How Can You Grow Your Small Business By Using Artificial Intelligence

Listening to the term artificial intelligence, you may connect it to the recent incident at Facebook headquarters where two AI’s started communicating with each other in their own languages. This might scare you a little, but AI is always a boom to the software world.

Huge tech companies like Google, Amazon, Facebook, and Microsoft are investing in the R&D of AI. If you are a small businessman, you may consider this a complicated and expensive deal. But any businessman should consider AI, as it is a faster and transformative technology.

 

What is artificial intelligence?

Artificial intelligence is machine intelligence. Just like the human mind or any other creature, a machine has its own intelligence which is developed by humans. In computer science, AI is also known as intelligent agents. Any task that has an enhanced and problem effect is called the AI effect.

 

What does AI encompass?

Artificial intelligence has become a blanket term for many technologies. However, this is not really the proper use of the term. AI means software that mimics independent thoughts and is still mainly found in research labs only. Now I will tell you a few related technologies.

 

Machine Intelligence

Machine intelligence is a software not limited to computer instructions its programmer wrote. It requires less programming than other software. Machine learning software changes the way software behaves based on data and results.

 

Smart Robots

the Smart robot is a combination of machine intelligence and other technologies. For example, Flippy the robot makes hamburgers. Smart robot Baxter, made by Rethink Robotics of Boston is a humanoid robot who can work with the employees on the floor. He works on tasks like precision packing. Did you know that Amazon has 45000 robots working at its fulfilment centers?

According to Nick Bostrom, a philosopher and technologist, “Machine intelligence is the last invention that humanity will ever need to make.” You can watch his entire TED talks about smart robots.

 

Virtual Assistants

artificial intelligence, virtual assistants and machine learning

VA’s is a revolutionised technology which provides more sophisticated service and sales functions. For customers VA’s complete the transactions for consumers automatically and replace forms & menus. The future of virtual assistants is very bright. IBM’s Watson will make a bank account for you. Capital One is using VA’s to allow customers to transfer money or pay bills.

Even Taco Bell has an AI both called TacoBot that helps customers place pickup orders for select menu items.

 

Speech Recognition

This software can recognize human speech. You are aware of the frustrating call centre IVR’s. This technology is improving with the help of machine learning Speech recognition can become more accurate and successful.

 

Natural Language Generation

Natural Language Generation (NLG) can write human-readable text after some data analysis. This will revolutionise business intelligence. Environment   Canada used NLG to write weather reports in French and English languages. Forbes uses NSG to summerise and explains company reports.

 

Decision Management

The terms Business decision management and Enterprise decision management are used to describe automated decision making. This technology is partially or totally automating decision making.

 

How can your business take advantage of AI?

Now that all businesses are making use of the latest technology and with the use of artificial intelligence, companies are able to achieve a lot more efficiency and increase their profits.

So here’s how can your business make use various forms of artificial intelligence and improve the entire business process:

 

Start getting acquainted with these technologies

You can do this from your comfortable home. Use Amazon echo dot and talk to Alexa. Alexa will make you familiar with the AI technology. You can also use Google home. These are great examples of voice to text data technologies.

 

Rethink Business

Start analysing your business on the whiteboard and think of some new automation. This will give you a competitive edge in your business. Express your point in business terms with some achievable goals and implement these goals.

Start small and reinvest your savings in more potential applications- If your website is dealing with a lot of customers and inquiries add a chatbox for products that utilise voice recognition.

 

Don’t feel sorry for job destruction

Your competitors reduce costs by automation and optimizing the process. They do this by using technology like data analytics, machine learning and decision management. These technology updates attract a lot of competition. When Amazon went the e-commerce way, they drew competitors like Google & Microsoft.

 

Get data-driven

KPI’s make your business work and optimise around them one by one. A successful AI strategy starts with a foundation of excellent data. Stay away from averages because they hide opportunity. Put your time in detailed analysis and find the slices that deliver the most value. Make technology part of your strategy.

 

Your access to AI will be from vendor products

Track companies who are investing in technologies you could use. Invest in such techniques that you could be useful for your business.

 

Make leaps ahead

Reinvent your business and don’t fear failure You could outplace everyone in your industry with revolutionized technology. The impact on your business should be a significant shift in technology, quality, cost and services. You need to outrun your competitor.

 

Conclusion

Artificial Intelligence is a technological gift to humankind only if it is used sensibly. Optimized utilisation of the AI is highly essential. You need to program it as per your requirement or find a technology that is programmed that way.

2018-10-31T19:18:14+00:00

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