By now everyone has heard the term artificial intelligence or AI, but not as many know what is technical means. Simply put, artificial intelligence means that a computer can engage in human-like activities. This could include learning, forecasting, and planning for example. The most common type of artificial intelligence used today is that of machine learning. With machine learning, the computer can process huge quantities of data and essentially develop and improve on its own. So how does any of this affect you as a small business owner…
For one, you might implement some aspects of AI to automate how you communicate with customers. This could involve for example chatbots—chatbots are those automated responses that pop up at the corner of the screen when someone visits your site asking them if they require help via chat.
You could also use it in the hiring process. For every one job opening, there are potentially hundreds of applicants. Using AI, you can sort through all such applications instantly. And then, determine which candidate is the best fit. This saves a tremendous amount of time on your end.
AI can dramatically enhance digital security. Especially given the major data breaches as of late, AI-oriented tools and programs can quickly identify any behaviors that may seem to align with suspicious activity and thus help stem a potential cyber attack.
Helping You Implement AI into Your Small Business
At First Union, our goal is to give the small business owner every advantage. If you haven't integrated the latest AI technology into certain facets of your business, then it's probably time. And we can help! Our flexible and fast loan programs can get you the cash you need for any such project in as little as two days. And even if your credit score isn't quite where it needs to be, we still most likely have a loan program that fits your business needs—call today!