It is a fact that science-fiction books and movies feature machines that are smarter than humans. AI is the power of today's era. It has widened its boundaries, and now it is a part of reality. Already, large organizations are taking advantage of its benefits.
The Gartner 2019 CIO survey has revealed that 37% of organizations implement AI and Machine learning processes.
But what about small businesses? Do you think AI is right for a small scale business? Let us jump in and find out our answers.
AI & Machine Learning for Small Businesses
What is AI?
AI is the concept to create intelligent machines that can stimulate human thinking capability and behavior.
What is Machine Learning?
It is the process of teaching machines how to react to the data provided.
3 Ways to Leverage AI and Machine Learning in Small Businesses
Undoubtedly, small businesses today have tools at their end to help them in competing with the big names and with the other competitors popping around.
1. Automate Recruitment Process: Hiring and retaining talent is a huge responsibility for any organization. However, small businesses often have no formal HR department or a small team or solo practitioner. Even if your organization is small, human resources work can be a daunting task for a single individual. But thankfully, HR technology has evolved to include AI and machine learning to reduce repetitive tasks. Here the best example is a resume parser, which helps recruiters extract resumes or jobs data into their ATS/CRM quickly.
2. Improve Decision-Making: We all know the recruitment industry is related to data. Hence, as the number of data increases along with the acceleration of machine learning, it will overcome manual decision by digital decision-making. The use of AI and Machine Learning in small businesses in the recruitment process will help recruiters make timely and accurate decisions while selecting a suitable candidate.
3. Provide Better Security: In today's era, cybersecurity is the primary concern for all organizations. Remember that those who wish to harm your business are using AI and Machine Learning programs. There has been a lot of data breaching nowadays that involves consumer data as well. Using AI and Machine learning in business can help employers detect fraud because both these technologies can track each other's behavior.
These advanced technologies are meant to improve and strengthen your business. There may be a need for change in every industry if they want to survive in this competitive market. AI and Machine Learning are not meant to replace anyone, but rather it was meant to elevate the ways things are done.