Artificial intelligence is not only for big business. Automation and extraction of data may help you to relieve you and your company
For many years the perception was that only large companies (corporations) were able to implement and ‘sell’ artificial intelligence-based (AI-based) solutions at a greater scale. Nowadays we know that automation that may be driven by machines or deep learning is available to almost all businesses irrespective of the market and activity. According to the OECD ‘AI can affect and benefit SMEs in two ways: by altering their business environment and easing the conditions under which they do business, or by enabling them to change their business models and practices, which could ultimately allow them to increase productivity and outreach, and scale-up. Before we go into details there is also good news – the European Commission is committed to supporting wider adoption of AI within the SME area in the upcoming years not only by closing investment gaps but also by promoting programs that are aimed at digital transformation.
If you think that the AI is not for you – you might be right in the sense that proper identification of needs and capacity is a must to ensure that new investment brings profits and optimization (according to the Report more than 50% of companies are expecting lower costs that are result of AI-automation). This, however, does not necessarily mean that the AI-based solutions are only for the biggest. Even if you are a small eCommerce company you may leverage the potential that AI has. With well-trained machine learning models, you will be able to better identify customers’ needs, target new client groups, or provide services during your normal out-of-office hours. You will be also able to predict what your clients may expect to buy in upcoming days or months and with that unique knowledge propose a better (and personalized) offer way ahead. Sounds interesting?
If yes, you may consider investing in AI. You will have to assess, however, whether you have the necessary data – accurate, representative, and sufficient – to train your model and use it for the forecasts or predictions. Advanced models may constantly learn based on the data feed that is provided in real-time. You will be also able to adjust your AI system and request certain information that has real value for you. As you can see the wide-understood automation may help you to focus on real ‘things like taking care of your relationships with customers and/or improving the quality of your products or services. What is important according to the PIU report more than 60% of customers are satisfied from processes that are based on AI.
You cannot, however, forget that every prediction or recommendation is based on the data provided. This is why you should constantly monitor the input data to ensure that the output data is not biased or misleading. This is a moment when you should understand that data provided should be of good quality and accurate. Lack of such quality may pose more risks than benefits. Therefore, you should consider a business or technology partner that understands your business and your needs and who will help you to understand how big a pile of gold (that is data) you have and how your clients can benefit from ethical AI.