You may not have the historical data or size of an Enterprise company, but AI is still certainly for you
Is AI like the finer things in life? Do only the miniscule 1% of society get to have this? Is this like a mega yacht?
Well, no. The reality is that many small organizations can and should have AI projects and software implemented, created and used within their company.
Today we want to explore several ways in which a smaller company can use the power of Artificial Intelligence to bolster their operations, whether that be in sales, marketing, customer success, finance, engineering, or a myriad of other areas, you’ll quickly see how even small teams can be “future ready”.
Big corporations spend enormous resources on marketing to reach potential customers. Most small businesses lack the financial base to engage in big marketing. Small businesses need marketing to stand any chance of surviving. Most small businesses go all out to tell people about their products and services.
The benefits of marketing are enormous for all enterprises. Marketing helps you build a consistent customer base to keep your business afloat.
Another area of marketing that AI has revolutionized is email marketing. Email marketing has the highest return on investment for all marketing strategies. Before AI, many marketers committed a lot of errors in their marketing campaigns. One of these errors was not knowing the right time to install a particular strategy. For example, a premature sale to a potential customer may chase the prospect away.
With AI, marketers can program their campaigns to target potential customers only when they are ready to take a step.
One problem with online business transactions is cyber-crime. Criminals have taken advantage of the internet to attack online businesses.
Attacks occur to small businesses for many reasons;
The threat posed by cybercriminals is on the rise. Small businesses seem to be the worst-hit of all internet users because they have the most to lose should something go wrong. Statistics show that cyber-attacks have resulted in the closing down of many small businesses that do not know how to deal with the threats.
The most common online attacks that threaten small businesses include:
The best way small businesses can protect themselves from cyber-attacks is AI cybersecurity. AI can detect and block irregular online activities.
Many small businesses have little or no cyber-security. This is because it costs a lot of money to install one. AI is a cost-effective way to protect yourself from most cyberattacks.
AI can protect your small business from cyberattacks by alerting you of malicious emails and email trackers.
If you think as a small business, you do not need a budget—think again. Creating a budget is one thing that will make your business thrive. A budget is the estimated financial plan over a specified period. It will help small businesses ensure they get and spend money from the right source and on the correct projects.
The sad fact is that many small businesses do not have a proper budget, resulting in poor financial decisions. Creating a budget can be challenging, especially without artificial intelligence. Many businesses have embraced AI to help them predict and manage cash flow.
With AI technology, you can:
As a small business, you cannot run away from budgeting. Leveraging AI will help you gain financial insights for creating a business budget.
Small enterprises account for the vast majority of businesses in most countries. Studies show that AI leads to economic growth by increasing the productivity of businesses.
For performing repetitive tasks, there is no contest between humans and AI. One can perform more tasks in a shorter time with AI.
Automation of processes and tasks with AI increases your operational efficiencies and productivity.
AI boosts productivity through:
Efficient production — Applying AI to the production process reduces errors and increases production runs.
Task automation — Artificial intelligence boosts productivity by automating repetitive and cumbersome tasks.
No supervision — Unlike humans, AI machines do not need constant monitoring to be productive.
Adaptability — AI technology can adjust and adapt to different roles in the production process.
Fast data processing — Another way AI boosts productivity is by processing a vast amount of data in record time.
Another area that AI can really help is in measuring the output of your staff. We have a partner in Kunin AI that measures staff productivity in a very non-intrusive way.
In the time of remote and hybrid working arrangements, managers are all hurting for tools that can help them understand the state of their team and until now, everything had been managed by proxy. Many managers would use Slack, email or other “dots” to manage based on availability.
With Kunin AI’s patent pending AI technology, you can set your team’s schedules, including tailored to the hybrid work, flexible schedule with least amount of interruptions, and then look to only manage to outcomes, not presence.
In business, big data refers to any information related to the operation of a company. Generating big data helps small businesses understand and improve their operational methods. Although you may not see it immediately, big data is a tremendous asset for small businesses. It allows small businesses to make more sales by providing their customers with what they want at the right time.
Some information small businesses need to know about their business includes:
Apogee Suite of NLP and AI tools made by 1000ml has helped Small and Medium Businesses in several industries, large Enterprises and Government Ministries gain an understanding of the Intelligence that exists within their documents, contracts, and generally, any content.
Our toolset – Apogee, Zenith and Mensa work together to allow for:
Check out our next webinar dates below to find out how 1000ml’s tool works with your organization’s systems to create opportunities for Robotic Process Automation (RPA) and automatic, self-learning data pipelines.