Any AI in SMEs successes are coming from Deep Learning and Machine Learning technologies, which are far too expensive and complex, with no direct ROI evidence, for Small and Medium-Sized Businesses.
Artificial Intelligence is not a substitute for human intelligence, just a subtle way of reaching conclusions.
Despite all the hype about Artificial Intelligence, most of the AI technology is still in very early stages of development.
Many businesses and consumers are already using Artificial Intelligence as their priority.
This technology is being used in Applications like smart-home security systems, self-driving cars and intelligent refrigerators and also, in voice recognition devices and virtual assistants such as Google Home, Amazon’s Alexa, Siri and Cortana which are being used in workplaces and as well as at home.
Changing our understanding of what’s possible Artificial Intelligence has already strongly influenced the world of work.
AI can help Small and Medium-sized Enterprises (SMEs) do their tasks in more efficient ways, making them more productive, looking forward to which SMEs are embracing AI.
Why AI in SMEs are important?
Because SMEs are primarily responsible for economic growth and prosperity. Their capacity for innovation and flexibility in a changing business environment makes them crucial for success in the global economy.
SMEs also charge less to their clients than some of the big companies and this also allows the clients to benefit from cheaper and hence more profitable deals as they attract their way out for clients and provide special offers with reduced prices to increase their business or for the stable position in the market.
In fact, it is these SMEs that governments rely upon to increase growth in their economies. The biggest asset of SMEs is that it provides employment.
SMEs embrace Artificial Intelligence?
Yes, they should, as these tools can help small businesses to thrive in a changing marketplace.
The options for using these tools might seem endless for business owners but by embracing AI would help Small businesses to improve their efficiency and responsiveness in the marketplace.
AI technology can help employees by improving customer service and consumer support. For example, AI tools can generate feedback forms, answer online questions and forward messages, and problems for human assistance.
This technology allows small businesses to dedicate resources in a much more efficient manner while increasing customer engagement and satisfaction.
Nevertheless, every small step in the use of artificial intelligence in business will vigorously change the way people interact with technology.
SMEs cannot afford to ignore Artificial intelligence
In short, if you have an SME business you can’t ignore something with better;
- Email Efficiency
- Customer service and support
- Automation
Artificial intelligence is eventually going to be the backbone of business just as software and computers are now. Companies unavoidably want to set themselves up for adoption in the future. Hence, it is worth considering for small business leaders with remarkable goals for growth.
As a result, the global market for AI in SMEs is will grow at the rate of 44% CAGR by 2023.
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