Artificial Intelligence has grown from niche sideline projects insulated within the tech industry, to impacting every company imaginable. This growth has only occurred within the last decade, and is showing no signs of slowing down yet. This makes now a really exciting time to look at incorporating AI technology into your business. And as we fast approach a time in which AI becomes ingrained in business to a point where ignoring it is impossible, the best time to implement AI solutions was yesterday, but the second best is now.
Here, we’ll examine a few key areas in which AI is making a difference to SMEs.
At Geniusly, we’re all about connecting those that need tech, with people who know tech. Our directory contains companies from a huge variety of categories, each category we mention today will be linked below, but you can find our entire list here.
1. AI Empowered Applications
AI solutions have become cemented in the very heart of business technology. Key applications such as CRM and ERP are quickly utilising AI in order to provide new insights, enhance communication with customers, or improve monitoring of finances and labour costs. Applications making the most of AI can be industry-specific, from eradicating waste in agricultural industries, through to production line monitoring and inventory management in manufacturing.
The best way to make the most of these developments and maximise your chances of adding real value to your company is through planning ahead. With a solid plan as to how these technologies will be implemented and to what end, metrics can be more accurately measured to get the best results.
2. Conversational AI Solutions
As the barriers of international business continue to be dismantled, having customer service and assistance available 24/7 is absolutely essential. Replacing human agents with AI conversation bots – even only outside traditional business hours – can make a huge difference to how your customers see you.
Programs such as these can prove a vital component of the omni-channel experience, as it provides a ‘caring face’ that customers can access immediately, no holding music needed. For SMEs in particular there are plenty of examples of Conversational AI solutions with low entry costs – being able to link your site to Facebook profiles, WhatsApp numbers and more!
The main barrier to implementing this technology effectively is the level of ‘training’ that can be required in order to set up a bot to carry out the tasks needed. If the program is only required to answer questions from a database this is a relatively short process as all that needs uploading is an existing FAQ. For a quick look into the variety of Conversational AI options available, check out our Directory.
3. Machine Learning
As extreme as it sounds, machine learning could be described as the ‘keystone’ of artificial intelligence. It is – in part at least – what makes up the ‘intelligence’ part of AI Solutions. Machine learning enables artificial neural networks to recognise and analyse patterns, in turn generating predictions and categorising data.
Machine learning works best in tandem with companies dealing with a lot of data, or class themselves as ‘data-rich’. This data could include information about customers, products, sales and beyond, and if there’s enough of it, machine learning could add real value to your business. The impact of utilising machine learning could include better decision making, or deeper customer insights due to having more people within the business having access to in-depth data.
As useful as it can be, machine learning is considered an advanced technology to be getting to grips with. It is possible for an SME to build these connections in house, but outsourcing could work out not only easier, but cheaper too. Huge companies such as Google and Microsoft offer API based access to machine learning programs that serve specific purposes such as content moderation and image analysis. This is a good option to consider for your first interactions with machine learning, as there is little point investing in an omni-purposed set of technology that will remain half unused for years. You can explore more Machine Learning options here.
4. AI-Powered Analytics
The relationship between analytics and AI has proven revolutionary. Gone are the days of waiting extended periods of time for reports that are mostly out of date before they even reach the meeting. Now, businesses can have access to ‘drilled-down’ data on the fly, with search capabilities to answer near enough any question.
AI has also made the process of data integration (vital for effective analytics) smoother, as amending and removing corrupt data can be automated, saving time and helping you make those data-driven decisions quicker.
The untapped potential of your company’s data is huge. According to thinkwithgoogle, 70% of leading marketers say their companies use data to support decision-making at all levels. As an example, even if you currently utilise your data on a customer level, accessing granular data could continue to boost your decision making and by extension your revenue.
Geniusly connects people who need tech, with people who know tech to help them find the right solution for their requirements. Our industry specific advisors will save you weeks of research and avoid costly mistakes. In just a short call, our experts will understand your requirements, narrow down your search and make the necessary introductions. Best of all, it’s free.