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International Data Corporation, a marketing intelligence and service company, predicts that by 2019, 40 percent of digital transformation initiatives will be supported by some sort of cognitive computing or artificial intelligence. For example, Madison Reed, an at-home hair color company uses an online questionnaire coupled with a live chat with a licensed colorist, a phone line, and email to give customers suggested recommendations based on their hair texture, amount of (or lack there of) grey and current hair color and history, as well as the look they are trying to achieve. For example, Hilton Hotels is using its chatbot, Connie, an AI-based concierge service, to cover basic tasks, like scheduling a spa treatment, to allow the hotel staff to focus on taking the guest experience to a higher level, according to Hotelogix. Customers get a very personalized experience through the ability to control lights, room temperature, drapery and television, While hospitality still means service, in the current market it now means using technology, like artificial intelligence, to help.

Instead of applying for a loan based on the company’s credit history, you might instead ask for financing secured by the inventory you hold. And, therefore, may be far cheaper than traditional loans which are usually based on the company’s financial history. While obtaining a traditional business loan might require you to document the financial history of your company’s operations, an asset-based loan likely would not. Asset-based loans often have more flexible payment terms, allowing businesses to pay off the debt at a time that is most suitable given their cash flow.

Online marketing guru Neil Patel wrote on this blog that people use voice searches because they are in a hurry and want immediate results: “They aren’t searching because they’re curious or interested. As consumers increasingly turn to voice search, business owners must understand how to get their businesses found in those searches. The average voice search result page loads in 4.6 seconds — 52% faster than the average web page, according to a study by Backlinko, an SEO firm. For business owners, optimizing your online efforts for voice-enabled search may help keep your business top of mind for connected consumers.

The internet of things, machine learning and blockchain may seem like high-tech jargon only tech gurus use, but these technologies can offer low-cost opportunities to improve a business’s security, efficiency, and productivity. Although you may use AI in your business for something like your online accounting system, the rise of ML, or machine learning driven by AI means automated digital programs will “learn” how to automate your most common digital tasks in order to be more effective, efficient, and productive. Some emerging ML examples for businesses include automated customer support after hours, identifying patterns in machine data that might indicate necessary repairs, and helping predict health issues based on patient data patterns. For example, blockchain technology is behind the Basic Attention Token, a digital advertising “token” on the Ethereum blockchain is used to improve the efficiency and effectiveness of communications between advertisers, publishers and users.