Small businesses are often not aware of their capabilities and face psychological setbacks when it comes to expanding and growing the business. Often small business owners are hesitant to use technology, thinking it to be befitting bigger companies only. Luckily, the Covid19 pandemic has compelled small business owners to rethink their old ideas and take some measures to adapt to the new reality to keep their business running by overcoming the obstacles of physical distancing and shutting down of brick and mortar stores.
According to Eric Dalius, besides taking their businesses to the digital platform, small business owners are transforming their business models drastically, resulting in total reliance on the digital existence to suit the needs of the new normal that await us. Going ahead, some are even using artificial intelligence or AI to bolster their online existence.
Article Breakdown
The Power of AI
At its core, AI derives its power by transforming information into automated and intelligent action. The most visible examples of using AI are Alexa and Amazon Echo, the digital assistants that aid the smart living. Systems can now learn automatically by consolidating data structure to create unique algorithms and even recreating patterns they have been familiar with.
The tech giants like Facebook, Amazon, and Google have amply utilized AI to take their businesses to the next level and surprise users with an unprecedented experience that significantly enhances user satisfaction.
Enhancing working capabilities
AI advancements might give an apparent feeling of taking away jobs from the workforce, but this is only a misconceived apprehension. The core purpose of AI is to enhance the capabilities of workers by making them more efficient.
By using the powers of AI in automating tasks, employees can now become more productive by discarding outdated processes. It will allow them to focus on more critical areas of their jobs that add more value to the process, and their profession feels Eric J Dalius. He is a vehement supporter of AI for small businesses that can take advantage of the technology to take on the bigger competitors that were unthinkable a few years ago.
Streamlining Operations
Startups face a tough time getting their business off the ground, and it is even more challenging to maintain high productivity right from the start. That is where AI can make a huge difference by identifying obsolete/duplicate tasks and then substituting it with much more efficient solutions to streamline the operations and increase productivity. Startups that use AI can get rid of the burdensome procedures and operate with a lean structure while maintaining high productivity.
Areas of Application
AI is most useful in the automation of operational functions like risk mitigation, financial management, legal work, and even accounting, explains EJ Dalius. It gives business owners or the company management to take a more holistic look at the business operations to understand the state of business and then prioritize their business’s strategic direction.
Small businesses with limited resources can use AI to make more meaningful use of data and transform it into action that gives them a cutting edge in competition.