Artificial Intelligence technology is a new buzzword in the business world. Many experts are calling it the third technical revolution after the Steam engine and Information technology. Now, that’s a big claim to make. Those technologies are considered to be revolutionary because they exponentially increased industry productivity. As a result, they opened various new opportunities for businesses to pursue. Textile and auto-mobile industries boomed due to the steam engine. Similarly, Information technology enabled businesses to seamlessly manage the vast network across the globe.

Consequently, large corporations have warmed up to this exciting technology. Companies have drastically increased their budgets for research and development. Furthermore, demand for data scientists has increased in the job market. However, small medium enterprises are still lagging behind in adopting the same due to various misconceptions. Like the previous two disruptions, companies believe that AI is costly and complicated. However, the truth is far from this. Certainly, any company or firm can ripe the benefits of this technology without investing heavy resources.

Every enterprise generates various streams of data. Sales, purchase records, inventory level, customer feedback and communications are such data sources. Even more, businesses can gain very useful insights like sales projection, customer retention and reduce costs by automation of tasks. Artificial intelligence research made many breakthroughs to increase its applications. Giants like Google, Amazon and Microsoft are offering tools which can be used to deploy various solutions.

Applications of Artificial Intelligence in SME sector

  • News Sentiment:┬áNews articles are often related to commodity price movement is often related to sentiments expressed in news articles. News sentiment analysis is a powerful tool to predict price movement.
  • Invoice processing: Getting payment on time is challenging for SME sector. Businesses are paid sooner with smooth and fast invoice processing.
  • Trend Analytic: Enterprises can gain valuable insights like sales projections, customer churn rate and various other reports.
  • Market Research: Small firms can’t afford professional market research, therefore, AI can help them gain such market insights through data analysis.
Categories: SME

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