How artificial intelligence can help small businesses

The evolution of artificial intelligence has led to the opening of unmanned convenience stores and self-service bank branches in Japan and China. Could we be seeing these sorts of changes here?

Large companies can afford to invest in technology to maximize their efficiency, but SMEs can not use much in the market. In NZ we may find that this is where our small banks may fall down.

The technology is new and not very well tested. Whilst some banks such as BNZ are beginning to implement machine learning, it could be sometime before bankers are put out of jobs.

“People who work and run SMEs have so many hats to wear and this type of automation saves a lot of time. For example, if the SME leverages its accounting via Xero, uses Google Analytics, a point-of-sale system such as Kounta, and a list management tool such as Deputy, Aider integrates the software and reports it by conversational interaction.

Banks can now see which stores or staff members are the busiest, which affects our membership. As part of a small business, you can also be emotionally attached to your products. Unlike Siri and other chatbots, who only respond to requests, software like,  Help proactively indicates what needs to be reviewed after analyzing the company’s data.

You can use Help to easily review your earnings and understand how you can do more. It helps you monitor your inventory and inventory to manage margins and people costs. Since its launch in late 2018, it has been very popular with hotels and retail businesses in Australasia.

One aspect of the software is that if a customer spends $50,000 on shoes at four in the morning, the artificial intelligence will check his spending habits to see if it’s his normal behavior, which probably would not be the case in this case. Companies have been proactive with risk management programs in place for AI to detect certain types of suspicious behavior. This type of artificial intelligence has a much higher accuracy rate than a human because of the speed of data processing.

This is where we see AI coming into it’s own, checking bank statements, or analyzing vast amounts of data for fraud.