Artificial Intelligence (AI) isn’t something new, it’s been around for decades. However, after being less obvious to most for quite some time, this technology is now going through a period of significant growth. AI has already started to make its presence felt and is forecasted to have a tremendous impact across industries. According to PwC’s recent report Sizing the Prize, global GDP is expected to grow by as much as 14% (or $15.7 trillion) because of AI.
There are three types of AI, namely, Augmented Intelligence (which can do things that humans can’t), Autonomous Intelligence (like self-driving automobiles), and Voice Assistant Intelligence (like Aider). It is anticipated that the latter will be one of the underlying new technologies that help drives small businesses forward. While it’s natural to think that AI is expensive and only limited to larger businesses with greater resources, conversational interfaces and smart algorithms are now accessible to everyone. In fact, this technology could open up a whole new world of possibilities for even the smallest organizations to be more successful.
In the fourth industrial revolution, AI will be at the heart of boosting productivity, product quality, and consumption. So how could AI benefit small business? Let’s take a look.
AI Helps Make Small Businesses Be More Productive
According to global management consulting and professional services firm, Accenture, AI will enhance productivity by up to 40% and enable the workforce to make more efficient use of their time. When small businesses incorporate AI into their operational processes and workflows, it will empower and support their employees in focusing on more critical and creative tasks, thus becoming more productive.
Genuine value and greater comfort also evolve from business owners spending less time on mundane tasks or managing human errors, and more time growing their business and possibly focusing on other important things that they may have had to overlook or postpone. For example, a salesperson can instruct a digital assistant to enter accurate, up to date data into a CRM system giving them more time to follow up that next hot lead.
When companies leverage digital business assistants, they will conveniently access more data by simply asking a question, which in turn could lead to:
● Suggested actions (from data collection and analysis)
● Customer Insights (predictive behavior and better planning)
● Information (like cash, sales, bills, inventory etc.)
● Metrics (maybe key marketing results or other performance)
In addition, as this data is used, further AI technology in the form of machine learning can be applied to maximize the value of the data, even advising of trends or possible decisions that could be taken.
AI Helps Small Businesses Gain a Competitive Advantage
In this digital age, early adopters of AI will naturally achieve a competitive advantage via significant operational efficiencies maybe before others have even thought about it. When small businesses incorporate AI into the fabric of their business, as part of what they do day-to-day, they get to enjoy the benefits of this technology possibly much faster than their corporate counterparts.
AI technology does not necessarily come with a large price tag and is not stand-alone or static. It’s continuously evolving and is now being incorporated across all businesses process. Smaller businesses are therefore well-placed to take advantage of AI quickly because there will be much less integration involved in the use of current applications that are relevant to their business.
When smaller companies start using AI, they are immediately better positioned to meet the specific needs of their clientele. AI will help small businesses like cafes, restaurants and retail shops become much more customer-centric and give rise to better data-driven, targeted promotions etc like that found in “people-based marketing.”
How Can Small Business Owners Take Advantage of AI?
While the benefits are clear, there’s still a general sense of fear when it comes to implementing or adopting AI. This doesn’t make sense given its prevalence now – many small business owners are already interacting with AI when they talk to Amazon’s Alexa or Apple’s Siri or use music or movie streaming services.
Business owners need to understand that adopting AI is fundamentally the same as making the switch from facsimiles and snail-mail to email just a generation ago. What’s critical here is to engage in digital transformation at the right time and not get left behind.
It’s important to realize that AI isn’t going to reduce a workforce. Instead, it is commonly accepted that AI could generate jobs, through better more sustainable businesses. AI is going to help them work better and add greater value, maybe in customer service, innovation, or product.
And what about Aider?
Business data is powerful, but even more so when it is all connected. Aider does this, by integrating the apps that small businesses use every day, such as such as Facebook, Twitter, Google Analytics, Xero, Kounta, Deputy, Vend, and iPayroll.
Aider gives the power back to small business with the latest AI technology that is focused on their business – info, insights, actions, metrics are simply a question away. The more they use Aider, the more it learns about their business, the more insightful it becomes.
If you’re already asking Siri to find something for you on the Internet, why not ask Aider a question about your sales? It’s as simple as that.
AI is here to stay and is going through a period of rapid evolution. It’s also becoming more cost-effective and much more accessible to small businesses. So if you want to meet the demands of customers in the future, the time to integrate AI is now.
Give Aider a try today and see how AI can help give you back time and help you achieve your goals.