As technology has evolved, AI has become available to companies of all sizes, not just those that can afford to run complex computational models.
By now, everyone knows that AI tools handle repetitive tasks, analyze massive data, and manage dangerous operations, benefiting businesses. Historically, only well-funded companies could access them. Small businesses have missed out on the advantages of AI such as efficiency, cybersecurity, trend forecasting, and deep customer insights.
As technology advances, AI becomes accessible to companies of all sizes, not just those with complex computing resources. Platforms like ChatGPT democratize access to AI, empowering small businesses with diverse solutions. TechTarget notes that the democratization of AI empowers users without specialized knowledge, unlocking the benefits of the technology. This helps smaller organizations and promotes innovation as more companies participate in the market. Below, we explore AI tools that enable small businesses to compete with larger counterparts.
Analysis is fundamental to business success
In the age of AI, data-driven decision-making is essential and completely feasible. According to a recent Forbes Business Development Council article, “(AI’s) ability to analyze extensive data, identify patterns, and make accurate predictions provides valuable insights to businesses.”
- Data analysis. AI-based data analytics platforms can help understand this by finding patterns and anomalies. Smaller businesses can benefit from better understanding areas such as customers, operations and finance.
- Competitive intelligence. To make smart decisions, small businesses must be able to compare themselves to others in their market. Quadro, for example, is a powerful tool for performing competitive analysis.
- Predictive analysis. It takes data analysis a step further by projecting likely scenarios and market trends. Small organizations can use these projections to plan ahead and avoid wasting resources in unlikely future conditions.
Operations are the backbone of small businesses
A small business's efficiency and systems are essential to avoiding waste and ensuring that all business units function at their best. The following AI tools are just a small selection of those that can help bring order to operations.
- Marketing automation. AI-based marketing platforms automate time-consuming tasks. Small businesses often don't have the budget for large marketing teams, so these tools can be invaluable. ChatGPT can develop content, while MailChimp can send marketing emails.
- Virtual assistance. AI-based tools can manage calendars and organize events. This area is another that can be of great value to small businesses that do not have a large budget for administrative staff. Vagalumes can record, transcribe and analyze meetings and conversations.
- Inventory management. AI-powered inventory management systems help small organizations streamline processes and ensure adequate levels of raw materials and finished products. This knowledge helps ensure customers can get what they want, when they want it. Just take a look at the current capabilities of NVIDIA's AI solutions.
Excellent customer service keeps them coming back
More than larger or more established companies, small businesses must take special care of their customers to keep them coming back. The solutions listed below can help ensure they receive the attention they need.
- CRM solutions. One of the most important things for any company is to take care of customers and monitor their activities to provide them with better service. Automated customer relationship management (CRM) solutions can help businesses do this effectively. This process is critical for smaller operations, for which customers are even more valuable.
- Chat bots. Chatbots are computer programs that can perform simple interactions with customers, especially those related to common questions like how to make a return. They free up limited employees to focus on more complex customer issues and other higher-level matters. Tidio allows businesses to add a chatbot to their website.
- Language translation. Language translation capabilities can allow businesses to communicate with a wider range of customers in more geographic locations. This ability results in a larger market and potentially more sales.
Cybersecurity must address evolving threats
As technology advances, scammers continue to develop new ways to use it for malicious intent. Small businesses, which can be devastated by a single cyberattack, must remain diligent.
- Threat detection and prevention. AI-powered tools have the ability to identify patterns associated with cybersecurity threats, giving businesses the opportunity to react. Small businesses must take special care to protect their valuable digital assets and protect customer privacy.
- User authentication and access control. The Zero Trust model ensures that identity is verified every time access is requested. AI-based authentication systems can employ various tools to automatically verify identities and detect fraudulent activity. These solutions are essential for small businesses that don't have large budgets for IT staff.
Training and awareness of team members. Both intentional and unintentional actions by employees can result in cybersecurity breaches, which is why team member training is so important. AI-based solutions can support small businesses in providing personalized cybersecurity training, which is especially important for smaller operations that are more vulnerable to attacks.
Steps for small organizations to make the most of AI
Small businesses struggle for a variety of reasons. As we saw above, AI-based solutions can address your challenges by helping small businesses automate routine tasks, perform advanced analytics, develop and implement marketing content, and more.
Small organizations must be prepared to make the most of these solutions. To ensure this happens, leadership teams must identify what problems they want to solve and how that would be “better.” Employees must be brought in and consulted during the decision-making process. Teams must then research potential solutions and choose those that align with ethical considerations and their overall technology plan.
The next step is to prepare the data to be used in AI-based tools and then train AI models on that data, followed by testing and validation. Once tools and datasets are integrated, they must be monitored and maintained to ensure they deliver the expected results.
Using this process, small businesses will not only gain the benefits of AI-based tools but also solid preparation. The combination of these factors will ensure a successful launch of new solutions and a greater likelihood of achieving objectives and achieving success. According to a recent Entrepreneur article, “The stage is set for small and medium-sized businesses to embrace the AI revolution and seize never-before-seen opportunities to compete equitably with larger organizations.”
