In various business functions, including product creation, sales and marketing, and customer service, a Small Business (SMB) can harness the advantages of machine learning and artificial intelligence. SMBs need a deliberate, systematic approach to enable AI in their business operations rather than a hasty implementation process.

Here are some of the steps that they can adopt:

  1. Integrate third-party software that could improve existing workforce efficiency.

  2. With AI-powered applications, the business processes slowly shift towards a more versatile working model.

  3. Identify a growing business issue that can provide its solution with good ROI.

  4. Adopt AI with the following 3-step process:

    • Defines your AI goals based on your current business profile.
    • Measure your improvement against related baselines.
    • Decide upon the experiment’s result as either success or failure.

Similarly, machine learning for small business enterprises can help to improve their business processes through automation. This is relevant from the use of machine learning tools such as the Google TensorFlow and Spark MLlib, which can process large volumes of data across various SME domains such as manufacturing, finance, and health care. Here are some of the benefits of machine learning in business enterprises particularly SMBs:

  • Provide useful insights into customer behavior based on customer data such as online experiences, online purchasing history, individual forms of online purchases, and their digital footprint. This can enhance business relationships with customers and increase conversions.
  • Customize customer service through the deployment of NLP capabilities of the machine learning tool.
  • Provide specific product recommendations for small e-commerce stores on the basis of ML resources to learn from past customer transactions and choices.
  • Improve business protection by monitoring user and data trends and using various security algorithms to recognise risks and possible threats. For example, ML tools can track financial transactions and detect any anomalies in transactions.
  • Boost SEO results by using ML algorithms so that Google generates more reliable search results for consumers, along with improved search engine rankings for company websites.
Source: https://medium.com/gobeyond-ai/can-artificial-intelligence-and-machine-learning-transform-small-businesses-4c9d121d9e7f