4 ways AI can take small businesses to the next level

Image by Gerd Altmann from Pixabay

By Noah Rue

If you’re a small business owner, there’s a good chance that you’ve heard about the inherent potential of artificial intelligence (AI). Through the power of AI, companies of all sizes are learning the ins and outs of automation, reducing the need for manual labor in many cases. Further, with help from AI technology, businesses are achieving greater efficiencies and experiencing fewer errors.

Despite the numerous ways that business owners can benefit from AI, implementing new technology into your business platform can be costly. Many small-business owners are shying away from AI for this reason, yet the good news is that you can easily utilize AI to your advantage, and take your business to the next level in the process.

Here’s what you need to know about how you can streamline supply chain management, automate your workflow and order fulfillment processes, improve data efficiency, and more.

Streamlined supply chain management

In the modern business world, supply chain disruptions can unfortunately happen, for a variety of reasons. AI can help mitigate the damage, however, especially if you plan ahead. On a daily basis, business managers work with and are required to understand supply chains and build continuity plans. As such, you likely know firsthand just how important it is to have an emergency plan in place, but you can also leverage modern technology to your advantage.

Through technology and AI, the use of data analytics can optimize performance and even allow you to anticipate and/or prevent supply chain issues before they happen. But with AI tech you must be proactive as well: As part of your emergency plan to manage supply chain disruptions, make sure to have a list of alternative suppliers you can turn to, in an effort to keep operations running smoothly. Further, business owners should work to establish strong partnerships across the supply chain for the greatest chance of success over the long-term.

Fewer mistakes and improved efficiency

Even the most advanced AI technology can’t replace human workers, but it can help alleviate some of the burden and mistakes made by your employees. For starters, you can use AI to perform repetitive tasks, allowing your in-person workers to focus their energy on other elements of the company.

AI technology can also make a huge impact in the realm of research and development. Keep in mind that using AI to your advantage will require a strong, secure network and the infrastructure to support emerging technology.

Improved risk management

As previously mentioned, human beings are prone to error, and those mistakes can be dangerous at times. AI can eliminate much of the risk inherent in your daily operations, and your workers can learn better safety habits at the same time.

With a network of sensors in place to monitor and track employees, machines, and overall company productivity, AI helps foster a safer workplace, and sends alerts to management when a problem is detected.

Increased customer retention

AI can help improve your customer service while simultaneously helping you improve your company’s products and offerings. How? AI allows businesses to collect massive amounts of data and process it quickly while predicting and executing appropriate responses.

The method known as machine learning, a subset of AI, interprets data much faster than humans are capable of, from customer feedback to sales data and beyond.

Slogging through online product reviews and customer feedback in an effort to find patterns can be exhausting and difficult, but not for AI. Using the data gleaned from AI analytics software, you can learn the best ways to make your customers happy, allowing you to make product changes and improvements in short order.

Key takeaways

Small business owners can no longer afford to ignore AI and its myriad benefits. Even if you’re nervous about the cost of implementing AI tech, you can still take advantage of all AI has to offer. Don’t be afraid to start small, perhaps by investing in AI data analysis software, and see just how far it takes you.

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Noah Rue is a journalist and content writer, fascinated with the intersection between global health, personal wellness, and modern technology. When he isn’t searching out his next great writing opportunity, Noah likes to shut off his devices and head to the mountains to disconnect.

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