Over the past few years, more and more small businesses have begun to adopt new technologies within their setups, and it is predicted that, at the current rate of growth and technological adoption, it won’t be long before small businesses compete more closely with larger conglomerates. A large part of this is the increasing introduction, as well as overall simplification, of AI and how it can be used to support and improve business functions.
We’ve seen a number of new tech and AI models introduced over the past 12 months, and it is this which is giving small businesses the confidence to adapt and overcome certain challenges. Pair this with the growing adoption of cryptocurrency in business, and some small businesses seem to have found the winning formula for growth and performance enhancement. With that in mind, let’s take a look at the ways blockchain and AI can help small businesses.
Supply Chain Management
As blockchain technology is now easier to access, businesses have begun to understand better the complications that centralised systems can bring. Cost efficiency allows these systems to thrive, but reduced flexibility and challenges with communication have led to an increase in the number of businesses looking for decentralised solutions, such as blockchain.
Blockchain operates on a traceable and decentralised basis, which then allows businesses to deal with supply chain management more efficiently. AI has also improved the legitimacy of data which is available through blockchain and allows businesses to better predict demand and look closer at the management of their inventory processes. The combination of the two technologies has helped small businesses to create a more seamless and secure system.
Improve Customer Relations
There have been many ways that small businesses have tried to improve their customer relations over the years, but not many attempts have stuck around or proven longevity. One thing that small businesses have looked to automate and create a better experience for is customer relations. AI is one thing which has been at the forefront of improving customer relations, particularly automated chatbots. More and more businesses are finding that there is demand for the addition of chatbots to their website and AI can help with this demand through the use of a simple plugin being added. Blockchain is also offering applications for improving customer relations which can provide personalised recommendations for each small business.
Simplifying Transactions & Budgets
Small businesses can use blockchain to simplify transactions and budgets, making it much easier to manage and keep track of. What’s better is that these transactions are secure and, thanks to the blockchain-protected ledger, are free from tampering and trading scams which are common among other platforms. AI also plays a vital role in financial transactions and helps with the overall planning and budgeting of finances. AI tools use learning tools to provide advanced financial analytics to their users and can help build templates for contracts and budget plans.
With the increasing use of AI and blockchain technology, there is sure to be a huge surge in adoption which is set to follow. With technology growing and adapting at a constant rate, it’s bound to have an impact on a number of small businesses. Be sure to only use AI and blockchain from trusted providers – there are many scams and paywall-protected services which can cause more damage to your small business than good. Fraud recovery can become more complicated when conducted through AI and blockchain, so be sure to be aware when using these programs.