Use ML and AI for Small Business without Breaking the Bank

Artificial intelligence (AI) and machine learning (ML) have proved to be a boon for businesses of diverse industries. These smart technologies can substantially boost the productivity levels and speed of businesses.?

Well, there’s a common notion that only large-scale businesses can leverage AI and ML. But this is far from the truth. Small businesses too can use AI and ML to boost their bottom line, and that too, quite affordably!?

Why is AI/ML Important for Small Businesses?

More than the large-scale corporations, the small businesses - the ones with less than 500 employees - need artificial intelligence and machine learning. This is because a small business has less number of employees who need to handle more responsibilities. The result? Even the simplest jobs may seem to be overwhelming.?

An Example:

Suppose you have around 500 customers and an employee strength of only 50 employees. If only one employee is to do the job of data mining customer information, imagine how long it would take one person to complete the job as compared to the time taken by an ML algorithm powered by AI to do the job. This is how AI can help small businesses, due to which small businesses are increasingly embracing AI automation today.?

Leveraging ML and AI for Small Business can be Affordable

What stops many small businesses from hopping on to the AI/ML wagon is the notion that they don’t have funds like the big businesses. Nevertheless, they need to know that AI and ML technology is very much within their reach.?

Using it doesn’t need small businesses to have an in-house tech team or deep technology skills, which means that even if they have minimal tech skills, they can save costs while boosting productivity.

How to Use AI/ML for Small Business?

At AQB Solutions, we provide innovative AI/ML solutions to small businesses of diverse industries. We’ve found that despite the financial constraints, small businesses can make the most of artificial intelligence and machine learning technology.?

Here are our tips on using AI and ML affordably for your small business:

1. Find Out What Problem You Need to Solve

Although AI/ML is a powerful technology, it’s important to know what exactly you need it for before adopting it. Small businesses should first define their problems and gather the data to better understand the root causes of the problems. Then, figure out how AI can help in addressing the issues. This approach will help you implement AI in an extremely targeted way, which in turn, would help you boost your Return on Investment (ROI).?

2. Eliminate Mundane Jobs

One of your focus areas should be improving the efficiency of your employees. You can do this by eliminating the mundane jobs they need to do. Incorporating AI/ML in your business can help you do this. Review your ROI after taking this approach. Make adjustments accordingly and experience great results!?

3. Take Small Steps

We’ve found that many small businesses are reluctant to adopt AI/ML, and they consider it to be only for the big businesses, because they think that their entire system will need an overhaul if they use the technology.?

Well, small businesses SHOULD implement AI and ML, but through small applications, which won’t require them to make any major changes to their system.?

Your small business can use AI/ML quite cost-effectively by taking this approach. Start identifying the small areas in your business where AI/ML can be applied, and incorporate the technology in such a way that saves you money.?

4. Use Cost-effective or Free Tools

There are tons of free AI/ML tools available for different industries that can be quite helpful for small businesses. Figure out where in your business and how you can use the low-cost or free AI/ML tools to increase your team’s productivity.?

Some examples of cost-effective AI/ML software and tools are:

• ChatBot, for automating customer service
• Robotic process automation (RPA), for building, deploying, and managing software robots that imitate human actions
• Application for automating time tracking and creation of timesheet
• Software for automating the recording of incoming and outgoing expenses?

1. Take Insights from the Past

Small businesses using AI should review their past data and leverage it to predict how viable a future deal would be. Using past data can help you know, for example, which customers may buy your product.?

You can also review past communications and identify the ones that drove the most engagement from prospects and customers. With those insights, you can choose the right message or offer in the future.?

Some Industries in which Small Businesses are using AI/ML

Online Retail: Apart from the big players, small and mid-sized businesses in the online retail industry are also selling their products on online platforms. AI helps in the area of product categorization by automatically putting different items in the respective categories as well as tagging the items with the appropriate label.?

Logistics: Businesses often deal with issues in warehouse management, which is significantly addressed by artificial intelligence. It helps predict the points where there’s a likelihood of congestion and avoid that channel or route strategically.?

Advertising: Before investing huge amounts of money on a campaign, small businesses can employ AI-driven systems to simulate the campaign using past data. This can provide businesses with helpful insights, and guide them on creating effective marketing campaigns.?

Closing Thoughts

If you’re a small business owner looking to take your business to the next level in terms of accuracy, speed, and overall workflow, adopt artificial intelligence and machine learning today. The above tips would help you harness the power of ML and AI for small business in a cost-efficient way.?

If you’re looking for direction on AI/ML adoption for your small business, AQB Solutions will be happy to help you! We provide innovative and affordable ML and AI solutions for small business that bring a plethora of benefits.?