Why SME and AI are a perfect fit.
6 myths about AI and SME explained.
SME’s are always seeking ways to create value, improve customer satisfaction, maximise sales opportunities and optimise operations. When faced with limited resources and finance, then embracing the capabilities of Ai throughout an organisation allows the business to focus on the business of business and be the best they can be.
Myth #1 Ai is not proven
This just simply isn’t the case. Machine Learning and NLP form part of your everyday interaction with technology, and many of your purchases will be driven by intelligent marketing.
Businesses can take mundane tasks and automate them to become considerably more efficient.
Myth #2 Ai is only valuable for large organisations with lots of customers and data
True, companies with vast amounts of data need Ai to gain insights, however even small customer bases offer opportunities that are easily missed by the human ‘eye’, increasing sales opportunities, targeting specific marketing, simplifying system interactions and enhancing customer service. Those that don’t utilise Ai will quickly fall behind those that do, especially at the SME level where competition is fierce.
Myth #3 Ai is expensive and complex to implement
There are many Ai technologies available that are built for simplicity – from chatbots capturing leads from a website to HR applications that screen candidates against desired attributes lowering hiring costs, to first-line automated support reducing service costs and increasing customer satisfaction. Perfect applications for making SME more efficient and effective.
Myth #4 Ai needs an army of data scientist to manage it.
Again, simplicity is the key. Many Ai systems require, like most systems, a little setting up to ensure it delivers what a company requires – to define parameters like target customers or specific responses, but many can be almost out-of-the-box and the beauty of machine learning, is that the machine learns, so you don’t need to.
Myth #5 Companies already having systems will have disruption with Ai
Of course every organisation will have systems in use, however as efficiencies and opportunities can be driven though incorporating Ai then a strategy to introduce more intelligence into an organisation should never be overlooked. Actually SME can be more agile and take advantage of Ai benefits quicker across multiple business functions.
Myth #6Ai will take jobs
This should be rephrased ‘Ai will take tasks’…and that’s exactly what a startup, small or medium company should take advantage of. By off-loading mundane tasks staff resources can be focussed on the most effective use of their time supporting the company in the best way possible.
For more information see other relevant posts
- Breaking down the Ai suitcase – a bitesize breakdown of Ai’s components
- How SME can use Ai to beat competition
There are ongoing questions regarding Ai ethicacy, morality and oversight, and those questions need to be addressed today, before the conditions are hardwired into our daily lives. But until Skynet takes over and we humans battle the machines, let us use them to help us be more than we can be without them, and SME are perfectly placed to receive more value from Ai than many others ….and if any of you are thinking, I am not a bot.
After studying Artificial Intelligence with MIT, I can recommend for all those interested a free online ‘course’ offered by University of Helsinki called Elements of AI which can be found at https://www.elementsofai.com