AI is your next child: Adopt them!
“Should we add generative AI feature on this? Sure. What about predictive AI for that? Why not.” Year 2023 has been groundbreaking in the LLM field and new AI startups and features pop up every single week. Not only are major, market-dominating companies adopting AI to make completely new products or existing ones even better, small businesses have noticed the benefits of AI and automation too. Looking at tech startups, one can be sure to find the two letters sprinkled in somewhere in their business plan, even if it was not originally planned… But hey, more power to them! Simply because it looks like jumping on the AI bandwagon might end up being evident for companies to stay afloat amongst the constant shifts in market and tech industry trends.
Here are few examples on how market-dominating companies Amazon and Apple have adopted AI into their operations and how small businesses can take the first leap of faith into the future of artificial intelligence in business. Voice assistants Everyone has heard of Alexa, Amazon’s notorious digital voice assistant that can turn the lights on in your smart home, tell you the weather and sport scores and even detect a burglary. Alexa and Apple’s voice assistant Siri both use machine learning in their technology, where they are given access to data and can analyze, combine, and manipulate information and give it out in a way comprehensive for a human. Voice assistants are so accessible and easy to use that many do not realize that they are communicating with an artificially intelligent model every day. Purchase patterns Amazon’s retail store uses predictive AI to understand it’s users shopping behaviors. This allows the company to analyze each client as individuals and recognize their buying patterns. With the confidence the company gains from analyzing individual user’s data, it can recommend the customer products within the store that they are likely to buy. The usage of predictive AI is also part of hyper-personalized customer service, where each user is recognized as individual. The beauty in this is that only with AI, are companies able to recognize each buyer’s unique habits and preferences, as brands like Amazon have 300 million active customer accounts – Unlike your local brick-and-mortal store owner who knows every single customer on a personal level… Fraud detection Brands like Amazon and Apple have millions of users and transactions made every single day and therefore they are highly sensitive for fraud. Jaya Mahajanam in an article “How AI can detect fraud during transactions and other financial processes” (Outlookindia.com N.D) says that they have adopted AI detection into their operations already and making it the core of their strategy for fraud detection. Mahajanam lists: “It uses various models to identify unusual patterns and outliers and protects customer accounts from fraud by analyzing information such as IP addresses, transaction amounts, locations, times, and historical transactions.” AI detection makes Amazon and Apple’s services safer for customers to use and enhances trust between provider and buyer.
Use of AI for smaller businesses This is the time to introduce the ease, calmness, and straight up simplicity of GPT’s into smaller business’s operations. Not only are there hundreds of work tasks that can be outsourced to AI, but also services that AI enables can be sold within a product. Like mentioned earlier, startups are introducing AI features into their products when six months ago that feature could not found in the picture. Why not do it if there’s demand? Quick adaptivity and space for innovation is crucial for smaller businesses. This is how AI and especially GPT’s can be first introduced into daily business operations, simple list written by OpenAI’s ChatGPT:
Customer support: ChatGPT can handle basic customer inquiries and provide initial support by answering frequently asked questions, providing information about products or services, or assisting with order tracking.
Appointment scheduling: You can use ChatGPT to automate appointment scheduling by having it interact with clients or customers, check availability, and book appointments based on predefined criteria.
Content creation: If you need assistance with content creation, ChatGPT can help generate ideas, draft blog posts, social media captions, or marketing materials. It can provide a starting point that you can further refine and customize.
Market research: Assistance with market research tasks by gathering information on competitors, industry trends, or customer preferences. Provide specific queries or topics to explore, and ChatGPT can provide you with relevant insights.
Data analysis: Help performing basic data analysis tasks, such as summarizing data, generating basic visualizations, or identifying trends within the data.
Email management: Assistance in managing and organizing email inbox. It can sort emails based on predefined criteria, draft responses to common inquiries, or highlight urgent messages that require your attention.
I know they are all 1's, I fought with it but failed and gave up.
Sources: https://www.techtarget.com/whatis/definition/large-language-model-LLM https://www.pocket-lint.com/what-is-alexa-how-does-it-work-and-what-can-amazons-alexa-do/ https://startup.outlookindia.com/sector/fintech/how-ai-can-detect-fraud-during-transactions-and-other-financial-processes-news-8090 https://bernardmarr.com/the-10-best-examples-of-how-companies-use-artificial-intelligence-in-practice/