Artificial intelligence (AI) is changing the game for small businesses by providing them access to previously unavailable technology. AI will always play a unique role in their growth by allowing them to focus on other aspects of their business.

Top AI Statistics

• As of 2022, the global AI market is valued at over $136 billion.
• AI industry value is projected to increase by over 13x over the next 8 years.
• The US AI market is forecast to reach $299.64 billion by 2026.
• The AI market is expanding at a CAGR of 38.1% between 2022 to 2030.

What is Artificial Intelligence?

Before examining how Artificial intelligence technologies influence the business world, it is necessary to define the term. “Artificial intelligence” refers to any computer software that performs human-like activities such as learning, planning, and problem-solving. Although AI is not a replica of human capabilities, it can interpret language, perform tasks, and make predictions.

AI technologies have the potential to significantly alter business infrastructure by:

• Increasing productivity and customer satisfaction.
• Reducing overall business expenses.
• Allowing for faster growth and better consumer insights.
• Reducing the risk of cyber-attacks.

Benefits of AI for Small Businesses

The number of small businesses using AI to improve their workflow is rapidly increasing. Here are a few examples of how artificial intelligence can help your small business gain an advantage over competitors.

AI is Improving Customer Service

The chatbot is the most widely used Artificial intelligence tool for communicating with current and prospective customers. It is included in every customer-focused website, mobile app, and phone call. Chatbots can make communication less time-consuming and more effective.

Another way to improve customer service is to provide a convenient and practical in-store and online shopping experience. AI can assist with both of these aspects of shopping. Ecommerce AI tools or AI-enabled digital assistants such as the Google Duplex tool is developing capabilities like creating grocery lists (from the shopper’s natural voice) and even placing online shopping orders for them.

AI-driven technology, such as NLP (Natural Language Processing),, allows you to collect and analyze user data in real time, allowing you to stay on top of changes in their behavior and expectations.

Here are 4 of the best tools for you to improve customer service.

Xineoh

Black Swan Data

Dynamic Yield

Cortex

Recommending better marketing strategies for Small Business

Small businesses that use Artificial intelligence understand their target audience better than non-AI competitors. This enables them to plan more precise marketing campaigns and make better use of targeted marketing.

AI can assist small businesses in developing their Content Marketing strategy. Through social media posts, blogs, e-mail, and e-books, for example, content marketing aims to attract new customers, engage followers, and raise brand awareness.

Here are some AI marketing tools every marketer should start using today.

HubSpot SEO

MarketMuse

Grammarly

Personalize

BrightEdge

Changing customer relationship management

Artificial intelligence is also influencing customer relationship management (CRM) systems. If a company uses customer relationship management (CRM) software that incorporates AI, it will have a more convenient organization for mass communication. AI CRM can “hear” customers in ways humans cannot, collecting and analyzing data from multiple channels (e.g., email newsletters and social media).

The correct CRM helps to achieve contact management, Lead Management, Sales forecasting, instant messaging between employees, email tracking and integration with Outlook and Gmail, file and content sharing, and dashboard-based analytics.

Here are some of the best CRM software available in today’s market.

Salesforce CRM

ZOHO

Oracle

Microsoft Dynamics CRM

Nimble CRM

Hub spot CRM

PIPEDRIVE CRM

Choosing the best candidates

AI tools can significantly reduce HR employees’ time screening resumes, allowing them to devote more time to candidates who closely match job qualifications or company needs.

While the unbiased collection of names, schools, and addresses is a benefit of AI software, how information is used depends on what businesses provide. If specific populations or credentials continue to be underrepresented in a company, data from previous successful hires may not be enough to help AI learn the best connections between candidates and company goals.

AI isn’t just for candidate screening; it can also be used during the interview process, automating communication with applicants, gathering information from references, and analyzing performance tasks.

Here we have listed the top 5 tools that use artificial intelligence to screen resumes.

Ideal

CVViZ

Skeeled

Hubert

Mosaictrack

AI & Product Quality Control

Product quality is critical to maintaining your reputation if you own or run a manufacturing company. Manually monitoring and evaluating each product as it goes through the manufacturing process, on the other hand, is time-consuming and costly in terms of payroll.

AI offers a practical solution to this problem. You can use AI to automate product scanning and evaluation. The software can detect flaws in your product using machine learning and allow you to correct them before they reach the customer.

Here are some of the AI Applications in Manufacturing

Generative Design

Mitutoyo

V7 Labeling services

Conclusion

Artificial intelligence is changing the game for businesses of all sizes, and small businesses are not excluded from the unique opportunity to harness its power and improve their operations. Small businesses have nothing to lose by incorporating AI into their operations. With the times changing, artificial intelligence is what you need in your corner to help you adjust quickly.