Artificial Intelligence is omnipresent in any discussion of the state of the business world, now and in the years and decades to come. Whether it’s corporations, small businesses or even mom-and-pop stores, the extent to which and how people utilize AI will be critical to thriving and surviving.
Small business owners might think that AI is a tremendously expensive tool affordable only to the big players. The thinking goes that the competition will use high-tech to quash their own establishments.
However, there are a plethora of ways in which independent proprietors can benefit tremendously by employing AI to increase efficiencies, and without having to cut staff.
Automated systems have been greatly refined since their introduction, making AI an increasingly more affordable and valuable tool for small businesses. Some merchants may not realize that they are already using smart technology. For instance, QuickBooks, a popular accounting software, includes machine learning as a built-in feature.
AI in QuickBooks functions by distinguishing transaction patterns and categorizing expenses, income and bank transactions. Operating in this manner, an intelligent system can give proprietors insight on how to better keep the books and reduce revenue loss.
Enhanced communication with customers is another way in which AI has the capability to increase profit margins. Cognitive computing provides the ability to create individualized mailing lists down to the smallest details. For instance, AI can evaluate the days of the week a patron shops the most. Business owners can utilize the information to send specials and promotions for those days. They can also tell the smart platform the tone in which they want to convey, including matter of fact, informal and humorous. Similarly, proprietors can send customers, vendors and other business collaborators thank you notes at the holidays with a tenor that looks forward to doing great business in the New Year.
It is important to remember that AIdata is in no way perfect or foolproof and should not immediately be thrown out into the world. Business owners must fact check numbers and text to ensure accuracy. Not doing so could result in errors that are embarrassing and, more importantly, call your business acumen and credibility into question.
Extolling the fantastic value of machine learning would likely raise the stress level of some employees who fear that AI will eventually leave them jobless.
It is important to let staff know that high-tech equipment cannot replicate the human factor that is so important in the small business world. Rather, AI can be a complementary resource that helps everyone.
Success in a small community engenders building relationships with customers, vendors and others. This is especially prevalent in retail. In addition to expert knowledge, your customer service team can provide shoppers with warmth, patience and familiarity. The resulting, established rapports lead to loyal customers spending more money at your store as opposed to paying less at the competition.
This article relates just a very small sampling of how machine learning can make a huge difference in driving substantial revenue increases. There is no business too small to embrace AI.
