It’s no secret that AI and Big Data have become big buzzwords across every industry in recent years. We have been gearing up for the rise of AI through integration of complex, yet user-friendly data analytics tools and platforms. Businesses connected their websites to Google Analytics, started learning SEO, focused on search engine rankings, while juggling social media activity – which is also highly driven by algorithms. Big Data and AI might sound daunting to small business owners.
It might seem like “only big companies” can afford to use these tools. But the truth is these AI and Big Data tools are just as simple for small businesses to use as they are for the behemoths they compete with. And sometimes, it’s even easier for small companies to adapt their strategies and gain a competitive advantage from their data findings.
So, now that artificial intelligence is being implemented across the same platforms that procure data, what will this mean for small businesses? Will they be able to take advantage of this new technological landscape right away? Although AI is still scratching the surface of what it’s capable of, the answer is a resounding “Yes!”
AI and Big Data are good news for small businesses. And here’s why…
Large Data Providers Already Love Small Businesses
Companies such as QuickBooks have a huge pool of small businesses that already exist in their customer base. In a competitive marketplace filled with tech startups, why wouldn’t these big companies want to integrate artificial intelligence into their products to help these businesses succeed?
That’s why QuickBooks has integrated AI to help small business owners get the capital they need to avoid cash flow issues, as well as tools that make decision-making and finding an accountant much easier. They also launched a tool called QuickBooks Assistant, which gives customers an AI chat experience that is as close to a human experience as possible. This streamlines and speeds up the process for obtaining data-driven insights that small businesses need to make smarter financial decisions.
CRM Platforms Are a Perfect Fit for AI Technology
Salesforce is a platform famously used by all kinds of businesses across the globe. As the top customer relationship platform, you can bet they are on top of their AI game. For the past couple years, Salesforce has integrated AI tech into their services in order to provide a variety of benefits for users. With the launch of Einstein, administrators and developers can access and customize a world of data driven by AI that is proactive at predicting customer behavior and helping you foresee potential issues before they arise.
Additional AI Products Are Launching All the Time
It’s not just the big name CRM systems. Tech platforms and software companies of all shapes and sizes are integrating AI into their services for large and small businesses. You may not have heard of SAP HANA, but there’s a chance you will sooner or later. This on-site or cloud-based technology uses AI to improve its data processing methods to help filter out irrelevant data. At the same time, this platform is helping businesses identify cost-savings, boost their profits, and manage their risks. This is just one example of AI-driven data tools that small businesses can access and use in the exact same ways as larger companies.
Advertising, Fueled By AI, is Clearing a Path for Connecting with Niche Audiences
When a small business looks to expand, they look for untapped markets. This often means a “niche market”, where a smaller subset of consumers are being underserved. Social media, especially Facebook, is becoming more and more adept at helping brands connect with their niche customers.
This is exciting news for small businesses, because they lack the capital to blast out blanket advertisements. They need every click, every view to be from someone in their target audience. “Look-a-like audiences”, a new feature from Facebook’s data-driven advertising platform, allows Facebook pages to find other social media users that match their existing audience. This is unbelievably powerful, considering that there are so many tiny nuances that go into targeted advertising. It’s almost like making advertising as simple as clicking “get me more of these people”.
From advertising to customer relationships, it will be exciting to see what the future of AI brings for businesses of all sizes, and how it impacts the workforce of the future. Instead of eliminating jobs, look for AI companies to sell you on the idea that their tech aims to make workers more productive, instead of eliminating them. And who knows, maybe we will see a surge in small to mid-size businesses as they thrive and outperform the Goliaths of their industry thanks to advances in AI.