AI for small business; AI is just for huge organisations right?
Actually no, small companies even micro organisations can afford to take advantage of the huge power of AI.
So what exactly is AI, and how can i use it in my business.
Don’t worry we’re only going to use a few long words.
AI is the part of computing which focuses on enabling computers to act and react like humans. There’s 4 distinct types of AI –
- Reactive Machines;
- Limited Memory;
- Theory of Mind;
- Self Aware.
(We are currently well past the first type and actively perfecting the second. At the moment, the third and fourth types exist only in theory.)
We are going to focus on the limited memory model. A limited memory AI engine (LMAI) needs to be trained to do a particular task, and as it performs that task it gets better at it. LMAI are fed on data, the more data the better the engine is at performing the task. Say for example you want a computer to input data from paper invoices you receive, you’d scan a stack of invoices you already processed, with the matching supplier data and amounts. The engine will then learn from the scans and data and be able to process future invoices. if the LMAI is unsure , then the engine flags this up to a human operator who either confirms the AI engine is correct, or inputs the correct data; increasing the accuracy in the future.
Consider medical data where the sample is taken to screen for cancer, humans look at certain criteria to detect whether the sample is likely to indicate that a person has or will develop cancer in the future. Past samples and outcomes can be used by the AI engine which may detect a pattern in the data that humans do not use to determine outcome.
So is AI always correct?- poor quality data leads to a poor AI outcomes. A project to determine whether a train platform was full or not using CCTV feeds, and either open or close the gates to the platform failed. The engineers fed data to the engine with images only when the platform was full and not when it was empty or stages in between. This type of engine does not state why it has come to the conclusion the platform is full (i.e It counted the number of people and it equals the limit of people allowed on the platform), the Engine determined a common pattern across all of the images it was fed, which it was later determined was a shadow in a particular place on the image -this pattern also occured when the sun passed over.
Use Cases for Small Business
Let assume for example that you sell online, via a website. There’s a plethora of plugins for the most popular content management systems and e-commerce platforms (wordpress/woocommerce, shopify, joomla, drupal, opencart etc) that enable intelligent chatbots, dynamic pricing, driven social intent, and search results. Say for example a visitor searches for red flowers, you can teach the AI engine to also display red roses, gerbera, tulips, etc. Also you can teach it to display seasonal flowers like poinsettas, christmas wreaths, lillies at Easter, similarly you can train the chatbot to suggest high margin flowers , special offers, gift sets. At christmas it can suggest bundles, addons.
But AI is not limited to websites, you can use AI in most Customer Relationship Management (CRM) systems to learn about what products your customers buy and when, how they prefer to interact with you, those that respond to certain combinations of marketing triggers, and who is the most profitable.
AI is only limited by your imagination to use it, there are many prebuilt engines you can subscribe to. If you’d like more information call or email
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