Emerging technologies such as big data and AI can be daunting for the small business owner, but there’s also significant pressure to stay ahead of the curve. Small businesses are always competing to keep costs and overheads low, as they’re less able to sustain themselves through the lean times. However, McKinsey research has shown that implementing big data strategies can significantly impact the bottom line. For example, a retailer could increase operating margins up to 60 percent.
Implementing big data and AI platforms doesn’t need to involve hiring teams of data scientists or analysts. At this point in 2019, small businesses have a wealth of out-of-the-box solutions available to them, covering a variety of use cases.Chatbots are helping to reduce operational costs by providing a “human” element to first-line customer services and general inquiries. Juniper Research estimates that chatbots will save businesses around $8bn by 2022. Bots can also help with lead generation and conversion, by providing a direct route from the company website to a sales representative for those who choose to engage with the bot online.
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