How would you define a small business, the number of employees, the size of the budget or the sales?
Whatever your own small business definition, it can also benefit from the ongoing AI / machine learning revolution. Yes, a small business owner, you too can call on AI, just like big players.
The Trickle Down Affect of IA
Artificial intelligence has been around for a long time. Launched in the 1950s, it was originally used to translate between languages such as English to Russian or the opposite. Over the course of the decades, we have seen technological breakthroughs that allow us today to use it in almost every business.
Like the development of new technologies in other areas, the cost has been steadily decreasing as capabilities develop. For example, thanks to the US mission to the Moon, the cost of computer chips in overtime has dropped significantly. In addition, while the luxury segment of the automotive industry has developed new security technologies, costs have decreased, which has allowed the technology to switch now to average car models and even more low.
In addition, the cloud, an IT concept that allows individuals and businesses to access software they may not have on their own computers, has reduced the cost of using technology.
In addition, since the power of the computer doubles every 18 months, it is possible to access a more powerful and less expensive processing capacity. This means that there is more potential for implementing AI solutions.
Thanks to these advances, 45% of professional activities could potentially be automated with the help of current technologies. Machine learning can provide 80%, according to a study by McKinsey, a business analytics analysis firm.
Business segments that use IA effectively
Today, AI or machine learning can be used profitably in many aspects of a business activity. For example, companies use AI to improve customer relations. Its use reduces costs while customizing customer support.
It is also used in the field of human resources to automate elements of the recruitment process and help managers make decisions.
Artificial intelligence is also used to train a workforce and improve forecasts. For example, a company, Udacity, an educational organization, has improved its sales by 50% by introducing chatbots into its sales team. A chatbot is a computer program that can communicate via a written conversation. The software helps users conclude a sale based on word sets, conversations and information collected from the customer.
The tremendous advances in algorithms, data and infrastructure, as well as their cost of ownership, have reduced the cost of artificial intelligence, making it affordable for small businesses.