Future of Artificial Intelligence for Small Business Success
Artificial intelligence technology is already used by large companies today, and these companies benefit greatly from artificial intelligence. Small businesses will also use it in the future.
We will tell you a story…
John took a sip of the first coffee of the day that he brewed in his coffee shop around 6 o'clock on Thursday morning. He greeted the peace of the first hours of the morning and the dawn. Then he turned on his laptop and clicked on the program that showed the income and expense of his business. In this program, John saw monthly sales figures, monthly expense items, weather forecasts, and the number of tourists visiting the city that month. Regarding his business, he realized that he had to order 1000 more cardboard cups by the end of the month. He immediately went online and ordered 1000 glasses.
In addition, he realized that he needed to buy a new espresso machine, but thought that a little longer to buy this $ 2350 machine. Because the money in his savings account was enough to either buy a machine or pay the installment of the loan he took to open a shop. On the other hand, the best selling item in the shop was espresso and the existing machine could break down at any time. If he did not deposit the last installment of his loan (if he passed over another month), this time he would have to pay interest unnecessarily.
John asked his robot for advice and he said, “You can do both at the same time. Considering the sales expectations this month, you can pay the last installment of the loan and buy an espresso machine with your credit card with a balance of $ 2500, 30 days before the cut date. " said.
John also bought the espresso machine on this recommendation from his artificial intelligence-based robot.
At the end of the day, John was closing the shop and the robot reminded him that tomorrow the annual tax payment date is the last day. John was worried that he forgot the tax because he bought an espresso machine with his available money. But the robot warned him: “You don't have to worry. Including tax installments in your budget this month. So this month's earnings include the amount payable to tax. " said.
This is a fictional story. However, in terms of showing where the technology is heading, it is quite realistic in showing how AI can be useful for small businesses.
Artificial intelligence technology is already used by large companies today, and these companies benefit greatly from artificial intelligence. The next important issue is how to adapt artificial intelligence for small businesses and individuals. So we know the potential of artificial intelligence, but in the next step, it has to be economical and useful enough to benefit small companies and ordinary citizens.
After the technology started to process big data, a lot of important information about the future and performance of small companies started to be obtained. We can say that it has become much easier to x-ray a company after data analysis.
One thought is that the smaller a company is, the more difficult it becomes to know whether or not that business will make a profit. Many small business owners do not fully understand the cash flow of their company, the amount of potential sales, how long the current budget will last, etc. This is also a very dangerous issue. Matters such as miscalculation, debt entering interest, late payment determine the fine line between a small company operating or going bankrupt.
But what if technology could inform small businesses early and comprehensively about what is going on? What if a business owner could statistically see all the developments in his company with a single software, and learn with great accuracy how his company will perform in the future? What if this software lists the credit options that the company can apply to the owner, what steps to take to improve the credit rating? Or what if future trends or possible risks are shown after data from similar businesses operating in the same sector are processed?
Wouldn't it be great for you?
The future is quite exciting because AI technology offers great opportunities for small businesses to see the future more clearly, to process existing data and operate in a healthier way.
This is almost like an SME Utopia.
Of course, there is the dark side of technology. Economists are investigating the effects of artificial intelligence on innovation and believe that artificial intelligence will cause major changes in many industries. It is predicted that those who will benefit from this change will be institutions that already have huge amounts of data.
Of course, this also carries a risk. If some firms are given privilege to collect data, this may overshadow future innovations and the collective benefits of innovations. In the future, legal regulations should be made on artificial intelligence and data analysis and efforts should be made to ensure that everyone can access data.
For example, an open banking system is implemented in England. An ordinary citizen or small business owner has his own banking data and can determine the use of this information by various institutions or companies.
In addition, artificial intelligence data analysis technologies can objectively detect who is unlikely to pay their debts, and this can cause an environment of discrimination. There is an alarming situation here: It is not known who decides what data to analyze. In other words, artificial intelligence can analyze a risk factor directly proportional to a certain nationality, gender, or a different character trait. Some sophisticated algorithms are still lacking in intuition and context, although they can perform very accurate data analysis. Of course, this may cause serious problems.
The use of big data and algorithm will enable the production of new products and services. It will deeply affect both social life and economy. There is no doubt about that. However, we cannot yet say exactly what to expect from these technologies. But it is possible to say this: If the market data are analyzed correctly, market gaps can be determined more clearly, and this can ensure a healthier functioning of small businesses.