How to Stay Ahead of Your Competition Using Technology

    In the last few years, Artificial Intelligence (AI) has been one of the hottest topics among large corporations as they leverage their huge data warehouses to drive insights and efficiencies. Computing power allows the use of these huge amounts of data to gain advantages on the market. However, if you require a huge amount data and significant investment, how can small businesses use AI?

    For starters, AI is a critical tool for unlocking the competitive edge of many small businesses and entrepreneurs. From basic tasks for unearthing insights, AI can help make your small business even more productive, informed and efficient. Advances in AI technology have leveled the playing field, allowing your small business to compete with larger corporations.

    AI today is more accessible to small businesses than was possible before. Here are a few tangible ways you can leverage the power of AI to power your small business and stay ahead of your competition.

    Automate Your Back-Office Tasks

    One of the biggest hurdles to achieving the optimum work-life balance is the administrative tasks required to keep businesses afloat. AI helps take care of these mundane, time-consuming and repetitive administrative tasks so you get more time for more entrepreneurial, strategic work.

    Some ways of automating back-office tasks include using AI include address accounting needs. In fact, you are probably using AI in your office via accounting software. Other ways include using machine learning based services and products on the market like

    Deliver a Personalized Customer Experience

    Machine learning is an advanced AI technology that utilizes algorithms to getting hidden insights from data without actually being programmed to do that. Through learning from past experience, you can create more personalized and relevant experiences for your customers. Examples of machine learning at work are all the useful Amazon and Netflix content recommendations.

    Personalizing product experience is critical for any small business, as they are better known for their personal touch with customers. However, most small businesses lack the immense amount of data required for in-house machine learning. Auspiciously, your small business can affordably and easily adopt machine learning through open source software and third-party tools.

    A Virtual Personal Assistant

    A personal assistant powered by AI will help take care of everything from sending reminders to calendaring and scheduling business meetings on your behalf. If you currently use Apple’s Siri, you are already aware of the basics of doing this.

    Virtual personal assistants are critical for the solopreneur or small business owner without resources. In fact, you don’t need to hire, and you can still optimize on your time.

    Make Smart Business Decisions

    As an entrepreneur, you are often making a ton of difficult decisions. Implementing AI offers you an unbiased advisor who helps you sort through a huge amount of data required by your business. In addition, AI can also help expedite critical business decisions, like whether you should enter a new market.

    Gain Customer Insights

    AI not only helps predict how your customers are likely to behave, it also helps you in drawing conclusions on how you can serve them better. If you are looking to stay competitive, use this information to identify patterns and make better products or services to meet customer requirements. In fact, AI – app or web-based – can make fairly accurate predictions based on data from sales, HR, finance, and marketing.

    More and more people are now warming up to the concept of using AI in their businesses. In fact, a large number of business and technology professionals are currently considering implementing AI. As an entrepreneur you should be no exception, use AI to enrich the business experience and gain a competitive edge.

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