How Small Businesses Can Leverage AI to Battle Bigger Competitors

Previously relegated to Hollywood fantasy, artificial intelligence (AI) is now one of the fastest-growing industrial capabilities. In fact, AI as an industry is projected to surpass $390 billion globally by 2025, up from $24.9 billion in 2018. At its core, AI seeks to transform information into intelligent, automated action. The consolidation of data structures and the creation of unique algorithms allow systems to automatically learn and recreate patterns that they've previously synthesized. While tech giants like Amazon, Google and Facebook annually invest hundreds of millions of dollars in AI to develop new products, marketing programs and enhance their platforms, small businesses can also leverage machine learning, a field of computational statistics where algorithms automatically learn and improve tasks without explicit programming, and predictive modeling to improve operations and grow at the same time.