AI and ML have Prime Benefits for SMEs at their Reserve
The buzzword of today’s technology and business landscape is dominated by AI and ML for its applications across different enterprise level functions. AI and ML are touted to equip industries with the edge they need and better in many managerial as well as IoT level applications. There is a misunderstanding pertaining in the industry that falsifies the perks and benefits earned by the SMEs using AI and ML.
The general thought that cements the commonality is that both the aforementioned technologies can only benefit large enterprises has little to no truth.
Moreover, AI and ML has proliferated leaps and bounds across smart devices that has everyday presence around an industry and an individual. As the latest technologies become cost-efficient, SMEs and start-ups would find it more affordable to invest in them. As per Gartner, AI has become ubiquitous in workplaces with the evolution of virtual personal assistance and other forms of chatbots that copies human intelligence. Day-by-day, customer relationship has become an important factor for organizations and enterprises to retain the value among its audience. In the process of communicating with customers, stakeholders, and employees, AI and ML have been playing a vital role to address the concerns and queries of the customer. The righteous integration of chatbots could enable strong and informative conversation between organization and the customers. This becomes particular for SMEs and start-ups in customer retention measures and improves the number of footprints that walks in and out of the organization. CRM/ERP applications used by SMEs, especially the retail owners and small scale business players, can be enhanced using AI integration in them. Transforming the traditional applications with AI integration could help in the migration of cumbersome operations done by a human to a machine. AI can be strategically used for data collection from different touch points and channelize for the developing meaningful information.
Similarly, the use of ML with regard to manage the humongous data that is generated by the industry can be wisely used to draw conclusions and initiate prime steps in the business. SMEs can be prudent to start with automation of the key activities using developing task-automation technologies such as robotic process automation.