Artificial Intelligence, is a simple thought of having machines imitating human behaviour. This harmless idea over years fueled research and development. Technology and innovation worked as ‘hand and glove’ to bring AI to the forefront. Today, it is the leading generator of revenue.

According to the research firm Gartner, AI will recover 6.2 billion productivity hours by 2021 and generate $2.9 trillion in the value of the business when combined with human intelligence. This amount of revenue generation cannot be solely done by large industries. AI for small businesses is a reality today.

Exciting Areas Where You Can Use Ai In Your Firm Today

Innovation in technology is always put to use first by large firms to accelerate production. It takes years to be adopted across industries of all sizes. This digital era cut across the capacity and sizes of larger firms. AI application in large scale industries has now diffused to SMEs. This is possible because Artificial Intelligence is revolutionizing work places due to its affordability, accuracy and efficiency. It further extends its role, let us go through them.

Suggest further reading on the subject: ‘What are the major domains of Artificial Intelligence’

1. Supports in decision making:
   Management decisions of today are not just dependent on human caliber and expertise. Decisions are backed with supportive real time data to endorse their plans. As required, there is an availability of huge data generated for sources like documents, videos, images etc. Any form of unused data is a waste of unutilized digital resources. SMEs firms understand the importance of data but do not have the right tools for analytics. AI creates a pathway for the digital ecosystem by endorsing growth through learning. This efficient pathway opens up the framework for a better decision-making process. AI compliments human decision making with real time data. Once we are in a position to train AL systems, it becomes efficient, and capable of extracting accurate and reliable data.
2. Mitigates cyber security breach
   Cyber theft and security breach are terms often spelt and heard over a past couple of decades. All firms are forced to scale their budget for protecting against any form of security lapse. One main area of concern is breach in priceless consumer data. Once the firm compromises in its security, its survival in the industry calls for a countdown. Cyber violators often use sophisticated technology for their benefit. Firms deploying AI in their business practices, can trace any form of irregularity especially with fraud. AI arts lie in self learning and practicing, therefore, over time, they upgrade their capabilities and self-defence systems. AI, apart from protecting your firms’ data, informs areas exposed to attack. With the received information, firms can readjust their defence models to serve and earn customer trust.
3. Promotes marketing campaign:
   SMEs usually draft their marketing strategy limiting themselves to smaller confines. Al-based advertising opened a new chapter for SMEs to study, understand and extract choices of customers based on regions. Now they can engage online for marketing their products & services. AI driven marketing identifies leads and opportunities available for market intrusion. They help the sales team in forecasting through customer data logs. Apart from suggesting the best alternatives or action needed to be taken for reaching sales targets. It itself does tasks like sending proposals, email interactions and suggesting quotes for prospective customers. This promptness in action helps to retain and introduce new customers for business welfare.
4. Absorbs and retention of talent management:
   Small firms hardly have a dedicated HR division for handling tasks related to talent hunt of personnel based on job descriptions. Processes starting from advertising, shortlisting of resumes, interviewing, selecting and completing the formalities (training, orientation); is lengthy, time consuming, expensive and stressful. While HR struggles with the work overburdens, AI fueled assistants seizes the opportunity. It engages through informative job posting, discovering ideal candidates, communicating through personalised messaging. With HR it conducts job interviews remotely and finally submits its opinion for decision making purposes. AI helps in retention of staff, by reviewing their work ethics, suggests increments and promotions. SMEs firms, through engaging Al algorithms, are placed in a better position for providing equal opportunities and fair compensation to their employees.
5. Refines business operations:
   Healthy SMEs sustains from competition invasion by following a refined operations cycle. When its operations line functions without interruption, it remains successful in executing and delivering as per the terms in its Purchase order. A manufacturing firm apart from its technical crew, should be able to identify and pin-points locations of disrupting operations. AI powered systems collect and calibrate data from the start to finish line of operations. It flags areas where fixing is essential. Apart from that, it performs maintenance based on its analytics, and predicts when overhaul of equipment is needed. It also extends support through automating routine tasks, raising PR for new stock and ultimately managing entire process control.
6. Facilitates healthy customer service:
   A satisfied customer is a trusted friend for any business longevity and flourishment. For that to happen, firms need an aid for round the clock availability. AI assistants do the job with ease, taking the call of customer queries, classifying and redirecting to the right personnel. It recommends attainable solutions and ensures the task is accomplished in an accurate and timely manner. A satisfied customer is the benchmark for product diversification, company’s revenue generation and employee morale booster.

Artificial Intelligence gives a support system for SME business to gain inroads to compete along with large scale industries. In your business practices, if you are interested in carrying out AI and Accounting Automation, we are the right partner for you. Give us a call and we will be available for sharing our services on Robotic Automation.