Work with Gemmo AI today for your AI needs.

Author: Michelle Diaz