What is Artificial Intelligence and how can the small business owner benefit from it?
Artificial Intelligence or AI is the “it” technology. Everyone is talking about AI but without fully understanding what it is many think it is unattainable for their business. We see companies like IBM, Facebook and Google using it and believe that it is extremely out of reach for the average sized company. Let’s take a look at AI and debunk that notion and dig into how this incredible technology can benefit companies of any size and specifically, small businesses.
What is A.I.?
AI is machine intelligence (typically computer) that is programmed to “think” like a human. When described in this fashion many picture a robot but, AI is much broader than this. Think of AI as an umbrella that encompasses:
- Machine Learning
- Voice Recognition
- Predictive Analysis
- Many others
It is entirely understandable that these technologies at first glance seem as if they would be monetarily out of reach for many businesses. But, how many of us own an Alexa or Google Home? These devices are perfect examples of AI. When brought to this level, it is easy to see that any company can afford some form of AI. Now the next questions to answer is, how can such AI benefit the small business owner?
Having the best first impression is extremely important in life but can be even more critical in business. 70% of customers’ brand perception is determined by experiences with people. So, what if you could take human error out of your customers’ first impressions?
AI can provide your customer’s first interaction. AI software can learn a company’s tone and voice and can represent the feel of the company with ease. Additionally, AI doesn’t suffer from brain fog, so it is capable of recognizing the face or voice of a repeat customer and recall a recent purchase or experience.
The same advertisement is not always right for every customer! This was recently proven by Facebook. In 2017, Facebook used AI to identify the correct ad for the correct audience and had a return of $12 million in revenue. If that isn’t the proof in the pudding, I don’t know what is.
Employee Development and Engagement:
In a recent study, it was found that close to 70% of employees were not engaged at work. Considering that an office's personnel is its most valuable asset, this is extremely alarming. Unfortunately, it is incredibly costly and time-consuming to build a capable HR department that is both approachable and engaging. This is why an internal chatbox can be an invaluable tool for any business. Not only can it provide employees with HR information any time of the day, but it also is much more approachable to voice concerns or give feedback to a computer screen in comparison to a human face.
AI Is incredibly expansive and can be completely overwhelming. If you want to understand better how the endless possibilities of AI can benefit your business, reach out to the experts. The Pendello Solutions team of business technology associates can help break down your company’s need for AI and the solution that will be most efficient and cost effective for your business needs.