We are living in an era where we are surrounded by artificial intelligence. From voice-powered virtual personal assistants like Siri to security surveillance used in malls and airports, AI is everywhere.
Whether you know it or not, Artificial Intelligence has a huge impact on our business and personal lives. In today’s data-driven world, AI has made it possible for businesses to sift through millions of data and interpret it to make informed decisions — all in a split second.
This level of efficiency was impossible just a few years ago.
And now, thanks to artificial intelligence, small businesses can finally compete with multimillion dollar ones because AI makes it possible for them to cut costs by keeping the number of staff low. Less employees mean less monthly salaries, benefits, and a host of other expenses associated with keeping a large team.
With the adoption of AI technologies into their business, small business owners are now able to accomplish tasks quickly and more efficiently at lower costs.
Artificial Intelligence in Marketing
Businesses are starting to appreciate the benefits of automation in marketing their products. In fact, a study has shown that 80 percent of businesses are expected to automate their marketing processes by 2020.
Marketing Executives who took part in the research by Demandbase, for example, believe that AI will revolutionize how marketing is done by businesses come 2020. Currently, however, only 10 percent of Marketing Executives are using AI, and those e-commerce businesses that have done so have enjoyed vastly improved customer service.
Indeed, gone are the days when businesses used to spend hours — if not days — to respond to thousands of customer queries.
With chatbots, for example, businesses are able to respond to customer queries at any time during the day or night. This has increased the speed at which businesses interact with their customers, and at the same time, reduced the workload for their employees. The use of artificial intelligence has created time for employees to focus on important aspects of the business like sales.
Artificial Intelligence in Design
If you think Artificial Intelligence can only be used for repetitive tasks traditionally done by low-wage workers, think again. AI is now increasingly used in design, too. Toronto-based company Bookmark, for example, has recently launched AIDA, its Artificial Intelligence Design Assistant that makes all the hard decisions when it comes to making websites.
The Bookmark website builder allows small business owners to design their own business websites quickly and efficiently even without coding or design skills. Entrepreneurs can now turn their ideas into reality cheaply, quickly and flexibly as the algorithm-driven website is ready in minutes. Users are then encouraged to add their own unique touch, whether it’s editing content on the website or adding their company’s unique brand.
Branding is the other aspect being simplified drastically by AI. Logojoy takes advantage of such technology as it now eliminates the hassle usually associated with branding your company and specifically choosing the right logo to build the brand around. Entrepreneurs choose what style they want, pick a color, and then wait for Logojoy to generate a number of logo ideas for them to choose from.
Like Bookmark, once Logojoy is finished, the user can easily edit and refine the product based on their preferences. Once they are satisfied with their logos, they can even order a branding package that would include business cards, envelopes, and writing paper with their logo on it.
Because of AI technology, entrepreneurs are no longer dependent on software developers, designers and other co-founders that were once an obstacle to quickly launch and test an idea.
Artificial Intelligence: The Future is Here
With the use of AI in design, will professional designers be a thing of the past?
Definitely not. Artificial intelligence will not replace designers, it will only free them of various routine tasks involved in design production so that they can focus on the more important things.
“As machines become more capable, we’ll see the role of the designer shift from creator to curator,” designer Blake Hudelson says in Medium.
He adds, “For example, if a designer could define the logic of content, aesthetics, and typography for a platform, then an AI could come up with thousands of designs iterations. This will massively amplify designers’ ability to explore, experiment, and refine over short periods. AI systems can process information 24/7 and at a level of detail that no human can match, so it would behoove designers to let the machines do the heavy lifting while they fine-tune the details.”
Indeed, this last century has seen the adoption of artificial intelligence in many aspects of our lives. It has proven its value especially in entrepreneurship, streamlining business processes so that even small business owners can remain competitive.
With the innovation of technology every day, the use of AI in business is expected to be a game changer in the next few years. It pays to learn about it now and how it can improve the bottom line of small businesses so as not to miss the ride of the future.