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WHAT SHOULD YOU LOOK FOR IN AI TOOLS FOR SMALL BUSINESS OR STARTUPS?
Believe it or not, the term “artificial intelligence” (AI) dates back to 1956 when John McCarthy, an American computer scientist, coined the term during the first-ever AI conference.
Fast forward to 2023, and we’re in an exciting new era where AI, fueled by powerful machine learning algorithms, is on everyone’s minds. AI has gone from being a tech buzzword to a real-game changer in people’s lives. More small businesses and startups are embracing AI technology to propel their growth and success, and you don’t want to be left behind.
If you’re on the lookout for the best AI tools for startups and small businesses to streamline and optimize your workflow and operations, we’ve got you covered. We’ll explore 10 of the best AI tools on the market today that will not only get the job done but also boost the efficiency and profitability of your business!
ARE THERE BENIFITS OF AI FOR MY BUSINESS?
Artificial intelligence tools can help your business operate more efficiently. The key is getting started.
Artificial intelligence tools encompass everything from chatbots to image and video generators, and they can be used by individuals and businesses alike. For business owners looking to leverage AI technology, one of the biggest hurdles is likely dipping their toes into the water. From there, the learning curve isn’t as steep as it seems.
And the return on investment can be substantial in terms of both the time and money your small business can save.
Integrating AI tools into her team’s daily workflow has helped keep the workload manageable
Generative AI: The Digital Artist And Innovator
Now, let's turn our attention to the newest kid on the AI block: generative AI. If predictive AI is about forecasting the future and prescriptive AI is about making decisions, generative AI is all about creating something entirely new.
Generative AI uses machine learning models to produce original content, be it text, images, music, or even code. It's the technology behind chatbots like ChatGPT, Google Gemini and Claude that can engage in human-like conversations, and AI-generated artworks and deepfakes that have been making headlines.
But generative AI isn't just about creating digital art or witty chatbot responses. It's revolutionizing product design, allowing engineers to input parameters and generate thousands of potential designs in minutes. In the pharmaceutical industry, it's being used to discover new drug compounds by generating and evaluating molecular structures. Writers and marketers are using it to brainstorm ideas and create content at unprecedented speeds.
One of the most fascinating aspects of generative AI is its ability to combine ideas in novel ways, potentially leading to innovations that humans might never have conceived. It's like having a tireless brainstorming partner with access to the sum of human knowledge.
The AI Revolution: How Predictive, Prescriptive, And Generative AI Are Reshaping Our World
In the ever-evolving landscape of artificial intelligence, three powerful forces are reshaping our world: predictive, prescriptive, and generative AI. These technologies are not just buzzwords; they're the driving forces behind some of the most exciting innovations in business, healthcare, and creative industries. But what exactly are they, and how are they changing the game? Let's dive in and demystify these AI powerhouses.
Predictive AI: The Crystal Ball Of The Digital Age
Imagine having a crystal ball that could peer into the future, revealing valuable insights about what's to come. That's essentially what predictive AI does, minus the mystical hocus-pocus. This type of AI uses historical data and machine learning algorithms to forecast future outcomes with remarkable accuracy.
Take weather forecasting, for instance. Predictive AI analyzes vast amounts of meteorological data to predict weather patterns days or even weeks in advance. But its applications go far beyond telling you whether to pack an umbrella. In the business world, predictive AI is a game-changer. Retail giants use it to anticipate consumer trends and stock their shelves accordingly. Financial institutions employ it to detect fraudulent transactions before they happen. Healthcare providers leverage predictive AI to identify patients at risk of developing certain conditions, enabling early intervention and potentially saving lives.
The power of predictive AI lies in its ability to uncover patterns and correlations that might be invisible to the human eye. It's like having a tireless analyst working around the clock, sifting through mountains of data to extract actionable insights. However, it's important to remember that predictive AI is not infallible. It's based on historical data and patterns, which means it has a propensity to perpetuate biases from the training data, and it can struggle with unprecedented events or rapid changes in behavior.
Think of it as your personal AI strategist. In the world of logistics, prescriptive AI can analyze traffic patterns, weather conditions, and delivery schedules to optimize routes for delivery trucks, saving time and fuel. In healthcare, it can recommend personalized treatment plans based on a patient's genetic makeup, lifestyle, and medical history.
One of the most exciting applications of prescriptive AI is in autonomous vehicles, where it is used to make split-second decisions on the road, navigate traffic, avoid obstacles, and adapt to changing conditions in real-time.
The beauty of prescriptive AI lies in its ability to consider multiple variables and potential outcomes simultaneously, something the human brain often struggles with. It can weigh pros and cons, calculate risks, and suggest the best course of action in complex scenarios. Nonetheless, it's crucial to remember that prescriptive AI is a tool to aid decision-making, not replace human judgment entirely. The final decision should always involve human oversight, especially in high-stakes situations.
WHAT ARE THE BEST AI TOOLS FOR SMALL BUSINESS
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There are many useful AI tools for small businesses—AI can power cybersecurity, aid in customer relationship marketing (CRM), streamline customer service, and help with personal productivity at work.
Cybersecurity software
Each day, security companies discover new threats to business and consumer data.
Even if you have a low-tech business, your business partners may accidentally expose you to digital threats. Banks, credit-reporting agencies, and major retailers have all unintentionally compromised their customers’ data.
Cybersecurity powered by AI may be able to provide more protection than other types of programs. Instead of dealing with threats after losses, AI security programs look for unusual activity to stop attacks or raise alerts earlier.
AI can also look for irregularities in other systems, like inventory and accounting, to find signs of illegal activity.
The unusual activity could even identify opportunities.
For example, a plumbing-supply company’s AI notices an unusual order. Why did a decorator order $1,000 of metal pipes and flanges? A follow-up call to the decorator sheds light on the mystery. Apparently, the decorator makes trendy industrial shelving units and light fixtures with the pipes.
The plumbing-supply company now sees an opportunity and starts marketing to a whole new group of customers. After learning about the new customer, the company can highlight how trendy and modern it is on social media. Moreover, the company can share light-fixture plans or instructional videos with followers.
CRM software is another example of a helpful AI tool that small businesses can use to learn about customers. With each order, it understands more about what they need and how they interact with your business.
The plumbing-supply company with CRM software learns that Harry’s Happy Plumbers (HHP) orders pipes and pipe glue every three months. Using that knowledge, the supply company’s AI offers HHP a coupon for its next pipe and glue order two and a half months after the last purchase.
This offer shows HHP that the supply company appreciates and anticipates HHP’s needs.
CRM software could also automatically send HHP information on new appropriate products based on prior purchases.
Interactive customer service
As you’ve probably noticed, many companies implement AI in business to streamline customer service. AI can help customers by:
• Offering help after normal work hours.
• Using AI voices to respond to customers’ verbal questions over the phone. Websites for small businesses can use chatbots to talk with consumers.
• Looking up information when they use voice search on their mobile devices. Voice answers are ideal for consumers on the move.
• Answering a question before they ask. If a customer looks at troubleshooting pages on a website, the AI can direct them to more help.
• Answering common questions, which is efficient for both the business and the customer.
• Deciding if they need human help and redirecting them.
• Being accurate—AI doesn’t transpose numbers or guess. Program it with accurate information, and it will share the same information.
Productivity
Incorporating AI for your small business is a great way to strengthen productivity and professional development at work. With the right AI program, you’ll be able to:
• Improve workplace communication and save time by asking AI to draft emails.
• Quickly create summaries of various content to get others or yourself up to speed—including summaries for lengthy email threads.
• Ask for edits to work you’ve written to make it more concise, adjust tone, and correct inconsistencies.
• Easily analyze and explore data from spreadsheets.
• Turn written documents into presentations for meetings.
• Create meeting agendas based on chat history.
• Grow professionally as you learn from the suggestions that the AI makes to your work.
How does AI in business add value?
Using AI in business adds value by:
• Analyzing data to understand your customers.
• Constantly learning more about your customers over time.
• Alerting you to threats and irregularities.
• Automating repetitive, time-consuming tasks, so people can focus on other more creative priorities.
• Helping people improve their written communication.
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