3 Things Artificial Intelligence Can Do For You As A Small Business Owner
The United States Chamber of Commerce recently published how Artificial Intelligence (AI) can help improve and impact small and midsize businesses, setting them up for long-term success. In an article published on Co. a media partner of the U.S. Chamber of Commerce, Chief Information Officer of Marco’s Pizza, Rick Steinbridge mentioned that those companies who balance the use of AI and ‘human resources’ will potentially see an increase in year-on-year revenue and customer satisfaction. The pizza mecca saw its 1000th store opened in 2020 since its founding in 2010 and is rapidly becoming one of the fastest-growing and most lucrative pizza franchises in the United States.
For small businesses to leverage the use of AI can bring onboard a host of business qualities that cannot be fulfilled by human intervention. Now, small startups and medium-sized businesses are finding greater success in the implementation of AI to help grow their customer base and better understand market trends.
Technology and software are constantly changing, challenging our traditional methods to find modern solutions for critical business issues which we’ve overlooked for decades. The challenge now has become what set of software tools are best suited for the business and how entrepreneurs and business owners can best leverage it to improve daily operations and better monitor productivity.
Let’s gauge AI through the lens of a small business owner. To be a sole proprietor in the current economic climate can offer the best and worst of both worlds. Ultimately, it boils down to how you’re making AI-capabilities work with and for your business.
Modern small businesses have found themselves amid a mass transition, eliminating the use of traditional methods of business security allowing them to move everything online. With so much of our data and information being shared online daily, improving cybersecurity on a business level has become a key component for small business owners.
Cybersecurity can safeguard business-related transactions, employee and customer information, and data. AI has grown to predict potential threats, and where cracks in your security system can lead to cyber-attacks. This helps business owners better protect the business, and any potential threats it may undergo in the near future.
Business Formation Services & Registered Agents
The global pandemic may have pushed thousands of businesses to rapidly adapt to an online world. With this adaption, new platforms that offer business formation services, such as Incorporation Rocket among others, have gained much support and traction. Entrepreneurs and young business owners can now access a plethora of information and resources that will help them better understand the sphere of business formation and registered agent services.
What has AI to do with this? Well, with the help of advanced software and technology, business owners can now have faster access and communication with various formation companies and registered agents from anywhere in the world. It places them in the comfort of knowing there are service providers who can successfully assist with the underlying complexities of registering a new business.
Machine Learning Capabilities
You’ve probably already heard of this term, but what can it mean for your small business? Machine learning incorporates advanced software and AI to better monitor, track and analyze business transactions on a customer-related level. This entails monitoring current marketing efforts, customer engagement with the business and its offering, and creating a data analysis of where improvements can be made. This can include everything from how employees interact with customers, FAQs, online forums, track and report analysis, and digital marketing reports. There are endless possibilities when it comes to machine learning, it’s about how you leverage it to work for you and your business.
Artificial Intelligence has become a game-changer for everyone, especially small business owners. AI is a rapidly growing industry that will only see new tools and mechanisms come to life in the next decade, opting to give business owners a modern solution to some of the most tiresome business-related issues. Business owners have been placed in a period where the balance between technology and human efforts is crucial to the overall success of their ventures.