Artificial intelligence is clearly the future: the sector has seen a growth of 270% from 2015 - 2019. But while we tend to focus on AI’s place in larger corporations and broader social implications, small businesses have also been using AI to help drive growth in other ways. For one, it can support small businesses to become more efficient and respond to consumers faster. While there are several different arenas to explore AI in, it can be helpful for a small business to pick one to investigate.
Artificial intelligence technology is now more accessible for small businesses than ever. The Harvard Business Review examined exactly why it’s helpful to small businesses. Because “small businesses are different, [it makes] it difficult to extrapolate from one example to the next.” Small businesses are so diverse that it can be difficult to find wide-ranging tools that encompass all their needs. AI can be implemented in specific ways to support each business. AI also offers the opportunity for business owners to gain a greater understanding of their business and the intricacies of how it works. It can be difficult for owners to know what is really going on financially and operations-wise, but AI provides an “information opacity” that is extremely valuable.
AI can also help small businesses become more accessible. However, changing a website can be expensive. With tools like accessiBe, a small business can simply paste website code, and the software can scan, spot accessibility problem areas, and adapt the HTML code. Additionally, small businesses can think of accessibility within their organization. A simple AI implementation is recording company presentations to make the materials more readily accessible to all employees at a later time. Simple speech-to-text tools are also considered AI, and encouraging employees to use these could unlock new efficiency.
AI tools are now less expensive, and at times, even free. Small business owners can now try one (or several) with less pressure to find the best fit. For example, Tensor Flow is a free AI software library. An end-to-end open-source platform for machine learning, TensorFlow’s comprehensive and flexible suite of tools allows developers to more easily design machine-learning-powered applications. Quick Start, is another AI software that focuses on supply chain and logistics and even has a free lite version to try out. It automates supply decisions and helps forecast unforeseen events, in addition to increasing consumer expectations.
AI chatbots are also helpful customer service representatives and human resource tools. The chatbot market size is projected to grow from $2.6 billion in 2019 to $9.4 billion by 2024 at a compound annual growth rate) of 29.7%. Chatbots are seen increasingly in the retail space. AI can provide more personalization for the consumer experience, in addition to guiding the more common e-commerce experience. They can give more personalized product recommendations, answer FAQs, and offer basic customer support.
Business owners can also use AI to help track leads and foster growth. Using AI in conjunction with customer relationship management can analyze information in different ways, collecting it from several different sources. Kelsey Stuart of Bloomin’ Blinds reports that using AI has allowed her to better track leads and gain a deeper understanding of where leads are coming from, especially from marketing strategies. This enables businesses to create more engaging and targeted email campaigns.
While there are many upsides to using AI in small businesses, there can be some possible negative effects. There is the possibility of a small number of large companies possessing a monopoly of valuable unstructured and structured data. AI can also have unforeseen biases, affecting innovation and hiring practices. If a “black box” is making these important decisions, discrimination and exclusion can occur.
Ultimately, AI Is best used within a business when company data is clear and understood. AI cannot be used with poor data quality, which can lead to poor implementation of the technology. With AI using effective data, insight can be available at every level and incorporated into decisions. Using various data sources can help AI combine it all into one single architecture to produce deeper analysis. AI is also best implemented when AI is used across several business practices.
This article is intended for general informational purposes only and does not constitute legal advice or an opinion on any issue. It should not be regarded as comprehensive or a substitute for professional advice.