Artificial intelligence (AI), technology that enables machines and software platforms to use information and "learn" from it, is increasingly within the grasp of small businesses. But, if it seems like it’s too advanced for or irrelevant to your business, you might want to think again. New tools can help you solve common issues.
First, entrepreneurs need to make many difficult decisions. AI can be your unbiased advisor, methodically sorting through the mounds of data your business produces to pinpoint key revelations. AI can also aid in making important business decisions, like whether to enter a new market or adopt a new tool or technology. PwC’s DeNovo tool, available to small businesses, evaluates the disruptive potential of a given financial technology and assesses if and how a business can effectively leverage it.
Machine learning, an advanced form of AI, uses algorithms to glean hidden insights from data without being explicitly programmed to do so. By learning from past experiences, it’s able to create more relevant and personalized experiences for customers. (Think: Netflix and Amazon content recommendations.) Fortunately, small businesses can now easily and affordably adopt machine learning technology by leveraging third-party tools and open source software. One example of this is Acquisio, an AI-based marketing tool specifically built for small businesses that helps them optimize the online customer acquisition process.