AI FAQ Series: How Big is the Market for AI in SMB and How Does It Fit?

Welcome back to my weekly FAQ Series on all things AI and small business. 

One question that I’ve seen when it comes to AI is how it related to small and medium-sized business.

In other words, many decision-makers at these types of organizations are concerned or wondering how AI can help them right now. 

Basically, isn’t just for the enterprise? No, of course not. 

According to Concepta, 61% of businesses have already begun using some form of artificial intelligence, many of those focusing on predictive analytics and machine learning.

71% of those report they plan to expand their use of predictive analytics and other AI applications over the next year.

So, I wanted to explore a bit and provide a couple examples of how SMBs are improving their processes with AI right now.  

We’ll tackle these this week as the next topic on the weekly FAQ Series on Artificial Intelligence. 

61% of businesses have already begun using some form of artificial intelligence, many of those focusing on predictive analytics and machine learning.

The Question

How Big is the Market for AI in SMB and How Does It Fit?

USING AI TO IMPROVE CUSTOMER EXPERIENCE

Here’s the most important factor in client retention. How are you treating your customers and how easy is it for them to work with you? 

Obviously, keeping customers is a good way to generate more revenue. 

SMBs now have the capabilities to build internal data warehouses, or knowledge bases, that house all of these important information encompassing all aspects of this business. 

AI and Machine Learning can create faster, more seamless processes using this information. It can augment your data to ensure a best-in-class solution for customers, knowing more about them and their history in real-time.

SMBs now have the capabilities to use machine learning (ML) and concepts like natural language processing (NLP) to build chatbots for client handling.

Chatbots will answer FAQs or help customers at different points during their contact with you.

Using a chatbot can also free up employee time – instead of answering commonly asked questions, they can concentrate on higher-value tasks that generate more revenue, and ensure customers still get a personal experience each time they reach out.

AI CAN ATTRACT CUSTOMERS

Today, there are a number of tools SMBs can use for analytics and insights to ensure they are effectively getting their message out to customers and meeting them where they are.

With an internal data foundation in the cloud, and robust knowledge bases being built, SMBs can provide employees with real-time access to data analytics across the business.

Tools like Tableau or Power BI are affordable solutions for small marketing teams to be more effective in communicating to customers and prospects in their market.  

Firms can personalize communications and marketing messages more effectively and respond in real time. 

USING AI TO IMPROVE OPERATIONAL EFFICIENCY

AI and ML efforts focused on operational analytics can reduce costs, drive efficiencies, and increase speed to market.

SMBs can use AI technology to anticipate short-term and long-term impact on sales, then adjust internal strategy from there. 

A specific example might be a company that manufactures a product that becomes scarce in a certain part of the country, and ML can better help them predict and manage this distribution internally. 

It starts with trying one project in an area where you have plenty of available data, and a desire to simplify. 

?IN CLOSING..

With any transition into a full digital transformation, there will be time and money investment.

But it is definitely possible for SMBs to afford and take advantage of available AI technology right now. 

It starts with trying one project in an area where you have plenty of available data, and a desire to simplify. 

It’s going to take full leadership commitment to build a great AI transformation, and paying attention to these KPIs will help as well. Track everything.   

Keep all the great questions coming! Stay patient and enjoy the AI Journey..