In part four of our Small Business Week series, we'll look at how one business is harnessing the power of data.
Today we'll look at how small businesses are adopting and using big data and artificial intelligence (AI).
Big data and AI are already taking root in several industries, from entertainment to marketing to healthcare. Though adopting big data and AI is intimidating because of the intellectual barriers to implementation, more and more businesses are beginning to realize their data's importance to remaining competitive.
A little over 12% of small- and midsize-business owners are already using artificial intelligence (AI) and machine learning (ML), which are both fueled by big data. Business owners are jumping on the bandwagon, though, and 20% of survey respondents are planning on using AI and ML in the next 24 months.
Your data is the most important asset you have: After you ensure it's secure, you can use it for marketing, machine learning, or to fuel analytics reports.
Artificial intelligence and big data use in real life
Proofed has harnessed the power of big data and AI to make editors' jobs more efficient.
"Every edit has a pattern, a relationship to previous edits, and is analyzable using big data," Proofed's Adam Harvey says.
"Over the last 18 months, we have implemented algorithms to identify the number and category of alterations our editors make in relation to all previous documents. This enables us to score the edited documents and catch outliers with too few or too many edits and ensure these documents are double-checked by another editor to improve consistency. We already had a QA process, but this has added a level of sophistication that is a game changer."
Proofed's use of big data and artificial intelligence shows how using data you already have can improve processes that are otherwise too long or tedious when using only manpower.
Should you use it?
"With great power comes great responsibility."
Ben Parker, "Spiderman"
It's true. With all the data you gather, you can get amazing insights for your business. But, with all that data, you'll also need the data security to ensure your information doesn't get leaked.
To determine if big data and AI are right for your business, answer these questions:
Do you have the data security systems in place to protect all the data you'll be collecting and analyzing?
Do you have someone on staff who is comfortable swimming through the data deluge, or will you have to contract that job out?
Are you able to act on the insights that big data can provide? In other words, do you have the staff, knowledge, and cash to use the strategy-forming information that big data provides?
Is your answer "yes?" Then it's definitely time to harness today's biggest business weapon: your data.
Want to learn more about how to use AI and big data?
Take some time to read some of our other articles about artificial intelligence and big data:
20 Machine Learning and Artificial Intelligence Statistics
Why to Use Artificial Intelligence in Your Cybersecurity Strategy
What Is Big Data And How Can It Empower Your Small Business?
Want to learn about hiring AI services for your business needs? Our list of the top AI companies and their features will help you narrow your search. Read more in Capterra’s artificial intelligence company hiring guide.