In June 2021, Bloomberg Businessweek Research released data revealing that nearly 97% of surveyed business owners have claimed to invest in big data analytics. During the same time, an article published by the Mail & Guardian stated that the International Data Corporation predicts big data analytics to be worth more than $100 billion by the end of 2023. So while major companies and corporations are investing in big data and the use of Artificial Intelligence (AI), smaller businesses are starting to follow swiftly.
Advances in AI and machine learning technology have given business owners the leverage to be more in control of how they can infiltrate their market. Better software and technology now also means that businesses will be able to become more foolproof against political, social, and economic challenges caused by the global pandemic. But while tech-savvy startups and major software corporations have been at the forefront of the new digital era, how are smaller and more traditional businesses looking to be part of the change?
Today there are a host of great AI tools and features which can help businesses change the course of their direction, and assist on levels where human error has overshadowed long-term success.
Automation Tools
Some automation tools have already helped major companies and businesses deal with the pressure seen throughout the pandemic. Now, smaller startups are looking to permanently implement automation tools to assist with mundane tasks. Automation uses AI and machine learning capabilities to give business owners more leniency in their daily routine. A report released in 2020 by WorkMarket revealed that 78% of business leaders and entrepreneurs understand that automation can help them save an additional three hours per day. This amounts to more than 350 hours per year!
Implementing Cloud-Native Technology
Businesses all around the world share a single theory – find a problem, sell a solution. It may differ from time to time, but the basic understanding remains relevant towards any type of business model. Cloud-native technology and software have become an essential part to help business owners operate their teams, finances, and customers. Storing information and business-related information in one single drive or file is no longer the same, as cloud-native tech gives ultra-advanced solutions on public, private, and hybrid cloud environments.
What this means is that business owners can use it to their advantage, remove broken links in the chain of communication, research microservices, and become more mainstream as data and information become serverless.
Data mining tools
Business is an unpredictable game, but now using AI, business owners will be able to find, track and research new data about their business and the market needs. Data-driving tools can help monitor the business within and without. From surveying equipment, customers, to monitoring employee wellness and productivity – these tools are becoming more and more valuable. Offering to save both time and money, while at the same time being predictive regarding future endeavors.
Business formation services
In the past, starting a new business meant you would first need to do proper market research, form a business plan of action, apply for financial aid and finally form the business with the appropriate entity. Today, that’s all changed, as business formation services are quicker, streamlined, and more convenient online. From drawing up new business plans to finding and registering your business name all of it can be done in one place. You can start a new LLC in a matter of minutes, as a plethora of information and knowledge is available at the tip of your fingers.
Voice-based technology
From Cortana to Siri and Alexa, voice-based searching technology is already all around us. In 2018, PwC released statistics of a survey, stating that nearly 61% of respondents make use of voice-based search technology. This software makes it easier for businesses to become more visible, as people will use this technology to search for anything online.
AI puts solutions on the table, where human knowledge and skills couldn’t. It’s made it easier for business owners to find attainable results, and implement new strategies that can help grow the success of their business. Artificial Intelligence is now only beginning to look like a more viable solution for many businesses, in the future the focus won’t be what AI can offer you, but how you can make it work for you.
