In today’s era, technological advancements has made our life easy and comfortable to live. Both Product and Service based companies tend to facilitate the end users by developing such products or services for small-scale businesses, which are not only affordable but also enriches the end user experience.
Since the past couple of decades, all of us witnessed the pace by which technology grew to offer us comfort, peace of mind and ease of doing businesses. 'Technology' is subjective to discuss as its scope is limitless and potential is yet to unveil but still it would be unfair if Artificial Intelligence is not discussed here today.
Artificial Intelligence is the simulation of human intelligence processes by machines, especially computer systems. Artificial Intelligence was conferred as a distinctive field of study when Alan Turing gave Turing Test in 1950. Since then AI was keenly studied and various algorithms were developed to process the data.
Artificial Intelligence is a vast field and often tend to create vivid perception in our minds regarding its merits and demerits. Majority of Technologists, Physicists, Economists and executives tend to support the development of AI for better future aspects. Moreover, companies are extensively investing to create self-sustaining smart systems.
Furthermore, AI has already succeeded to benefit small-scale businesses and startups in India in many ways. Small Scale Businesses are using machine-learning algorithms for predictive modelling to forecast the future trend based on their historic data. It not only provides an explicit notion of their margins but also their probable future losses. Micro scale businesses of hair oil, exotic soaps, dairy products etc use machine learning models to predict periodic sales ,customer segmentation to identify and cluster the customers to target the potential user base, sentiment analysis is used to get the feedback about their product or service.
AI systems are cost-effective and require low maintenance with time. For Instance, recently a robot was deployed to accept and serve the orders to its customers in one of the hotel in Bangalore. The robot not only performed its tasks precisely but also caught the attention of various media houses. Moreover, businesses these days host chat-bots on their websites to answer to enquiries or to make reservations for their customers in case of hotels or flights, which in turn is also an application of artificial intelligence.
Therefore, Artificial Intelligence not only reforms the way of doing businesses but also safeguards them from any future risks.