How small businesses can leverage machine learning & AI
The rise in AI technologies may feel like it leaves small businesses out in the cold — they seem impossibly advanced and likely unaffordable. However, thanks to the cloud, any company can invest in machine learning to help improve business processes, productivity and to create new products.
The reality: machine learning is understandable and accessible
Whatever your market, advanced technology has never been more affordable. From a totally free chatbot service for your website or social media, robotic process automation (RPA) tools like WorkFusion’s RPA Express, to online computing power and AI tools charged by the fraction of a cent, there is technology for every budget. Using these, or outsourcing development, there is no need to hire data experts or AI scientists.
Having got that key concept out of the way, business leaders then need to understand what AI can do for the company. Artificial intelligence can perform all sorts of tasks, from image recognition, automation and content creation. Machine learning is a branch of AI that is focused on analyzing data, using algorithms to create insights that can benefit the business, all without having to be told to do so.
So, while your spreadsheet macros can predict sales, all they work on is the numbers in that sheet. AI can use that data, your live sales feeds and sentiment based on customer information or other sources to help define or predict trends, faster and constantly operating. AI can be used to help with your company’s marketing plans, help to improve customer service or help plan future products. All at low-cost, all without needing to understand the complex math behind these systems.
What can machine learning do for you?
As with any business improvement, the key to success if planning and understanding. Are you losing customers? Are your client satisfaction scores low? Does your supply chain often fail? These are real business issues that AI can help solve.
With AI, success depends on having sufficient data to analyze. Each business or department leader must look at the data they have available, or can be made accessible. Establish what your company can do with the data and what sort of results will benefit the company, either helping it more efficient or in creating new business opportunities.
Then, there is the need to choose from a range of technologies accessible. These include Google’s TensorFlow machine learning tools, IBM’s famous Watson AI and endless products useful for a specific vertical or market.
If this sounds too much, then there are companies like WorkFusion who can build your AI tools and robotic process automation bots for you. These bots can be used to automate tasks; how many boring PC-based things do you do manually that you wish the machine could do? They can monitor workflows, helping boost productivity and flag up issues faster than your existing processes.
Master your data and reap the benefit
Naturally, the more data you have, so-called “big data”, the more valuable AI will be to your business. So many companies have data they don’t know how to manage or analyze. Machine learning tools can help you master that data and gain valuable insights from it.
Starting out with a small pilot project, your business can test how valuable the technology is and help provide a step into the future. Companies from startups to enterprises are all using AI and machine learning technology, and if your company isn’t it can soon be left behind, outsmarted by digital businesses.
