We live in the twenty-first century. And artificial intelligence is more than a catchphrase. It is ‘the’ technology that all businesses want—startups, SMBs, and enterprises all want a piece of the AI pie. And, while large corporations have embraced the AI revolution, the question of how AI can assist small businesses remains unanswered.
AI is now the go-to technology across all business verticals, with an ever-expanding list of AI use cases demonstrating how it’s transforming businesses. However, in order to better understand the role of artificial intelligence in business, t of AI use cases demonstrating how it’s transforming businesses. However, in order to better understand the role of artificial intelligence in business, let’s first bust some illusions about artificial intelligence (AI), especially as they pertain to startups and smaller organizations.
3 Common Myths About AI in Small Businesses
- AI integration is a time-consuming process. Artificial intelligence was created as a cognitive technology to assist businesses in automating, scaling, and growing, as well as to reduce complexity and streamline business processes. Implementation is thus as simple as any new technology integration can be with the right AI tools in place.
- Integrating AI systems in business requires technical skills: AI development and the use of AI tools for business processes are both required. AI is getting better, and there are already tools and platforms that can be used without having to know much about technology. For example, you could use content tools to create better marketing content or app analytics tools to better understand user behavior on your mobile app or website.
- AI in business is costly. As a leading AI development company, we frequently hear concerns about the cost of implementing AI in small businesses. Let’s get that straight. When it comes to developing a custom AI platform for a large corporation or government agency, the scope of the project usually necessitates substantial financial investments. This is not the case with startups. There is a variety of off-the-shelf AI software that can perform tasks effectively, as well as custom development.
The use of AI tools in startups has helped them grow by leaps and bounds over the years. The timely adoption of artificial intelligence into organizations has not only aided in resource optimization, productivity improvement, and cost reduction, but has also aided in automation and digital transformation with AI.
Here’s a quick look at how startups are embracing AI and incorporating AI innovations into their processes to reduce costs, optimize resources, and, in short, have a better day!
Startups and Artificial Intelligence: AI Adoption in SMB
Customer service with artificial intelligence
Customers are often the most important thing for businesses, as Amazon and other Fortune 500 companies show. Unsurprisingly, more businesses are looking into smarter solutions for better customer support and service. Chatbots and other AI tools for small businesses are frequently used to bridge the gap. According to a recent Microsoft report, 54% of all consumers worldwide have higher expectations of customer service than they did a year ago.
AI-powered chatbots are being used more and more by small businesses to help customers quickly and effectively. Turnaround time is usually short, efficiency is high, and costs are kept to a minimum. They also assist with lead generation, personalizing offers, making product recommendations, and other tasks, making it the ideal tool for ensuring customer satisfaction and, as a result, brand loyalty.
AI implementation can help provide insights into the behavior of customers and even competitors, which can influence decision-making. Advanced computing tools, machine learning algorithms, predictive analysis, and other business intelligence tools can analyze written, video, and social media posts to provide insights that help businesses compete. AI can also help businesses by providing real-time insights into customer needs and desires, allowing them to develop products and services accordingly.
For example, Crayon, a competitor analysis tool, tracks competitor behaviors across various digital channels such as websites and social media. Even minor changes in pricing, marketing language, and offers are accommodated.
Using AI software to accelerate content development and marketing
Startups and small businesses use AI for marketing to help them make better use of data. AI technology can help by giving real-time insights and updates on where customers are, intelligent strategies for allocating resources, strategies for reducing costs, figuring out new ways to promote, and more.
Content marketing entails thoughtful creation and strategic distribution. AI tools can assist in the discovery of content ideas and even in the optimization of content for different audiences. AI-powered tools such as Curata aid in the discovery of topics that have been proven to drive results, removing the guesswork. Platforms such as Atomic Reach and Market Muse aid in content optimization by comparing it to top-ranking content and making recommendations.
Today, AI tools are widely used to maximize returns across digital platforms, including content creation, curation, and distribution, image editing, and video creation.
Artificial intelligence in human resource processes
AI in the HR process has had its ups and downs. In its early days, there were some difficulties, such as Amazon’s use of a gender-biased AI system in their recruitment process. Fortunately, the platforms have matured, and many of the issues have been resolved.
One of the most visible applications of AI has been in the recruitment and hiring process, including the use of natural language processing with reference to automatic screening of resumes and finding the right match, verifying and validating credentials, tracking the progress and status of an application, and so on.
Another example of AI software for small businesses that has greatly benefited HR professionals is the streamlining of the new employee hiring and onboarding processes. Apart from assisting with hiring and onboarding, it can also assist in gathering feedback from new employees and assisting them with questions about company policies and benefits.
AI for Better Data Security
Since cyberattacks have become more sophisticated and common in recent years, it is clear that the most important use of AI tools is to protect data. Artificial intelligence can analyze data from previous attacks, identify patterns, and predict potential threats.
Startups frequently rely on outdated threat detection models, making them increasingly vulnerable. While there have been numerous examples of AI tools being integrated into existing cybersecurity systems to save organizations from massive losses, the question of how to implement AI in small businesses will always remain. According to a Norton report, it takes an organization 196 days to recover from a cybersecurity breach. In such cases, AI-powered tools can be extremely beneficial.
Read More: Role Of Social Media In Startup Strategy