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ProjectBlog: How to Stop Dreaming About AI and Start Using It in Your Business

Blog: How to Stop Dreaming About AI and Start Using It in Your Business


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Originally published on the Infopulse blog.

The overwhelming majority of people perceive artificial intelligence (AI) exclusively as an element of Sci-Fi novels. Yet, currently, we observe the rapid development of AI and its further emergence into various business sectors.

Artificial Intelligence offers outstanding possibilities for entrepreneurs of any business branch providing solutions in the widest range of areas: from face recognition and data-driven marketing to maintenance predication and sales forecasting. However, to start implementing AI for a business requires answering a whole lot of questions of the grave matter, such as:

  • What actually is artificial intelligence?
  • What steps do you need to take to implement AI into your business and make it more efficient?
  • How hard is the implementation process?
  • Can AI be developed for small firms or is it exclusively the domain of enterprise juggernauts?
  • And how can entrepreneurs benefit from using AI?

Experts from Infopulse’s Cognitive Lab have answers to these and other questions — learn more in our newest blog post on the specifics of AI adoption for SMEs, startups and large businesses.

Conducting Feasibility Analysis

Artificial intelligence is a human-like decision-making or problem-solving action performed by a computer, utilizing machine or deep learning. Machine learning is the ability of the computer to learn from different data observations and use algorithms to deliver the final analysis results. In its turn, deep learning is based on neural networks and may be applied in the fields of audio recognition, computer vision, social network filtering and many more.

If you have already decided to develop AI for your business, then you’ll need to start with planning. Before leveraging artificial intelligence you’ll need to analyze to which branch of your business AI will be applied: data analytics, marketing, sales, customer support oriented AI software etc. You might be required to reorganize your IT branch and decide on who will monitor the AI results. It’s a good idea to choose one pioneering branch at the beginning to see how AI solutions impact its work. Most importantly, any business owner must conduct the feasibility analysis before making any decisions (the analysis scheme is suggested below).

Source

Let’s review how AI can be implemented by small- and medium businesses, startups, and large enterprises.

Leveraging AI into Small Business: Does the End Justify the Means?

The cold truth is that the vast majority of small business owners perceive AI as an extraordinary technological advancement that will cost them a fortune. However, an increasing number of IT companies are now developing artificial intelligence software. Availability of suppliers raises the competition and adoption rates, and, consequently, the demand. Since small businesses facilitate economic growth in any country and account to a considerable part of its GDP (approximately 40% for the U.S.), IT companies surely want to make their software available for entrepreneurs who fuel the economy. Thus, the market itself pushes IT companies to make AI technologies more accessible to medium and small businesses.

Small businesses can use artificial intelligence in many ways, for example:

  • Data collection & analysis. Data analysis is crucial for any business type. Even if you receive rather modest amounts of consumer-related information, the conclusions you draw from it could be very valuable. You don’t have to hire a team of data scientists for data processing. Complex calculations, like regression analysis, can be performed by AI much faster than a team of experts. If you use AI to track and analyze your customer’s preferences, you’ll be able to define the strong points of your enterprise and continue to expand them.
  • Efficient accounting & scheduling. With the help of AI, routine tasks can be optimized to improve the performance of your enterprise. The responsibility of day-to-day operations may be shifted solely to AI-based systems, while your employees may focus on more meaningful tasks. This is beneficial for small businesses, since they have a limited number of workers, and redirecting time-consuming tasks to AI helps to use human capital much more effectively.
  • Better customer service. Due to the rapid development in communication channels, the interaction between customers and companies is spiking. Customer satisfaction and loyalty are essential for any small company. However, small companies may have limited funds for financing their customer support. Artificial intelligence technologies in a business can assist in client-company interaction via chatbots or virtual assistants and upgrade customer support services. Efficiently developed AI chatbots allow sparing funds and time while gaining a competitive advantage over your rivals. Small businesses can’t afford to finance a team of 24/7 working operators, but AI chatbots can greatly improve the customer experience while requiring fewer expenses and saving time. The best part of using AI is that the more data it processes, the faster it evolves. In a while, your AI will be able to deliver personalized answers to the majority of your customers, and they won’t even notice they’re talking with a machine. E.g., in 2017, Infopulse data scientists together with colleagues from our parent company EVRY developed a chatbot for social networks that can be tailored for the needs of our clients regardless of industry. Such chatbots support a wide range of languages with natural language processing and may feature a variety of personalities

Startups are in a way a different category of small businesses. Before we move on to discussing AI for middle- and large-sized businesses, let’s explore some other ways for startups to benefit from AI adoption.

Continue reading this post on the Infopulse blog where it’s been originally published

Continue reading this post on the Infopulse blog where it’s been originally published

Source: Artificial Intelligence on Medium

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