Why small businesses need to invest in AI and Machine Learning

Artificial Intelligence and Machine Learning, the two most-talked-about the technology of present times, have taken the entire world by storm. A decade before, when somebody used to speak about AI or ML, it would just be a line or two, as the technology hadn’t much evolved. Fast forward twenty years, and today, every organization, every enterprise, and every tech expert is aware of what the technology is along with its potential.

According to a survey done by Gartner, it is predicted that around 70% of organizations would employ some form of AI within their workforce by the end of 2021. The same research suggests that the pace of penetration has been rising with a 270% increment in the past four years. These figures are sufficient enough for leaders and organizational managers to rethink their existing workforce and embed ways to optimize the same.

Where the top-tier organizations did adopt the technology, the small said enterprises hesitated and preferred not to get their hands on it. However, technology isn’t confined to a particular organization or firm. Instead, it benefits SMEs as much as it is suitable for large-scale organizations.

For professionals who still doubt the integrity of the technology, this article might help you get over your doubts.

1. Why Should Small Scale Organization Invest In ML & AI

a) To Cash In Automation

It is of no surprise that the present-day workforce is charged up and wishes to remain at the forefront. Consider that there is a ton of paperwork; you want your employee to take care of. However, the work isn’t just annoying and time-consuming, but also not worthy of the talent. It is, in fact, a waste of time and resources. How about automating all of these everyday tasks and freeing your employees to do better and more productive work? Yes, that’s why you need to invest in machine learning and artificial intelligence.

No matter how small or big your organization is, time and money are valuable to all. Why waste the workforce on tasks that can skillfully be executed by machines? Though, buying the software and upgrading your enterprise to automation seem a costly affair, given the benefits of industrialization, the deal would appear advantageous in the long run. Since machines are trained to do a significant task, they are prone to be perfect, leaving no room for errors, and also, they can work tirelessly, without pausing. All of this adds up to higher productivity and better efficiency.

It is a known fact that small-scale organizations are restricted in time and budget. Spending massive amounts on hiring multiple professionals for a task that a single bot can do, and with greater accuracy, the second choice seems better.

b) Predicting Future

As a startup, you might be worried about the performance of your business, say in the next five years. Earlier, managers had to rely on guesswork to estimate the life of a business. With the advent of technologies like artificial intelligence and machine learning, marketers can now get better and real-time insights about the company. Artificial intelligence tools are so designed that they replace manual charts and figures with auto-generated graphs to assess the business capabilities better and at the same time, highlight the pain points that you need to work on to improve efficiency.

Also, the tools of artificial intelligence own the capability to sort tons of issue-generated data, segment it, employ miming techniques and then visualize it. This helps attain a 360° view of the data, which can then be used by marketers to strategize and build customer-oriented campaigns. It is proven that customized advertisements have a better conversion rate than conventional ones.

Small-sized organizations do not afford to risk their business or take nasty steps. They need to be highly cautious in every move and act likewise. For them, there isn’t a second chance, and technologies like artificial intelligence and machine learning generate reports with high precision and hence, can be trusted.

c) Enhanced Customer Experience

Now and then, we hear this phrase – Customer is the king, and it is. Organizations today go to great lengths to map their user expectations and satisfy them. A customer owns the potential to make or break a brand. One way to ensure that your customers are happy is by providing exceptional customer service.

Here again, artificial intelligence leads the charge — Chatbot Development through AI excel in delivering top-notch quality services with round-the-clock support. Where humans are confined to their 9 to 5 office hours, chatbots work day and night to address the issues and provide a feasible solution.

Considering that chatbots are machine operated, they are up and active throughout the day. Meaning that by investing in AI and ML, you can serve more customers at the same time and improve the experience.

d) Accelerate The Time To Market

For design and development companies, AI emerges to be the game-changer. There exist several tools that automate the process of development. It saves essential time and works for the developer. This benefits using artificial intelligence in Mobile Apps. Also, it optimizes the efficiency of the code as automated tools test better than a human. The integration of artificial intelligence tools and machine learning algorithms within the development phase enhances the product development process and helps small-scale organizations gain a cutting edge in the competitive market.

2. Start Small

Without a doubt, both artificial intelligence and machine learning technology have enormous potential. Where the big fat companies have already benefitted from its buzz, there do exist some SMEs that are actively investing in the technology. In case you are still not confident, we suggest you start slow. You need not upscale your organization in a single instance. Instead, take one step at a time.

Modify the department, automate the desk, and see how technology affects your business undertakings. With time, you can then expand and scale resources. No matter what your business is or how long have you been, this technology has untapped potential, which can be revealed only when implemented.

So, what do you think? Is it worth your investment?