Many small-to-medium businesses (SMBs) are exploring the use of digital platforms, big data, predictive analytics, artificial intelligence (AI), and machine learning (ML) to create new forms of value for their customers. The core goal is to create a value proposition that competitors are hard-pressed to imitate. One important aspect involves collecting very large amounts of data and using advanced techniques to analyze them and inform product/service development. Marketing and sales directors in these SMBs are also using this modus operandi to discern and respond quickly to marketplace trends in their infancy.
SMBs that want a practical path to AI adoption have been turning to a technology platform called Platform as a Service (PaaS). PaaS allows your organization to transform organizational structures, cultures, and knowledge building by securing connections among data, information, employees, customers, and other ecosystem participants. With digitized and automated processes, PaaS connects decision makers and systems to all pertinent information and drives interactions across channels, including to and from customers.
With those connections firmly in place, SMBs can tap the power of AI and discover new ways to grow revenue sources. SMBs can leverage information channels that range from Twitter, the internet of things (IOT), and intelligent bots to websites and mobile devices.
This Harvard Business Review report explores new ways of thinking about competitive strategy that spring from digitized connections across different ecosystems. You will find examples of successful SMBs already using smart strategies to enable artificial intelligence and machine learning, reinvent their business models, and create winning relationships with their customers.
Let’s face it – artificial intelligence is a game changer. So, it is no surprise that SMBs looking to transform their businesses and create new revenue sources are eagerly looking at practical approaches to adopting AI.