Small and medium-scale businesses are not getting left behind as they continue to experience growth in the business ecosystem. These businesses are the backbone of every economy, as they account for more than half of all private-sector employment and more than two-thirds of all net new jobs created in the past decade.
In fact, businesses with fewer than 500 employees have accounted for 99% of all job growth since 2007 and 65.1% of net new job creation since 2000.
Having boasted these feats, the future is bright for small and medium businesses as the adoption of artificial intelligence will continue to be instrumental in creating jobs and driving economic growth in the years ahead.
Artificial Intelligence and the New Normal of Business
As small and medium businesses continue to evolve to cater to the needs of their customers, so too does AI technology continue to be a valuable tool in bridging that gap and making it a possibility.
Artificial intelligence (AI) is changing the game for small businesses by giving them access to technology that was once out of their reach. AI as an enabler will always have a unique role in their growth by helping them focus on other areas of their business.
Artificial intelligence and machine learning capabilities have made it possible for small companies to automate routine tasks, such as customer service, bookkeeping, and helping small businesses target customers more effectively. AI can identify trends and preferences among customers. This information can then be used to create targeted marketing campaigns that are more likely to convert into sales.
AI technology will continue to evolve and become more sophisticated, making it more accessible for small businesses to harness its potential for improving their operations and growing their business.
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Putting Your Strongest Foot Forward as a Small Company
Running a business, irrespective of the industry has never been easy as competition continues to get stiffer. It doesn’t get any easier for small and medium-sized companies either, as they face a much stiffer challenge breaking into the market. It is almost like having your backs against the ropes.
However, these businesses stand a chance to put their brand into the spotlight by putting their strongest foot forward through artificial intelligence. Small businesses that adopt AI will have a competitive advantage over those that don’t. The reason is not farfetched, as artificial intelligence technology can be used to drive marketing digitally.
Modern-day business warfare is about the survival of the fittest as it is marketing-driven. Every form of digital marketing is dependent on content. Content is an important tool for marketing a brand’s visibility. This makes it possible for your target audience to learn more about your brand while establishing you as a thought leader in your industry.
However, creating this content and manually posting it can be daunting. That is where AI becomes a valuable tool, as your content can be automated for all forms of your business’s marketing campaign. With so many content creation platforms out there, small businesses have the luxury of choosing which one works best for them depending on the purpose.
How to Harness AI for your Small Business
Without a doubt, AI continues to change the game for businesses of all sizes. But the main question is, what does that translate into for small and medium-sized businesses? These businesses play a key role in every economy, and with AI, there are still so many more gaps they can bridge. As artificial intelligence continues to evolve and become more sophisticated, small businesses have an opportunity to harness its power to improve their operations and grow their businesses.
Here are five ways small businesses can use AI:
1. Automating Processes
One of the most obvious ways small businesses can use AI is by automating processes. Automation can help businesses of all sizes run more efficiently and effectively. With the help of AI, small businesses can automate tasks such as customer service, marketing, and even accounting. For example, marketers who are not digital marketing savvy can take advantage of chatbots or automated assistants to handle routine tasks and still get the desired results.
2. Enhancing productivity
AI can also be used to enhance productivity for small businesses. For example, tools such as Google Docs and Microsoft Office 365 uses AI to help users be more productive. These tools can learn a user’s habits and preferences, which allows them to work more efficiently.
3. Improving Decision Making
AI comes in really handy for improving decision-making for small businesses. Tools such as IBM Watson can help business owners make better decisions by providing data-driven insights. There is also the luxury of data that social media platforms offer, which, when analyzed, can be used to make informed decisions to help improve marketing based on how customers have responded to activities on your social media handles.
4. Gaining a Competitive Edge
Finally, AI can be used to give small businesses a competitive edge. Using AI, businesses can differentiate themselves from their competitors and stand out in a crowded market. AI as a tool is an enabler to help these businesses improve their processes to get the desired results. With customer behaviour constantly changing and competition in the market getting ever stiffer, the differentiator between brands will depend on maximizing AI technology to meet customer expectations and solve their problems.
5. Access to free and low-cost tools
Gone are the days when business was for larger enterprises alone. AI has levelled that playing field by allowing small and medium businesses to access tools they wouldn’t have had access to in the past.
Small businesses can now create a functional website or landing pages from scratch by just dragging and dropping. Other easy-to-use tools and platforms for signing documents, creating an invoice, responding to customer inquiries, and so on are also available and ready for use.
AI 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 everything to gain and nothing to lose by simply integrating AI into their operations. With times changing, artificial intelligence is what you need in your corner to enable you to adjust swiftly.