What is Small Business?
Small business is a self-made business that has limited no of revenue based on their Industry. A local retail merchant that employs 10 people is an example of Small Business.
A manufacturing Industry that employees of less than 500 people are an example of Small business.
Partnership firm, or sole proprietorship, and a company that has a few employees and less revenue is known as a small-scale business. A small business established by Small Business Administration that has certain criteria related to no. Of employees and capital.
Let’s discuss about Artificial Intelligence?
Artificial Intelligence or Machine Intelligence is Intelligence displayed by Machines and is different from the natural intelligence of a human. Artificial intelligence consists of two words one is Artificial and another is intelligence, Artificial means which is made by human beings and Intelligence relates to the way by which we can perform any task.
In small Business Artificial intelligence gives a right technique for the improvement in the production capacity. Business may be gaining in the future by adopting the best Artificial Intelligence technique, save time, cheaper in compare with manpower, more reliable, works with full efficiency, and new technology for growing small Business, no need of motivation, machines never get bored.
Artificial intelligence works as follows: –
- Information Technology sector: –
With the help of Artificial Intelligence, the repetitive works in the business have been removed therefore the information that is collected is effective and useful. By the help of Artificial Intelligence, we developed new software for the improvement of core processes in Business.
- In the Marketing sector: –
It helps in tracking the work performance of Business and collect information related to the traffic generated on the website. The businessman can easily track their employees with the help of Artificial Intelligence.
- Financial and Accounting sector: –
For financial and accounting Artificial Intelligence is very useful for Business. Artificial intelligence makes it easier for accountants and financial managers to maintain their accounts and portfolios. It also helps in analyzing various financial figures by using tools like ratio analysis, CVP analysis etc.
- For HR Department: –
Artificial intelligence is very helpful for the human resource manager. It makes the working process easier with the help of artificial intelligence, the human resource manager can easily maintain the working performance of the employees.
- For Production Department: –
In developing the production efficiency of a product Machine intelligence or Artificial Intelligence plays a big role in maximizing the productivity and overall production of the business, With the help of artificial intelligence the production manager can find the best strategy for their business according to their resources.
- Inspection Or Quality control Department :-
Artificial intelligence is one of the software which eliminates the defects in the final product as well, it maintains the quality of raw material as well. Better technology will improve the quality of product and customer satisfaction.
Artificial intelligence can plays a big role in every department in the business. The combinations of small business and artificial intelligence can be cost effective and profit generating. This combo not only benefits the business but also its stakeholders.
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