Effects of Machine Learning on Small Businesses
Machine learning and artificial intelligence have taken over the world. The growth of AI technology has enabled machines and applications to perform tasks that were earlier restricted to only human intelligence. Large enterprises have already jumped on the AI bandwagon, though small enterprises are still finding ways to make AI part of their business cultures. The goal is to achieve a high customer retention rate by providing a great customer support services.
How is able to drive businesses?
AI uses your data and sales feed based on customer information and processes that data to give you business related insights. You can implement these insights into your company’s marketing plans and improve your customer service.
It does not cost a lot, and you do not even need to invest in expensive hardware.
If you think that only large enterprises can take advantage of AI, then you are wrong here. Dig deep into this post if you want to know how SMBs can use AI to target their products and services to customers in a better way.
Efficient marketing is what machine learning delivers to small businesses
Natural language processing has so far been able to resolve the issues of marketers. Marketers are able to process a huge amount of data and generate actionable insights with the help of NLP, which uses AI for processing. Turning numbers into meaningful forms ain’t easy; therefore, companies hire data analysts to make the most of their existing data.
Not only does machine learning enable businesses, big or small, to parse through the sets of text, but it also helps them get their heads around the categories of text, sentiments, etc. Your website or products can rank better in search engines. For example, marketers can extract competent keywords for meta description by implementing NLP in any product description. This delivers show better search results based on the meaning in contrary to only text.
AI for competitive intelligence
You may not be able to track your competitors’ updates and gigabytes of content they produce regularly. Staying abreast of your competitors’ strategies is indeed an important task to be responsive to your customers and trends.
Thanks to AI-powered competitive analysis tools, such as Crayon that can help you solve your problem. This AI driven tool keeps a check on your competitors across different platforms, like websites, social media, web applications, notifies of price changes and public relation activities. The integration of natural language processing into business metrics gives small businesses a deeper understanding of strategies, goals, and performance of your competitors in the industry. Furthermore, AI fosters competitive intelligence which empowers companies with powerful analytical capabilities. Now, small businesses can turn on their success by identifying their competitors’ product gaps, weaknesses, and strengths anytime.
Open Access Pre-Trained Models
Training the models of machine learning is one of the problems that most SMBs face. Their training depends on the compute time and data they needed. Though cloud computing resources have eliminated the compute barrier, the problem of data accessibility is still there. Moreover, speech recognition or decoding the essence of natural language makes infeasible for small companies to train their ML models on their own.
You need to have access to the data and compute resources just like Amazon or Google, to train your complex models effectively.
Now, companies have started using pre-trained models provided by various cloud vendors available in the form of services on their cloud platforms. Apple, for example, has introduced a voice recognition system called Siri, which understands whatever you say through natural language processing. These types of tools enable small businesses to develop solutions that were once accessible to only large enterprises. You will be able to automatically find out the content of customer uploaded photos, detect cold customer support interaction, and develop voice-enabled products.
Intelligent customer service solutions
The critical components of the customer retention and satisfaction are customer service and support. Companies suffer a significant loss when the quality of customer service deteriorates, as support agents have to do menial and repetitive tasks rather than working on delivering support experiences.
By integrating AI into on-site customer services, small businesses can make the communication more effective between customer support agents and customers. Your customers will automatically receive notification for offers, policies or prices thus freeing up your support agents’ time. The integration of AI into customer service reduces average handling time while automating repetitive questions to reduce the churn rate of customers.
The ML market is growing religiously, helping small businesses to present their services to global customers. Small companies can rather use third-party tools with easy-to-use interfaces as an alternative to data scientists and marketing specialists. Business intelligence along with workflow automation can save small businesses time and money while helping them to stay competitive amongst competitors. If you are unaware of the technicalities of AI and the algorithms of ML, you can master them through courses or certifications like the machine learning certification. Developing ML and AI-based web apps are in trend these days. MEAN Stack Developers are also adapting ML-based services such as automated chatbot integration for their website. Similarly, products like Alexa, IoT core with their featured APIs and service integration for websites has made this possible to integrate their modules available in nodeJS, python etc.