Four AI Tools To Navigate A Souring Economy

As an entrepreneur, you know that you have to be ready for anything. The best of plans can quickly come apart when you least expect it. A souring economy is one of the things that every business owner has to be ready for.

Instead of waiting until your back is against the wall, you should start thinking about how a souring economy can affect your business and how you can keep it competitive. Fortunately, AI is here to help, and it comes in a variety of different forms.

The challenge of AI is not just to build the technology, but also to realize how it should be applied. In the current business environment, there are many AI tools and applications that can help companies gain a competitive edge. Here are some must-haves for your business:

1. Machine Learning (ML) - Machine learning allows computers to learn from data without being explicitly programmed. It enables computers to recognize patterns and make predictions based on those patterns. This software can organize and seemingly learn from data to create more efficient and organized systems.

Technology like Robotic Process Automation (RPA) uses this technology to overhaul and upgrade entire systems, making businesses more efficient. Today many businesses are exploring where they can apply ML software to make their websites more personalized and predictive of their customer's behavior.

2. Natural Language Processing (NLP) - NLPs have come a long way in recent years, and are proving themselves to be instrumental in real-world AI applications. NLPs can interpret human text and speech which can be leveraged to market and personalize your store.

Applications like Dall-e 2 or AI-powered copywriters are already removing and automating away tedious work, freeing up employees for other tasks. Likewise, a proven NLP technology can make a difference on your site’s page.  Clever chatbots provide information about your products and services at any hour of the day. They make it easier for customers to contact you when they need to find out more about something or order a product or service without having to wait in long queues or call centers.

There are plenty of NLP tools available to you now to make your store more efficient and personable. You can boost your copywriting with Copy.ai or record your interviews with Otter.ai for easy transcription. You can also use Dall-E 2 to unleash the creative potential of AI and start creating images for your store.

3. Predictive Analysis and Forecasting - Predictive analytics uses historical data to predict future outcomes based on patterns from past data. Forecasting is a subset of predictive analytics that uses historical data from multiple sources to predict what will be trending in the near future.

The two terms are used interchangeably when discussing business intelligence tools, but there are subtle differences between them. Predictive analytics is broader than forecasting because it can be used for many purposes outside of forecasting, such as identifying fraud or predicting customer behavior to increase sales conversions or retention rates. Using predictive analytic software like First Insight you can anticipate outcomes and build a versatile marketing strategy moving forward.

4. Computer Vision - Computer vision makes computers see what humans see by recognizing objects in images or video feeds; this helps with everything from autonomous cars to facial recognition software like Face ID on iPhone XS Max and Google Pixel 3 smartphone cameras.

Using computer vision you can leverage visual marketing tools like barcode scans. This allows your customers to acquire online information about your business that wouldn't be available in brick-and-mortar stores. Likewise, you can use computer vision AI for image recognition software like Yoobic or Microsoft’s Computer Vision API, which allows you to add image and video analysis to your other applications.

Preparing For The Future

We know AI can sound intimidating but we’re here to help. With some simple setup and a bit of guidance, you can equip the right AI tools to future-proof your business. As the state of the economy remains shaky, now is the time to ensure your business is versatile and competitive enough to survive the upcoming turmoil. 

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