Data and AI in Small Business - ToOLOwl
Monday , June 24 2024

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Data and AI in Small Business

Artificial intelligence was first perceived to be the technology used only by the tech giants. But as the technology is growing at a fast pace, it is becoming an important part of the small business domain as well. 

Small and medium businesses are using data and AI to decrease costs and increase revenue. It is well known that AI has the power to transform business and make informed decisions. 

Here are some of the ways in which AI technology can help small businesses.

AI Accelerating Small Businesses 

AI has been helping businesses for a long time. Most of the time, the tech giants have reaped the benefits of the technology. But now, with the introduction of AI as a service, even small businesses are making the best use of the technology. Here are some of its benefits.

Time Optimization: When businesses use AI technology, most of is mundane tasks can be automated. Tasks that are repetitive and use a large amount of data help the small business to save time that can be used to carry out some other productive tasks.

Reduced costs: When a business implements an AI solution, it reduces costs in the long run. The reason is that AI technology brings about efficiency. It also saves a lot of time and resources.

Increased Security: Small and mid-sized businesses are the most vulnerable when it comes to cyber-attacks. It is well known that small businesses do not have the optimal resources and infrastructure to keep their online presence secure. In such a case, it can use to implement security for the small business.

Implementation of AI in Small Business 

Now that even small and medium businesses can use AI technology, its implementation has become important for small businesses. Here are some of the ways to implement AI in a small business.

  1. Using the data: With the advancements in technology, machines today have become smarter these days. The best way to implement AI in small businesses is, with the help of data and depending on the use case, AI can be implemented to make things easier. For this, the data can be extracted, classified, and segmented to run regressions on it. The overall aim is to improve the overall business processes.
  2.  Start with Small: Introduction of a new tool or technology can be overwhelming sometimes. It does not really matter how intuitive the application is. It can be difficult for people to get acquainted with technology and use them in their daily routine. So, it is better than the business starts using the technology with a small task.  
  3. Scale: As the amount of data grows over the network, it is using the benefits of AI technology. This is also known as the “network effect”, which is based on the business use case. The business must collect and integrate as much data as required and make the best possible use to implement the AI technology. 

A lot of tools are present in the market these days. These tools and technologies must be selected by the businesses as per their requirements. 

Here are some of the things that you should look for when you are choosing the right business solution.

  1. Short Learning Curve: The tool should be easy to implement and use by all the employees. The entire team must be able to use the solution. Onboarding must not take a lot of time and effort. 
  2. Scalable: The solution should be easy to scale and grow with the business. It is better that the AI solution matches your business growth plan. 
  3. Consistent Support: One of the key considerations that you must keep in mind is that the tool offers consistent support from its AIaaS provider. Support should be provided throughout the entire journey, right from the tool onboarding to the implementation of the AI models. 
  4. Necessary Features: You need to use a tool that is able to do tasks for your business and makes the business processes simple. The tool should be able to perform all the tasks that are needed to be done in the business.

Now that you have all the information about these AI-based tools. The next step is to find the solution that best suits your business needs. These tools will help you all to make your tasks easier and get prepared for the future.

About ToOLOwl

I am ToOLOwl. I have few friends in my nest; whenever someone requests a tool’s review or I pick a one out of my interest, someone in the nest does research on the tool, someone takes a tool’s walkthrough and some of them share their experiences and expert advice. Based on all; I give it a  stereoscopic vision and present important insights for you to go through and ease your selection process for tools. Wish you Happy reading, Easy choosing.

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