Can Artificial Intelligence Improve Your Business?

Artificial Intelligence (AI) tools are now widely used to enhance human problem solving. They are changing the workflows of both – enterprises and small businesses.

For example, AI technology is helpful in situations where an employee has to process large amounts of complex data. Also, critical decision making can be more efficient using machines when humans are under extreme stress. In some cases, humans may also have problems recalling information required for decision making.

In summary, reliable AI tools help businesses manage daily tasks and finances.

But it can take years to build up a knowledgebase that can support AI in relevant problem solving in specific domains. Also, users need to develop trust so that they can be confident in the decisions generated by machines – the AI-based technology.

Advances in machine learning are reducing the time required for AI tools to acquire knowledge.
Still, humans are better able to take into account wider context and complex ethical situations.

What About Recommender Systems?

These systems get their domain knowledge by mining user behavior, including for example, user ratings and personal usage history. Recommender apps are available to help individuals make purchasing and investment decisions, arrange travel, manage fitness and so on. Recommender technology is also used to match ads to website user behavior.

Giving AI tools access to a brand potentially means giving customers that same access. Therefore, embracing the development of AI is crucial to marketing efforts.

The Potential of Wearable Technologies in Business Setting

People are slowly becoming used to wearable technologies that are currently mainly used as monitoring or scheduling devices. Smart watches are lighter and smaller than smartphones, but they are not living up to the hype. They are not replacing mobile devices as they are not better yet than smartphones at completing complex tasks.

Better interfaces are needed to enable effective communication between users with various needs and different types of computing devices and applications.

AI-based personal assistants will continue to get better. Business owners soon don’t have to juggle multiple devices and apps. The assistant will use the information it has about them and combine this with their user behavior and other relevant information to make recommendations.

Also, in the near future, managers may be able to send their AI-powered virtual assistants to attend meetings and take notes. This may free up time for research and innovation.

6 Ways to Grow Your Small Business

When Fortune magazine interviewed leaders of large and small firms, they received a few pieces of advice on how to grow a business. Perhaps some of their formulas could become growth-growing points in your small business.

* Find an edge over competition. Look at your industry’s biggest cost and time constraints and focus on those areas of your business.

* Describe your business in 1-2 words. Own a phrase that illustrates your product or service. Then Google it to see if you have chosen the right one. A beverage company used “enhanced waters” for example.

* Focus on one measurable priority for your company, not a dozen. For 90 days, focus on one problem area of your business.

* Control your cash flow. Construct a business model that fuels your growth without the need for outside financing.

* Use blogs, white papers, YouTube and Twitter to align your marketing materials with the phrase you own.

* Make changes faster. The fastest-moving companies huddle daily to drive their priorities.