- Machine learning can scrutinize large datasets for insights that can assist small businesses
- Technology can make company operations more efficient while also helping to develop your business strategy
- While small businesses might not have much data to start with, machine learning can be adopted as customer lists and other information grows more voluminous
Technology has always played a role in the evolution of business operations, yet small business owners may sometimes be reluctant to adopt certain innovations. One example is machine learning, which uses algorithms to review vast data sets, identify patterns and insights, and make recommendations based on its findings. It’s particularly popular in the home entertainment business, with companies like Netflix and Spotify using it to recommend songs or movies you might enjoy.
Smaller companies work with much smaller datasets, so artificial intelligence may seem like overkill. But as they start to build up more information such as customer lists and marketing feedback, machine learning can help streamline their operations and improve their business strategy.
Members of the Forbes Technology Council recently shared 14 recommendations on how machine learning can help small businesses. Members recommend using software as a service (SaaS) and platform as a service (PaaS) artificial intelligence options to take steps such as calculating long-term rewards, automating content creation, forecasting sales, and identifying cybersecurity risks.
