Artificial Intelligence is a highly exciting field of technology. Movies have shown it as the power that overtakes human civilizations and makes them slaves. However, the reality is quite different from these assumptions. This technology has already developed some space in our lives as well as in our businesses. Artificial intelligence in small businesses has started to make its space, and many businesses are making the best use of it.
Businesses are now rolling out products and services that are AI-powered. These products are expected to integrate with the everyday activities of the business. These applications are capable enough to conduct market research, predict or monitor business sales, or manage human resource activities.
Here are six AI-based applications that are already helping businesses.
It becomes difficult for us to make decisions when we have a lot of data that is unstructured, or even if it is in a highly structured format. On the other hand, machines are smarter in making decisions based on the available datasets. The same task is carried out by daisy Intelligence.
The app is specifically designed for the retail and the insurance industry. It is a SaaS product that shows an itemized list of decisions that lie around some of the most optional courses of action to the least common ones.
The application uses raw data, processes it, and converts it into valuable information. It helps the managers and owners to make informed and timely decisions.
The stock exchange market is one of the highly sensitive markets that hold finances from different people as well as businesses. People want to get high returns against all the investments they have made in the market. For this, some try to manipulate the market so as to get the highest benefits from it. Such an activity can be tracked with the help of AI capabilities.
The AI-based monitoring system can identify all the existing methods of market manipulation and protect the market against those methods. The application can also learn about the new methods of market manipulation and raise alerts.
Chime is an intelligent tool that connects the real estate agents with the leads that are more expected to be converted into customers. It then streamlines the paperwork at the later stages of the business.
The aim was to bring the real estate industry to the next generation. The application can carry out the lead generation activities at the same time scanning the web for the information. Later, the application can develop automated web campaigns to make the first contact with the prospective buyers or the sellers. In the final stage, Chime helps the agents to cultivate leads for their business. Overall, it can be said as an intelligent lead routing system.
Marketing success is often driven by a good analysis of the keyword trends, changes in the smart algorithms, and point of sales data. At the same time, business finds it very difficult to work on the huge mountain of data that is available on the internet. Businesses find it highly time-consuming and expensive.
In order to improve this process, Equals 3 developed a product known as Lucy. This is a marketing research companion for businesses that are powered by AI technology. Developed by IBM Watson, the application is a blend of Watson services. Lucy can pull all the information required by the marketing executives proving the prominent role of AI in business.
This is human resources and hiring assistant that helps businesses to hire the right candidate for their team. It is a SaaS product that automates the candidate screening process. The tool even can reach out to qualified people for vacant positions.
It proves a prominent role of AI in business by mining the company’s existing talent pool. It aims to reduce the work that an HR team needs to do before a candidate is called for a face to face interview. The tool use AI capabilities to match the candidates against the open positions in the organization. Then it sends the recruiters a daily list of the matches so that they can make a decision on which candidate to select for the interview. In this way, the application will save a lot of time for the human resources team.
Small and medium business owners are so much tied up in the daily business activities that they are unable to meet the regulatory compliance on time. In fact, some business owners are sometimes unaware of the rules and taxes. It is only at the time of late fees and penalties that they realize that they are lagging behind in this area.
In some businesses, this task is often carried out manually, where a team of people takes care of all these activities. Still, the task becomes unmanageable and leads to errors or missed deadlines. All these issues are resolved with the help of an AI-powered application, OutsideIQ. This is automated regulatory compliance that uses Due Diligence IQ (DDIQ) that automates the due-diligence-reporting requirements for both clients and corporations. The best part is, the application also uses an anti-bribery and anti-corruption system.
Artificial intelligence in small businesses has proved its power, and it is up to you how you want to leverage it in your business.