[This article was written by Craig Middleton.]
Technology has revolutionized the way enterprise businesses operate, especially with regards to their data. Right now, new technologies and trends such as business intelligence (BI) and artificial intelligence (AI) give firms a substantial competitive edge as they uncover actionable insights that help them work faster and smarter while delivering an improved customer experience.
Rather than rely on human analysis to support decision making, firms can now depend on intelligent computer systems and algorithms. Furthermore, the ability to analyze an almost unlimited number of internal and external data sources means that businesses can capitalize on insights that they would otherwise miss. For a while, BI and AI technologies seemed out of reach for small businesses, but that has changed.
Widespread adoption of these new technologies has put downward pressure on their price. Now companies of practically any size can enjoy the benefits of big data. As a matter of fact, AI and BI have become essential to small businesses everywhere. Continue reading to find out why.
In the past, small businesses lack the time, money and human resources needed to analyze customer behavior. Now, BI software powered by AI can collect real-time and historical data from numerous sources in the background, without the need for human intervention. Meanwhile, third-party products like Amazon RedShift provide affordable data warehousing capabilities that support personality analysis.
Leveraging Social Media
AI gives companies the ability to track people on multiple levels and use that information to create personalized experiences on social media. For example, a system can create an in-depth analysis of a social media user that includes past internet searches. So, when that person engages with a brand on a social network, AI-powered behavioral targeting algorithms can create content that will encourage conversion.
Cyber criminals seem to keep up with the pace of technology. For this reason, a small business can become the victim of fraud. Fortunately, BI and AI systems can now detect patterns that indicate fraud and take responsive action. For example, an AI may detect unusual network traffic and subsequently close active ports. AI can also help reduce fraud in advertising to minimize the impact of bots on digital marketing budgets.
Big data provides valuable information about business processes. AI can analyze this information and find ways to eliminate steps and simplify tasks. As a result, small businesses can eliminate bottlenecks and redundancies, helping teams to keep deadlines and customers to promptly receive their orders. Small firms can also use AI to warn them of staffing issues that can affect their overall performance.
Hiring managers can use AI to predict how people will behave. So, in addition to traditional background screening, small businesses can predict how well job candidates will fit into their company based on their personality. Such information can dramatically reduce the number and severity of workplace conflicts while increasing employee satisfaction. Consequently, businesses can increase employee retention and reduce training costs.
Training and Education
For a long time, enterprise corporations have had access to AI systems that can assess employee performance in real time. Such systems can alert managers and supervisors to potential problems and create customized training plans. Now, small businesses can also benefit from the promise of AI for education. Combined with gamification and mico-learning strategies, employees can expand their capabilities without becoming distracted.
In summary, small businesses must embrace BI and AI solutions to create and maintain a competitive advantage in the marketplace. Fortunately, as these technologies have evolved, they have become more capable and affordable. Now, small firms can enjoy the benefits that have already driven the success of the enterprise.