3 Ways Your Small Business Might Benefit from Artificial Intelligence Technology

Artificial intelligence has taken the world by storm, and the advent of emerging technologies has many small businesses thinking about how they can utilize it to cut costs, improve operations, and eliminate unnecessary or repetitive tasks. Let’s take a look at three ways your business can leverage artificial intelligence to the best of its ability.

We should first start by outlining what we mean by “artificial intelligence.” In the business environment, AI and, on a more broad scale, machine learning, is when automated technology performs tasks normally accomplished by human workers with an emphasis on taking data and applying it to specific scenarios in which it can learn or identify trends. It is expected that the AI industry will exceed $390 billion by the year 2025, so it’s safe to say that this technology is not going anywhere. Your business has much to gain by thinking about how it might apply it in the near future.

Here are just a couple of ideas for how you might be able to use AI for your business.

Streamline Certain Tasks and Operations

Businesses often have a lot on their plate. Between managing resources and maintaining operations, it can often feel like an overwhelming balancing act where spending too much time on one thing leads to not spending enough on another. Some tasks require more time and focus than others by virtue of how complex and thorough the work must be, such as vetting new hires or assisting customers in need.

Consider some of the more lengthy or time-consuming tasks out there. Most businesses need to search for top-tier talent to keep themselves competitive, which means sifting through mounds of resumes, cover letters, and other documents for job applications for qualified candidates. This process can be automated through the use of artificial intelligence. Another aspect that can be automated and improved through the use of AI is customer support. Customers often ask the same questions, and if AI systems can learn from and build their foundation of knowledge based on interactions with consumers or clients, they can provide your organization’s employees with more time to focus on innovative new ideas and workflows.

Improve Data-Driven Analytics

All businesses collect data in some way, shape, or form, but the way that this data is used will vary by industry. In fact, some organizations don’t fully utilize the data available to them; either they collect the data and don’t know what to do with it, or they collect the data and don’t have the tools to adequately act with it. Either way, AI gives businesses the opportunity to make full use of this important asset.

AI allows your organization to use any data it collects to its advantage through predictive modeling. By extrapolating data for trends, AI is able to take its best guess at what the future could hold for your business. Through the use of AI, organizations can leverage available data to make educated decisions about their futures; this ensures that the organization can move forward in an informed way that is both in line with its business model and progress-driven.

Cut Costs and Increase Efficiency

We have all heard the horror stories related to AI and how it is stealing jobs away from qualified human beings, but this is the wrong mindset to approach this technology with. While it might be concerning to laborers in unskilled industries, the truth of the matter is that most workers can stand to benefit from AI to a certain extent. Let’s reframe this perspective; instead of saying “AI is going to steal my job,” you can instead say “AI will make my job easier.” Suddenly, the prospect of implementing an automated system is not so scary.

When looked at through this lens, it’s easy to see the value that AI presents and the opportunities it poses for not just simple tasks, but more complex ones as well. Even if AI cannot fully automate more complex tasks, the fact alone that it can help make certain aspects of them easier to manage should be reason enough for celebration, as any technology that can make running your business and managing your workload easier should be given full consideration. And you know what they say… less time wasted means more profit!

Now that you know about some of the ways that businesses can use AI to their advantage, the only question remaining is this: how are YOU going to leverage artificial intelligence? What ideas do you have for this exciting technology? Be sure to let us know in the comments below.