AI for Small Businesses
This article was written 100% by an AI.

From an entrepreneurial perspective, AI applications have a lot of potential, and industry leaders are taking notice. A recent study found that 72% of executives consider AI to be a significant business asset, and that its widespread implementation in enterprise software is making it a daily presence in more and more companies, large and small. Here are 4 ways artificial intelligence could give small businesses a boost in 2018. [Sources: 6] 

For many small business owners, the introduction of artificial intelligence (AI) may seem like a daunting challenge. It is easy to dismiss AI as a complicated, slightly alien tool that can only be used and understood by a small group of people with limited knowledge and experience, but this attitude is wrong. By introducing artificial intelligence, you can radically streamline your business. [Sources: 0, 6] 

Although AI is often mythologised in popular culture and treated as a uniquely destabilising economic force, it is actually a technology like any other. In reality, there are many ways small businesses can now use AI. [Sources: 0] 

In an effort to bring technology that is normally reserved for the world's largest companies directly to small businesses, Intuit Inc. has announced new products and innovations designed to harness the latest artificial intelligence (AI). At the recent AI Connect conference in New York City, more than five thousand attendees were among the first to see QuickBooks, an AI-based finance platform for small businesses, and were announced as one of the top 10 companies in AI. Being part of Quickbooks now means being an expert on the platform powered by AI, and giving small businesses the benefits they need to succeed. [Sources: 1] 

Quickbooks uses AI to understand the anonymized data of millions of customers and help companies better manage revenue streams, tax payments, and more. The new innovations simplify and automate work and save annoying tasks by identifying the billions of transactions that flow through the QuickBooks platform. [Sources: 1, 5] 

Small businesses account for 98% of all businesses and employ 60% of the world's workforce, but almost 50% fail. It is no secret that small businesses often fail, because they employ too many people, too few people and too little money. [Sources: 5] 

In today's business world, many small businesses face the challenge of expanding their customer base. That's why QuickBooks is able to tilt the odds in favor of the small business with its powerful AI capabilities. While AI is important for large companies, it is not so important for smaller companies that want to achieve the same level of efficiency as their larger competitors. [Sources: 5, 8] 

The basis of any company and any industry is the ability to deliver value, not only in terms of sales, but also in terms of the quality of customer service and experience. [Sources: 8] 

By using artificial intelligence, SMEs can target the most important aspects of brand building by expanding and expanding their customer base. With AI - integrated customer service tools that predict customer opinions based on recent interactions - companies can use this information to build stronger customer relationships and reduce turnover. If a company recognizes that a customer does not feel good about their business, proactive action can be taken immediately to change those perceptions, rather than waiting for the customer to say that he is unhappy. [Sources: 7, 8] 

This focus is a great help for small businesses in artificial intelligence, and companies know this because they can anticipate the outcome and focus on the most important aspects of their business, such as customer service and marketing. [Sources: 7] 

AI apps for small businesses are perfect for tackling the most repetitive and routine tasks. AI systems can take over repetitive routine tasks and leave resources for the tasks that add value to their businesses. [Sources: 3, 7] 

Whether it's mood analysis or social media monitoring, implementing AI and ML for small businesses allows you to analyze key business insights from your customers, employees, social media accounts and other sources. With the growing amount of business data that businesses generate, ML and AI-based tools can provide a solution to the budget constraints that small businesses are suffering. Small businesses can take advantage of the technologies used in AI applications by offering easy-to-integrate, easy-to-use products that utilize the latest machine learning and artificial intelligence (AI) technologies. [Sources: 2, 3] 

For example, when a small business runs an ad campaign and provides an email list, technology companies can use AI to find common ground and target similar people in Facebook and Google databases, which are targeted by people with similar traits that are growing in real time. [Sources: 2] 

AI companies would use this collective data to improve predictive and analytical applications by developing smart business tools. SEO results can be improved through machine learning to produce more accurate search results for SEO users and increase revenue for their businesses. Small businesses can now start building the data infrastructure that would engage AI companies that develop products in their relevant industries. In the distant future, AI will be the basis for business applications, but for now it is just a start. [Sources: 2, 4] 

Sources:

    

[0]: https://www.inc.com/rebekah-iliff/5-ways-small-business-can-benefit-from-ai-revolution-right-now.html

    

[1]: https://martechseries.com/predictive-ai/ai-platforms-machine-learning/quickbooks-brings-ai-driven-innovations-small-businesses/

    

[2]: https://www.bkreader.com/2020/03/17/artificial-intelligence-ai-for-small-businesses-in-brooklyn-hype-or-reality/

    

[3]: https://thetrendingbuzz.com/machine-learning-artificial-intelligence-small-business-owners/

    

[4]: https://medium.com/gobeyond-ai/can-artificial-intelligence-and-machine-learning-transform-small-businesses-4c9d121d9e7f

    

[5]: https://techcrunch.com/sponsor/intuitquickbooks/how-ai-can-supercharge-small-business-growth/

    

[6]: https://www.fisher401k.com/blog/ai-tools-for-small-business

    

[7]: https://www.flatworldsolutions.com/IT-services/articles/ways-artificial-intelligence-can-help-business-grow.php

    

[8]: https://www.coverwallet.com/business-tips/use-of-artificial-intelligence-in-business

    Up until this point, this article was 100% written by an AI, with not manual changes or corrections whatsoever. 86% of this text is completely new, and generated by the AI. Even the splash image was generate by an AI.

(We don't sell or use QuickBooks by the way, the AI chose that article as a reference by itself!)

To find out more about how AI and ML could help your business, even as an SMB or micro business, get in touch today.

Generated by AI-Writer


AI for Small Businesses
Joseph Morris
23 July, 2020
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