June 24, 2022

AI for SMBs

Artificial Intelligence

Why AI will drive your business toward success

Now more than ever before is the time to incorporate Artificial Intelligence into your small or medium sized business. Entrepreneur claims that if you are trying to get your small business off the ground or are an established corporation, your business can benefit from AI.

In order for businesses to get ahead of the curve, they must think about integrating AI into their organization sooner rather than later. According to Grand View Research, in 2021 the Ai market was worth around $93.53 billion. It is estimated to reach upwards of $997.77 billion by 2028. Statista made a statement that said, “AI is expected to have wide adoption in and implications for every industry vertical and is likely to be one of the next great technological shifts.”

The future of AI

Within the next couple of years, it is crucial that more small businesses, in general, adopt and integrate AI. As it stands, Forbes claims that “only 29 percent of small and medium-sized businesses — those under 1,000 employees — have adopted artificial intelligence technology.” As a result, having this new way to organize data and make decisions will benefit companies now and in the future. A Gartner survey shows that 65% of the decisions that businesses make today are driven by data that these same decisions help efficiently measure KPIs and marketing efforts. Entrepreneur describes that 66% of decision-makers claim AI-based applications help increase profits and reach goals. Small businesses and startups that leverage AI in their businesses will see a competitive advantage, leading to not only greater efficiency but higher profits.

Areas AI will drive growth in your business 

There are three important components that will bring success with the incorporation of AI into your business. Read on to learn what the three key aspects are that will help your business thrive.

  1. Competition- Small businesses will have a better opportunity to compete. Business owners can focus more on strategy instead of constant data gathering, giving room to grow revenue strategically.
  1. Data- Ai quickly and efficiently analyzes a business’s data helping businesses make quick and data-driven decisions. Ultimately, AI provides both “predictive and prescriptive insights to support faster and better data-driven decision-making”. However, before businesses use AI, is it important to define what problems you want AI to help solve. 
  1. Marketing efforts- Market trends will be easier to analyze. Marketing efforts are automated in order to efficiently complete tasks. Roughly 44% of marketers use marketing automation, and an additional 42% will hop on this trend.

If you are a small business or startup, take a second to think about how AI can help your business thrive. Begin to take steps towards integrating AI into your business. In today’s day and age small businesses can get ahead of the curve with AI. To learn more about how AI will drive your business towards success contact [email protected]conversight.ai or request a demo today! 

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