Artificial Intelligence And Small Business In Nigeria

Artificial Intelligence And Small Business In Nigeria

The traditional way of doing business is gradually being left behind for a more conventional way. Most big businesses have embraced technology for effective delivery of either their product or services, depending what is on offer. A study I once reviewed described how the new trend must be assimilated into the day to day activities. Especially for business in the Nigeria.

Businesses are failing while a lot more are closing shop and parking out of the country, according to a report on Punch Newspaper, small businesses can actually leverage on the efficiency that artificial intelligence brings to foster expansion.

Importance Of AI On Small Business in Nigeria

The business environment is not for the week; therefore, small businesses must seek out for ways to stay afloat. Continuous relevance means that business owners must always seek innovations was to remain competitive. Integrating artificial intelligence gives any business the edge it deserves. This tool has been described as important, it helps you to better under customer behaviour, customer experience using data to derive inform decision in order to meet customers satisfaction.

A business that want to seek for loan must have to provide relevant data that will best support their loan request. AI is a tool that can give near perfect result as to the state of your business. You get to adopt the best approach to applying for the loan.

Nigerian Market And Understanding Role Of AI In Small Business

You will agree with me that different method appeal to different customers. However, there are methods that just work for majority of the clients, take for example, customers are drawn to video contents when it comes to ads. With AI you can measure the percentage of customers who prefer a particular service or products and then you can make an inform decision as regards to that information. Favouring a video content by customers maybe influenced by how culturally relevant information as portrayed in the video. With this can conclude that having a clear understanding of the customers preference is very important in developing effective interaction.

Reports such as a possible 120% increase in customer interest in a particular product or services came as a result of businesses employing video marketing technique. The decision to make use of this technique came about the use of AI and data analytics techniques.

Why Do Small Businesses Slow To Adopting Artificial Intelligence

In recent years, artificial intelligence has gain a lot of popularity amongst businesses, there are no exception for small business, even though the later are reluctant to introduce AI, this is believed to be because of the cost implications. However, the benefits, business owners are skeptical on spending on ventures that might not be profitable on the immediate future due to limited resources.

Business Growth Facilitated By AI Solution

In as much as the cost of AI is on the high side, it can significantly help a business to grow on a geometric level. This can be achieved via managing customer interaction/relationship, using predictive analytics, data analytics and then using AI solutions to outline the information that will be enhance business growth. The idea at the end is to discover alternative avenue to grow the business and increase revenue.