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Artificial Intelligence (AI) for the Small Business Owner

Last week we took an initial look at Artificial Intelligence (AI) and reported on how business organisations are beginning to see the benefits that they can gain by adopting AI into their business processes.  As we pointed out last week, big businesses with hefty budgets have already jumped on the bandwagon and are already enjoying returns on their investment.  However, it’s not too late to get on board and you don’t have to be a big company with a large turnover to do so.

Implementing machine learning and AI can have a positive impact on your organisation’s efficiency as intelligent systems are able to automate tasks to help reduce the risk of human error.  These systems “learn” as they work, getting smarter all the time, which inevitably leads to better outcomes.  There is a growing interest in the potential business benefits of AI from across all sectors.  Coca-Cola used the results of their AI product analysis to make the decision on launching Cherry Sprite last year and one soft drinks company is planning on creating a virtual assistant to incorporate into its vending machines!

Small business owners who haven’t yet considered using AI for business needn’t fear that they’re missing out – it’s not too late to harness the power of AI to boost your business in future.  Today we’re going to look at the first steps you need to take to drive your business on the road to AI success.

The first step is figuring out your business requirements and this will differ, depending on both your sector and your individual business model.  Take a good look at your business and decide which strategic pain points could be eliminated by using AI based solutions.  AI can be used to provide predictive analytics for your business, or it can help to automate tasks.  By taking a close look at your business and business processes, you can determine the right objectives for your specific needs.

New technology generally has a bit of settling in problem which means a few risks.  However, the only way to get the hang of new technology and master it completely is to use it and learn from any mistakes you make.  Begin by settling on some initiatives with relatively small scopes and critically evaluate each failure to learn from it.  This will help you come to terms with the risk factors involved and provide you with the information you need to make better decisions in future.

Because AI is such a fast-growing market, AI developers are in short supply right now.  Furthermore, developers need access to affordable and scalable computational infrastructure that supports the AI processing in order to train and deploy AI applications.  Building an AI infrastructure is an expensive business but there are services available that make AI app development accessible and affordable for small to medium enterprises.  Instead of hiring a developer and building the infrastructure, you can use these services to fast track your AI efforts so that you too can harness the power of AI for your business.

Next week we’ll be bringing you some information on how you can get started with an AI strategy for your business.  Don’t miss out, follow us on Facebook or Twitter to get all the information you need to make an informed decision on whether or not AI would be a good recruit for you.