Artificial neural networks are a type of machine learning algorithm, inspired by the way our brains work. The first ANN…
AI for Small Business
In this post, we’ll explore how small businesses can leverage artificial intelligence. After all, accessibility to AI applications and solutions has been democratised in many ways. 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.
Top Areas AI Can Address
Rise and Grind by Garhet Sampson
- 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. And businesses can deploy AI chatbots to automatically converse with customers.
- Process Optimization
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. And 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.
AI can be useful across the entire chain. From product optimization 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, where the AI can leverage the feedback from different channels to provide adjustment recommendations.
Examples of AI for Small Businesses
By Marvin Meyer
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: to ingest online conversations about a product or a company to assess customer sentiment.
AI’s breakthrough in copywriting has given birth to multiple AI companies that help with the writing process. While the finished products still require proofreading, having templates saves time. Copy.ai is one of the leading companies in this field, with companies like Microsoft and Ogilvy using their services. For the aid it can provide, it’s still cheap enough to warrant consideration from small businesses.
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.
Indeed, there are many many ways AI can provide affordable, appropriate, and consequential solutions for small businesses. Sometimes, all you have to do is look. And you’ll land on tools so invaluable that you’d be surprised they’re free. But in any case, if you’ve had a look at your business struggles and it turns out you need a more tailored approach, Sparkd.ai is here to help. And qualifying in the SMEs category, we will also keep affordability in mind.
Work with Sparkd today for your AI needs.
Check out our other articles:
- Streamline Tasks and Save Time and Resources with AI
- How to Scale Your SME Business with AI
- Can AI Help the Shortage of Cybersecurity Professionals in Europe?
Author: Michelle Diaz
Check out our other resources:
Stay up to Date
Latest in AI research, news & innovations delivered to your inbox.
Start Your AI Journey Today
Explore - Solve - Fix
Machine learning has become an indispensable tool across multiple industries. Unfortunately, many companies still lack the expertise needed to find,…
Artificial intelligence and data have a symbiotic relationship. Both data and AI need each other to survive and thrive. AI…
According to Microsoft, smart cities are urban areas that use digital technologies to enrich residents’ lives. From improving infrastructure to modernising…
Once a niche hobby reserved for basement-dwelling teenagers, eSports is now a global revenue heavyweight. The global eSports market is…
Finland is an idyllic wonderland, characterised by its untamed forestry, wild berries, and vast lakes. These natural resources have a…