What is Artificial Intelligence, and Why Should Entrepreneurs Care?
Artificial intelligence (AI) is a concept most people are familiar with but don’t fully understand—its capacity and abilities are more extensive than you may know. AI is revolutionizing the world, from the way we live to the way we do business; entrepreneurs are especially impacted by AI and benefiting from its capabilities. If you aren’t familiar with how AI is revolutionizing the startup landscape, we’ll cover what you need to know, why you should care, and what it can do for your small business.
What is Artificial Intelligence?
When you think of artificial intelligence, what comes to mind? Although some companies have been working on developing human-like robots, that’s not the kind of AI that’s going to benefit your business. Put simply, AI is a machine, device, or program with the ability to think and learn. While that could describe a human-like robot that fulfills your every whim, it more accurately applies to intangibles like computer programs, software, and different devices with the ability to learn (like Amazon’s Alexa, for example).
What is Artificial Intelligence Capable Of?
AI has a virtually infinite number of capabilities. Because it can be applied in so many different ways and can think and learn, its capacity to do anything is pretty limitless. While its capabilities may be infinite, we’re still tapping into all it can do. Right now, we only understand a portion of what it’s capable of, but what we do understand has been revolutionary.
One of AI’s more important functions as of now is data collection and analysis. AI can collect and analyze massive amounts of data and optimize it for human consumption—this means you can get better information about your target audience, for example, and act on it. It also can learn and develop from that data to further its intelligence—the more you use it, the more it learns about its intended function and the smarter it becomes. It can automate processes, develop accuracy, and so much more.
What Artificial Intelligence Can do for Entrepreneurs
AI has the power to revolutionize businesses in many different ways, and as an entrepreneur, you can take advantage of its capabilities and put it to work for you to automate and optimize your business.
It can automate and personalize customer service – Hiring a customer service team is a must, but when you’re just starting out, it may not be in the budget. Not only that, but a lot of customers have similar questions, which can be answered the same way time and time again. Through chatbot programs, AI can respond to questions customers have as if they were a real agent; not only can it respond to general questions, but it can also personalize each customer’s experience.
It can focus advertising and marketing efforts – There’s a lot of data and information that needs to be considered when planning a marketing campaign. Not only does the data need to be sorted and narrowed to make campaigns effective, but there’s the matter of staying within budget and using your money effectively. AI hones in on the data you need to ensure your audience, content, budget, etc. are optimized for the best ROI.
It can act as a virtual assistant – As an entrepreneur, you’re already busy enough trying to get off the ground and keep things running. Trying to manage your schedule and take care of your own administrative work takes a lot of time that you don’t have. AI can act as a virtual assistant, as you’ve seen through Alexa, Siri, and other AI assistants on the market. It can manage your schedule, make appointments, and take care of what you don’t have time to juggle.
It can automate operations – A number of processes are repetitive and mundane but also subject to human error. Calculating taxes, for example, may not be too difficult, but has to be done over and over again; if there’s a mistake, you could end up in serious financial and legal trouble. AI can take over to automate those processes, taking the responsibility off employees’ shoulders, letting them work on more important things, and avoiding costly errors.
It can help you forecast more accurately – One of the quickest ways to land yourself in a tight spot is to forecast incorrectly. If you’re overly optimistic, you could run into cash-flow problems or other financial troubles. If you’re too conservative, you could end up with supply issues and other operational setbacks. Because of its ability to learn, AI can analyze your current operations and income to more accurately forecast the future, helping you stay prepared.
AI is extremely powerful, and it’s something all entrepreneurs should be taking advantage of. It can save you time and money while optimizing the way your business works. If you have any questions about our AI programs or what they can do for your business, contact us now.