When we think of AI, we think of fictional characters such as HAL 2000, Data from Star Trek, and Rosie, the robot maid of the Jetsons. Humanity is still decades away from creating autonomous robots on par with these characters, but that isn’t to say that the current state of AI isn’t satisfactory.
It is now part of various industries such as healthcare, finance, retail and more. The technology isn’t exclusive to the world’s biggest brands, though, as even small and medium-sized businesses can make investments in AI that could benefit their day-to-day operations.
Here’s a compilation of how AI is changing the way small businesses across industries work.
Amazon is the world’s largest online retailer and has reorganized itself around AI. The company uses a flywheel technique to incorporate AI wherever possible. In this practice, Amazon incorporates AI across various parts of the company, from employee management to inventory management. Thanks to Artificial intelligence in the retail market, which is more efficient than ever before.
Small retailers can also use AI like Amazon, albeit on a smaller scale. A study by IBM says that AI can be incorporated in retail via supply chain planning, demand forecasting, customer intelligence, marketing, store operations, pricing, and promotion. The easiest way to begin incorporating AI for retailers is through the supply chain.
Various solutions can automate a retailer’s inventory on a scheduled basis. By doing so, store owners will have one less thing to worry about as AI will handle repetitive tasks.
AI can also be used by various types of online businesses, not just retailers. Aside from inventory management, they can use AI chatbots as well.
In previous years, these chatbots were only capable of providing simple answers to simple questions. Now, they can seamlessly guide customers through the process of shopping online. AI chatbots can also provide related products suggestions and product description.
What’s great about having an AI chatbot service is that it makes online shops accessible 24/7. Other than that, in some cases, they could run top-notch quality customer service without having to hire a group of people for the job.
Much like in retail, the restaurant and foodservice industry uses AI for inventory management. Having to keep track of ingredients, equipment, inventory, etc. could be a tiring chore. Mistakes are a common issue as well.
However, since automation is the best solution for simple and repetitive tasks, Artificial intelligence in a restaurant is a great companion when it comes to inventory management.
AI developers are also working on recommendation software that suggests items in a menu depending on the customer’s preference. Some restaurants use AI-powered robots to speed up the process of food preparation and service, thus reducing the waiting time for customers.
AI in real estate is primarily used for making property recommendations more relevant for the customers. Furthermore, through the data gathered from previous customers, real estate AI can personalize each interaction it makes with new customers.
Perhaps the best use of AI in this industry is establishing and monitoring relationships between the customer and the real estate company. It can even predict whether a customer is likely to fail on a credit check.
In essence, automation will be a key factor in making sure the homeowner and the real estate company are on even terms regarding their contract.
On a large scale, AI in healthcare can be used in surgeries, medicine development, and disease monitoring. Solutions like these are expensive for small clinics or independent healthcare service providers. That’s why smaller organizations use AI primarily for monitoring the medical history of a patient.
By doing this, clinics can create a diagnosis quickly and accurately. Other than that, AI can also determine which treatments are best suited for a patient and which diseases are likely to befall her depending on her family’s previous conditions.
Speaking of law and justice, AI is decades away from determining who is guilty or innocent. As we’ve seen from iRobot, giving AI the capacity to make such judgments isn’t entirely a new idea. However, law firms can still make use of the technology in better and risk-free ways.
Most of AI’s applications in law firms and legal companies are with regards to the paperwork. AI can currently conduct due diligence and legal research faster than humans. It can also review legal documents and contracts much faster than us.
Although still in the development stage, AI is also used for predicting outcomes in cases.
There’s nothing that can replace human judgment between right and wrong when it comes to law. As such, AI’s role is to ensure that cases proceed much faster than what we have been accustomed to.
Many auto repair shops have increased their productivity and quality of work thanks to the addition of dedicated AI solutions within their operations. This software provides automation in inventory management, auto checkups, and more.
AI benefits the customers as well. They can simply snap pics of their car’s potential issues and send them to a repair shop. Upon receiving, AIs can figure out which are the issues and how to fix them.
The AI revolution is certainly upon us, but unlike the grim realities depicted in films and books, its rise to power seeks only to guide us to a better future. What’s great to know about AI is that it is still leagues away from reaching its full potential.
What’s great to know is that AI is easily accessible thanks to an assortment of solutions made specifically for certain sectors. Aside from that, these tools are intuitive as well so any company can adapt and integrate easily.
At its core, AI hopes to streamline the day-to-day operations of businesses through accurate and efficient automation. It goes without saying that improvements in AI, will also mean improvements for businesses that use them so the future bodes well for entrepreneurs.
Entrepreneurs launching businesses in the fields we discussed above should invest in the proper AI solutions as early as possible.
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