Artificial Intelligence has gone a long way, from a thing in Sci-Fi movies to the most versatile technology of the modern era. Artificial Intelligence business solutions may sound pricy and reserved only for enterprizes. After all, AI is a cutting edge technology.
But what if we told you that this is not the case and that there are plenty of AI-powered business solutions businesses can start using without breaking the budget. To help you out, we already did the research, and surprisingly, chatbots popped up. Scroll down to discover what a chatbot is, as well as other affordable AI-powered business solutions we’ve discovered.
Chatbot – What is a Chatbot?
A chatbot is the latest technological achievement powered by AI. It allows you to streamline communication with your customers across multiple platforms like Facebook Messanger, Viber, Skype, Whatsapp, and so on. So far, this technology has been successfully adopted in many verticals.
But what is a chatbot, in a nutshell? It is a virtual assistant that can communicate with people through text and voice messages and it can be integrated into instant messenger apps, websites, and other applications.
Thanks to AI, machine learning, and natural language processing, modern chatbots can understand and have meaningful conversations with humans. The AI is so powerful that it enables chatbots to understand a sentence even if a person in the chat uses an unexpected phrase.
Business Data Analysis
No matter how big a business is, it will generate some data. For businesses with a small budget, this data was of no use in the past. The solutions enabled by AI were able to go through it and generate meaningful reports, but it was too expensive. Thanks to AI-powered data analytics tools accessible via software-as-a-service companies, this is no longer a case.
Small and medium-sized business no longer have to invest in their internal infrastructure nor use expensive and custom-tailored software solutions. Data analytics tools are in the cloud and accessible even to those on limited budgets. Thanks to data analytics, businesses can now increase efficiency, control back-office costs, and better utilize resources and assets at their disposal.
AI-Powered Business Management Software
AI-powered dashboards have also become affordable these days. They are scalable, which makes them convenient for businesses of all sizes. It is important to mention that these solutions can work with remote databases as well as with local ones.
For instance, online retailers can track data from multiple sale points (websites), warehouses, shipping firms. This puts companies at an advantage because they can see reports generated in real-time and react accordingly. These reports contain information about customers, sales, and product inventory.
Automation of Merchandising
When it comes to boosting sales channels, AI can definitely do wonders. This time, AI comes to help by automating the merchandising process. There are multiple dots between the realization of revenue plans by a company and a customer’s intent to buy. AI is now able to connect these dots thanks to a predictive understanding.
AI scans and learns as much as possible about each customer. Then, it uses machine learning to find the products in the inventory that might appeal to a specific customer. By combining the automation of merchandising and predictive capabilities, AI is able to help small and medium businesses grow and increase turnover without heavily investing in the workforce, tech, and infrastructure.
AI-Powered Predictive Analytics
We already mentioned the predictive analysis role in the retail industry. But machine learning is not only bound to help with tasks related to operating, sales, and customers. You should know that there are other cloud-based and affordable predictive analytics tools with various use cases.
Modern AI solutions have taken Business Intelligence applications to another level. Thanks to its capacity to predict developments in manufacturing and industrial domains as well as markets, the AI-powered predictive analytics adoption rate will spike in the near future.
AI-Powered IoT Platforms
The era of IoT has already begun. And no, we are not only talking about smart gadgets in homes, such as voice assistants, smart plates, TVs, kitchen appliances, and so on. We are talking about the digitization of all moving assets such as trucks, cars, vans, and others. Once digitized, all of these assets can be monitored and assessed via networks.
AI-powered IoT platforms are also cloud-based. This makes them scalable and thus affordable even to businesses with minimal digital industrial applications. The benefits of using this solution are reduced downtime, added operational value, and decreased cloud and network costs.
As you can see, AI-powered business solutions are no longer out of your reach. Once you define your business goals and assess your business needs, you will be able to identify the best solution powered by AI to implement in your company.