AI and Big Data Present Interesting Opportunities for Businesses

All businesses use technology to varying degrees, typically to improve operations or offer innovation through a service or product. SMBs often benefit from the increased use of technology in the business world, as it’s generally quite effective at solving their problems and accessible enough that even companies on a budget can afford it. Let’s look at some opportunities your own business might have in 2024.

Your Business’ Priorities for the Rest of This Year

While the workplace today vastly differs from that of just a couple of years ago, the same tools that have enabled collaboration and communication are just as useful as ever. Various technologies have emerged to address specific goals and needs in recent years that your business should be prepared to consider.

Let’s look at some technologies your organization can implement to improve operations and seize opportunities.

AI Will Continue to Trend in Business

More tools for leveraging artificial intelligence are released by the month, and the existing ones have been made more practical in the process. They are easy to leverage by both businesses and individuals alike, but with more advanced capabilities, businesses have many options to use AI. For example, with AI's help, retail organizations have cut 98% of theft, fraud, and human error—very impressive to consider.

AI has also freed up a lot of time for businesses to reinvest in themselves or their clients, and it’s all thanks to the automation of more rote and administrative tasks. Employees have more time on their schedules to participate in more meaningful work. AI has also allowed for more powerful security measures that keep companies safe.

How Businesses Will Use AI

All companies want to be efficient with the technology they implement, so it’s natural that AI is the most logical evolution for SMB operations. Companies that haven’t used AI plan to do so for the following purposes:

• 24% to recruit new talent and manage HR processes
• 32% to manage finances
• 43% to augment customer service and support processes
• 45% to generate improved insights from data analytics
• 48% to optimize sales and marketing practices

Big Data Presents More Opportunities

The Digital Leadership Report from Nash Squared indicated that two-thirds of respondents view big data and analytics as a considerable competitive advantage. A quarter also saw greater profits.

Businesses might already face challenges due to their size and limitations, but data analytics can make even larger data sets easier to work with. Small businesses can then use the insights to make better decisions.

Hybrid Work is the Present and Future

Businesses started leaning more toward the hybrid model in response to the return to the office post-pandemic. Employees enjoy the freedom and flexibility it offers in both the home and office. Technology makes remote onboarding much easier for businesses, which is good—poor, inefficient onboarding practices can cost companies during the hiring process.

Hybrid practices also mean that employee monitoring software will become more necessary, but that’s hardly surprising. Hybrid work means that businesses need more solutions that can help them prioritize productivity during work hours while also allowing for flexibility. Regardless of how a business might enforce policies, technology allows for more effective remote and hybrid workplace operations.

IT Presents Opportunity for Your Business

Capital Technology Group wants to help your business fuel the next year with the best IT on the market. Learn more by calling us today at (501) 375-1111.