Marketsandmarkets, a research firm, has predicted that the market of Machine Learning will grow to 8.81 billion dollars by 2022. Most companies spend more time thinking and talking about AI instead of doing something valuable with it.
The models that reduce human interventions in many areas are considered to be the best way as it improves business profitability. Still, some small businesses are struggling to implement machine learning development services in their value creation vision.
Let’s discuss some of the factors below.
Democratization of Artificial Intelligence Development Services
As per the MMC report, artificial intelligence and machine learning play a key role in businesses’ products or services. Most companies are trying to increase the accessibility of AI for more customers leading them to a democratization of the technology. Hence, the emergence of affordable and custom machine learning solutions helps to optimize business procedures.
Common Myths About Machine Learning
In this digital world, people have some myths regarding Machine Learning and are worried about them. For Example
- Artificial Intelligence and Machine Learning will replace humans
- Machines can learn with experience
- Machine Learning and Artificial Intelligence are not different
How Artificial Intelligence Services and Solutions Help Small Businesses?
Machine Learning & Artificial Intelligence solutions have helped big businesses in many ways. But now, they have become available with the help of AIaaS (AI as a Service) for small businesses. The benefits for small businesses are just like those of big companies. let’s discuss them:
- Reduction of Time
Small businesses can free up their time to focus on other tasks, using AI and ML in order to tackle repetitive tasks automatically and monitor a large amount of data.
- Lower costs
The integration of an AI solution improves overall efficiency and effectiveness and reduces costs to develop the business.
- Enhanced service
Artificial intelligence helps companies to understand their customers and allow them to have feedback on how they feel about their product.
- Better security
Artificial intelligence and machine learning solutions can help small businesses in detecting suspicious activities.
What Small Businesses Should Look For While Choosing a Machine Learning Solution?
There are many solutions that a company can opt for, in order to make betterments in their services. Organizations must look out for the following considerations before making any decision.
- Easy to use and implement
Companies must opt for a solution that can be used without having hours of training and onboarding. The top priority must be the simplicity of the system when choosing any AI and ML solution.
- Scalable solution
Businesses must implement a solution that allows market growth and increase credibility. Artificial intelligence-based technology can often easily be scaled.
- High-quality support
Another key consideration for organizations is the AIaaS provider support as they need a solution that always provides support, from tool onboarding to implementing complex machine learning models.
- Ample features
Organizations always require a tool that’s able to execute the actions needed. Tools that can perform Natural Language Processing (NLP) and image classification can be very helpful.
- Speed of development
AI is evolving rapidly, so companies must look out for a solution that can keep up with industry developments, and update the solution as per the industry standards.
How to Implement Artificial Intelligence services in Small Businesses
The implementation of Artificial Intelligence Services is a must for businesses. Let’s see how it should be done.
Testing Should be Done
Regardless of how advanced software is, new technology can sometimes be overwhelming. Not only because of the newness but because of the changing aspect around it. Therefore, companies must do some experiments first – or pilot – with a high chance of demonstrating a positive investment return.
Artificial intelligence services for business benefit from the term called “network effect”. AI-based applications are becoming more valuable due to the growth in data that is being processed. So once the use case is proven, it is in the company’s best interest in order to integrate as much data as possible. The reason is that accuracy grows with each new instance the model receives, leading to a higher overall performance of the company.
With the introduction of machine learning solutions, small businesses can achieve their targets on time, without any chance of human error. It will also allow them to work in a risk-free environment which will be beneficial in the longer run. Artificial intelligence services and solutions have changed the working mechanism of businesses. As mentioned before, it is predicted to grow substantially by 2022. So, it must be implemented in the businesses to increase overall profitability.