{"id":12481,"date":"2021-07-05T08:47:22","date_gmt":"2021-07-05T03:17:22","guid":{"rendered":"https:\/\/technonguide.com\/?p=12481"},"modified":"2023-10-18T19:13:45","modified_gmt":"2023-10-18T13:43:45","slug":"the-implications-of-artificial-intelligence-for-small-businesses","status":"publish","type":"post","link":"https:\/\/technonguide.com\/the-implications-of-artificial-intelligence-for-small-businesses\/","title":{"rendered":"The Implications of Artificial Intelligence for Small Businesses"},"content":{"rendered":"<p><strong>Introduction<\/strong><\/p>\n<p>Unless you are completely off the grid, AI is likely to influence some part of your daily life, whether you realize it or not. According to a recent global consumer survey, only 33% of technology users believe they use an AI-enabled product or service, one way or the other.<\/p>\n<p>Have you ever wondered how your phone autocompletes words while you type a text message? Or the speed at which digital assistants on an internet chatbot respond to your queries?<\/p>\n<p>Artificial intelligence is the answer. AI is all over these days, and it&#8217;s only becoming more dominant.<\/p>\n<p>Artificial intelligence is revamping how business models function. Just take a good peek into our personal lives! It&#8217;s not only the mega-organizations with large finances, but AI is also predominant in small businesses of various industries.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_57_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\" role=\"button\"><label for=\"item-655de6c98af6e\" ><span class=\"\"><span style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input aria-label=\"Toggle\" aria-label=\"item-655de6c98af6e\"  type=\"checkbox\" id=\"item-655de6c98af6e\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/technonguide.com\/the-implications-of-artificial-intelligence-for-small-businesses\/#What_is_Artificial_Intelligence_or_AI\" title=\"What is Artificial Intelligence or AI?\">What is Artificial Intelligence or AI?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/technonguide.com\/the-implications-of-artificial-intelligence-for-small-businesses\/#How_AI_can_assist_you_in_running_a_smarter_small_business\" title=\"How AI can assist you in running a smarter small business\">How AI can assist you in running a smarter small business<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/technonguide.com\/the-implications-of-artificial-intelligence-for-small-businesses\/#%E2%97%8F_Sales\" title=\"\u25cf\u00a0 Sales\">\u25cf\u00a0 Sales<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/technonguide.com\/the-implications-of-artificial-intelligence-for-small-businesses\/#%E2%97%8F_Marketing\" title=\"\u25cf\u00a0 Marketing\">\u25cf\u00a0 Marketing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/technonguide.com\/the-implications-of-artificial-intelligence-for-small-businesses\/#%E2%97%8F_Personalized_User_Experience\" title=\"\u25cf\u00a0\u00a0 Personalized User Experience\">\u25cf\u00a0\u00a0 Personalized User Experience<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/technonguide.com\/the-implications-of-artificial-intelligence-for-small-businesses\/#%E2%97%8F_Customer_Support\" title=\"\u25cf\u00a0 Customer Support\">\u25cf\u00a0 Customer Support<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/technonguide.com\/the-implications-of-artificial-intelligence-for-small-businesses\/#%E2%97%8F_Risk_Management\" title=\"\u25cf\u00a0 Risk Management\">\u25cf\u00a0 Risk Management<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/technonguide.com\/the-implications-of-artificial-intelligence-for-small-businesses\/#%E2%97%8F_Simplified_Human_Resource_Task\" title=\"\u25cf\u00a0 Simplified Human Resource Task\">\u25cf\u00a0 Simplified Human Resource Task<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/technonguide.com\/the-implications-of-artificial-intelligence-for-small-businesses\/#Wrapping_Up\" title=\"Wrapping Up\">Wrapping Up<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_is_Artificial_Intelligence_or_AI\"><\/span><strong>What is Artificial Intelligence or AI?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Artificial intelligence or AI is a computation strategy of programming machines or devices to execute activities or reply to queries in a human-like manner. AI can produce being-like reactions by gathering thousands of data points and establishing rules (say, an algorithm) for the problem-solving process based on human neural networks.<\/p>\n<p>It has been around since the late 1950s, even though it appears to be a new technology. AI is known by various names, including machine learning, deep learning, and cognitive computing, depending on the processes they utilise to be implemented.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_AI_can_assist_you_in_running_a_smarter_small_business\"><\/span><strong>How AI can assist you in running a smarter small business<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>While it may seem that artificial intelligence is only used by large corporations such as Google or Microsoft, contrary to this popular belief, these mega-corporations <a href=\"https:\/\/www.techadvisor.com\/feature\/small-business\/tech-giants-investing-in-artificial-intelligence-3788534\/\" rel=\"nofollow\">invest millions of dollars<\/a> in developing AI to bring it to the general population. Consequently, it is fast becoming a valuable and inexpensive asset for small enterprises.<\/p>\n<p>Let&#8217;s run you through how you can use machine intelligence to turn the tide for your startup&#8217;s efficiency and profitability.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"%E2%97%8F_Sales\"><\/span>\u25cf\u00a0 <strong>Sales<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-12487 \" src=\"https:\/\/technonguide.com\/wp-content\/uploads\/2021\/07\/AI-can-assist-1024x683.jpg\" alt=\"AI can assist\" width=\"731\" height=\"488\" srcset=\"https:\/\/technonguide.com\/wp-content\/uploads\/2021\/07\/AI-can-assist-1024x683.jpg 1024w, https:\/\/technonguide.com\/wp-content\/uploads\/2021\/07\/AI-can-assist-300x200.jpg 300w, https:\/\/technonguide.com\/wp-content\/uploads\/2021\/07\/AI-can-assist-768x512.jpg 768w, https:\/\/technonguide.com\/wp-content\/uploads\/2021\/07\/AI-can-assist-1536x1024.jpg 1536w, https:\/\/technonguide.com\/wp-content\/uploads\/2021\/07\/AI-can-assist.jpg 2048w\" sizes=\"(max-width: 731px) 100vw, 731px\" \/><\/p>\n<p>You can&#8217;t talk about marketing without mentioning its rightful counterpart, sales. Because there is so much overlap across these business areas, it isn&#8217;t easy to separate them like two peas in a pod.<\/p>\n<p>Artificial intelligence for sales is a well-established notion that goes hand in hand with AI for marketing. Owing to that, it&#8217;s another extraordinary method to get into the field of AI without feeling overwhelmed.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"%E2%97%8F_Marketing\"><\/span>\u25cf\u00a0 <strong>Marketing<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-12486 \" src=\"https:\/\/technonguide.com\/wp-content\/uploads\/2021\/07\/Marketing-1024x678.jpg\" alt=\"Marketing\" width=\"723\" height=\"479\" srcset=\"https:\/\/technonguide.com\/wp-content\/uploads\/2021\/07\/Marketing-1024x678.jpg 1024w, https:\/\/technonguide.com\/wp-content\/uploads\/2021\/07\/Marketing-300x199.jpg 300w, https:\/\/technonguide.com\/wp-content\/uploads\/2021\/07\/Marketing-768x509.jpg 768w, https:\/\/technonguide.com\/wp-content\/uploads\/2021\/07\/Marketing-1536x1017.jpg 1536w, https:\/\/technonguide.com\/wp-content\/uploads\/2021\/07\/Marketing.jpg 2048w\" sizes=\"(max-width: 723px) 100vw, 723px\" \/><\/p>\n<p>For years, Artificial Intelligence has played a crucial role in marketing sectors. For startups, AI is a reliable concept to turbo up a notch!<\/p>\n<p>There are several Email marketing tools available that can help you to integrate into modern POS systems and eCommerce platforms. You may use the tools to build segmented or more streamlined email lists. It helps you break down physical and online customer lists into smaller groups, such as by demographic region.<\/p>\n<p>Segregating your email lists will allow you to send more personalized emails to your customers. For example, if you&#8217;re organizing a special event in your store, sending an email to out-of-state customers might not seem to be the best bang for your buck, isn&#8217;t it?<\/p>\n<p>Automation can be used to take a calculative leap further. You may use email automation to construct emails that are sent automatically in response to a subscriber&#8217;s action, inactivity, or a certain date.<\/p>\n<p>A programmed reaction is triggered when a subscriber makes a specific action. This continues until the potential client gets converted to a customer.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"%E2%97%8F_Personalized_User_Experience\"><\/span>\u25cf\u00a0\u00a0 <strong>Personalized User Experience<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-12485 \" src=\"https:\/\/technonguide.com\/wp-content\/uploads\/2021\/07\/Personalized-User-Experience-1024x410.png\" alt=\"Personalized User Experience\" width=\"738\" height=\"295\" srcset=\"https:\/\/technonguide.com\/wp-content\/uploads\/2021\/07\/Personalized-User-Experience-1024x410.png 1024w, https:\/\/technonguide.com\/wp-content\/uploads\/2021\/07\/Personalized-User-Experience-300x120.png 300w, https:\/\/technonguide.com\/wp-content\/uploads\/2021\/07\/Personalized-User-Experience-768x308.png 768w, https:\/\/technonguide.com\/wp-content\/uploads\/2021\/07\/Personalized-User-Experience-1536x615.png 1536w, https:\/\/technonguide.com\/wp-content\/uploads\/2021\/07\/Personalized-User-Experience.png 2048w\" sizes=\"(max-width: 738px) 100vw, 738px\" \/><\/p>\n<p>You can also utilise AI tools to track users as they navigate your website and analyse their behaviour.<\/p>\n<p>These precious insights can assist you in providing more personalised customer knowledge because stats suggest that 80% of customers are more likely to make a purchase if brands offer personalized experiences.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"%E2%97%8F_Customer_Support\"><\/span>\u25cf\u00a0 <strong>Customer Support<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-12484 size-large\" src=\"https:\/\/technonguide.com\/wp-content\/uploads\/2021\/07\/Customer-Support-1024x683.jpg\" alt=\"Customer Support\" width=\"640\" height=\"427\" srcset=\"https:\/\/technonguide.com\/wp-content\/uploads\/2021\/07\/Customer-Support-1024x683.jpg 1024w, https:\/\/technonguide.com\/wp-content\/uploads\/2021\/07\/Customer-Support-300x200.jpg 300w, https:\/\/technonguide.com\/wp-content\/uploads\/2021\/07\/Customer-Support-768x512.jpg 768w, https:\/\/technonguide.com\/wp-content\/uploads\/2021\/07\/Customer-Support-1536x1024.jpg 1536w, https:\/\/technonguide.com\/wp-content\/uploads\/2021\/07\/Customer-Support.jpg 2048w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/><\/p>\n<p>It is not the end of the world if you don&#8217;t have a dedicated sales team. There are enough tools available to fill up the gap. For instance, a popular sales tactic is utilising chatbots. They pop up and emerge when a user visits your webpage to offer discounts and attend to their queries.<\/p>\n<p>Chatbots are equivalent to having sales staff appointed 24 hours a day, seven days a week. It is by far the most promising communication medium that handles 68.9% of the chats from start to finish, with a customer satisfaction rate of 87.58%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"%E2%97%8F_Risk_Management\"><\/span>\u25cf\u00a0 <strong>Risk Management<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-12483 size-full\" src=\"https:\/\/technonguide.com\/wp-content\/uploads\/2021\/07\/Risk-Management.jpg\" alt=\"Risk Management\" width=\"834\" height=\"500\" srcset=\"https:\/\/technonguide.com\/wp-content\/uploads\/2021\/07\/Risk-Management.jpg 834w, https:\/\/technonguide.com\/wp-content\/uploads\/2021\/07\/Risk-Management-300x180.jpg 300w, https:\/\/technonguide.com\/wp-content\/uploads\/2021\/07\/Risk-Management-768x460.jpg 768w\" sizes=\"(max-width: 834px) 100vw, 834px\" \/><\/p>\n<p>Reduced risk is essential for small firms just getting off the ground, especially during the present economic downturn. AI may be extremely useful for small firms that require specialised and accurate predictions due to its focus on pattern recognition and trend forecasting.<\/p>\n<p>Because startups have limited cash buffers, a miscalculation, a late payment, or even rapid development can result in a fatal liquidity shortage. Cash flow planners can help small businesses anticipate their daily cash flow 90 days in advance, which can assist in managing this problem. Small business owners can utilise these to forecast outgoing expenses 90 days in advance.<\/p>\n<p>These planners can recommend short-term financing algorithms. Other perks include deferring a bill or generating an invoice instead of relying on an employee to do it.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"%E2%97%8F_Simplified_Human_Resource_Task\"><\/span>\u25cf\u00a0 <strong>Simplified Human Resource Task<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-12489 size-full\" src=\"https:\/\/technonguide.com\/wp-content\/uploads\/2021\/07\/Simplified-Human-Resource-Task.png\" alt=\"Simplified Human Resource Task\" width=\"769\" height=\"445\" srcset=\"https:\/\/technonguide.com\/wp-content\/uploads\/2021\/07\/Simplified-Human-Resource-Task.png 769w, https:\/\/technonguide.com\/wp-content\/uploads\/2021\/07\/Simplified-Human-Resource-Task-300x174.png 300w\" sizes=\"(max-width: 769px) 100vw, 769px\" \/><\/p>\n<p>Finally, let&#8217;s discuss a less obvious sector of business where AI is steadily making inroads \u2014 Human Resources (HR). Candidate screening and staff communication aren&#8217;t often thought of as having the same direct consequence on a company&#8217;s bottom line as sales and marketing.<\/p>\n<p>However, recruiting is a crucial expenditure, and employee turnover can have a significant financial impact on an organisation that&#8217;s just starting up.<\/p>\n<p>AI-powered tools can help you swiftly sift through hundreds of resumes in no time. With negligible to no errors, you can cherry-pick the most promising applicants. How convenient is that?<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Wrapping_Up\"><\/span><strong>Wrapping Up<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The AI industry could be worth more than $15.7 trillions by 2030. However, the technology adoption heavily depends on the knowledge base industries and the academia can nurture. Thus, Students and Professionals become a critical driver of this paradigm shift, that benefits them as well with innumerous job opportunities.<\/p>\n<p>On the other hand, it is just as essential for smaller firms to adapt to changing realities as AI offers them the chance to compete on an equal footing with the larger firms. For now, AI is perceived as an edge over the competitors, but in the years to come it would become the quintessential phenomena determining who survives and who does not.<\/p>\n<p>Thus, small firms should actively explore <a href=\"https:\/\/www.codingninjas.com\/blog\/2021\/04\/23\/top-10-artificial-intelligence-project-ideas-for-2021\/\" rel=\"nofollow\">AI solutions<\/a> and leverage this technology to its fullest potential. With the benefit of no side effects, AI is the best thing ever since sliced bread.<\/p>\n<p style=\"text-align: left;\">About Ankush Singla:<br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\" wp-image-12482 alignleft\" src=\"https:\/\/technonguide.com\/wp-content\/uploads\/2021\/07\/IMG_8872-300x200.jpg\" alt=\"\" width=\"149\" height=\"99\" srcset=\"https:\/\/technonguide.com\/wp-content\/uploads\/2021\/07\/IMG_8872-300x200.jpg 300w, https:\/\/technonguide.com\/wp-content\/uploads\/2021\/07\/IMG_8872-1024x683.jpg 1024w, https:\/\/technonguide.com\/wp-content\/uploads\/2021\/07\/IMG_8872-768x512.jpg 768w, https:\/\/technonguide.com\/wp-content\/uploads\/2021\/07\/IMG_8872-1536x1024.jpg 1536w, https:\/\/technonguide.com\/wp-content\/uploads\/2021\/07\/IMG_8872-2048x1365.jpg 2048w\" sizes=\"(max-width: 149px) 100vw, 149px\" \/>Ankush Singla, who is the Co-founder of Coding Ninjas, built the company three years ago into a<br \/>\nleading Ed-tech platform in India multi-folding its growth and unleashed the magic of technology by<br \/>\ntraining young aspirants across sectors. His leadership shines through giving new dimensions to techeducation in India by creating a state-of-the-art learning management platform to deliver world-class learning experience for students. A machine learning expert, Ankush has carved a niche for himself in<br \/>\nthe Ed-tech sector with an expertise in new-age technology. Prior to Coding Ninjas, he was associated<br \/>\nwith global brands such as Facebook and Amazon. Throughout his career, Ankush has focused on<br \/>\nenhancing skills especially to bridge the gap required for a career in technology.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Introduction Unless you are completely off the grid, AI is likely to influence some part<\/p>\n","protected":false},"author":1,"featured_media":12488,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2578,4],"tags":[403],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Implications of Artificial Intelligence for Small Businesses<\/title>\n<meta name=\"description\" content=\"Artificial intelligence or AI is a computation strategy of programming machines or devices to execute activities or reply to queries in a human-like manner\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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