Mastercard: Democratizing Data Analytics and AI To Level the Playing Field for Small Businesses

NORTHAMPTON, MA / ACCESSWIRE / September 20, 2024 / Mastercard
By Dorothy Pomerantz

Originally published by the Mastercard Center for Inclusive Growth

Given that Colombia is the second-largest exporter of coffee, the mission of Azahar Coffee might seem a little counterintuitive: Keep as many Colombian beans in Colombia as possible. The rationale? Colombians deserve to drink the best coffee too.

Foto: Accesswire

As a small business built upon a reputation for fare that's both on trend and fresh, Azahar needs to stay sharp to be able to compete in a growing market. Using artificial intelligence (AI) could help, by giving the café a way to use its own data to make smarter, more efficient business decisions. For example, by analyzing how many sandwiches are sold per day, it could eliminate waste by buying only as much as bread as is needed that day. Knowing which tables are busiest at which times could improve staffing, and analyzing how many people prefer oat milk over cow's milk could help fine-tune dairy inventory.

These kinds of tools are already being adopted by large organizations. According to one recent study, about 42% of companies with more than 1,000 employees have already deployed AI to help their business. But barriers remain for smaller companies that don't have the time or money to hire AI experts and build their own technology. To truly democratize AI, we need to find ways to make these tools more accessible to smaller businesses so they can compete in an evolving tech landscape.

Small businesses will need customized, easy-to-use, accessible solutions. Here are three that are being developed with support from Mastercard Strive.

Building chatbots to harness data

Azahar is part of a pilot program from Datasketch, a small social technology company that is democratizing data science to combat social inequality.

The program is bringing chatbot-enabled AI to small businesses in Bogotá. Existing data analytics services are out of reach for the 50,000 independent stores and restaurants in Bogotá that could benefit from using AI to simplify their data for better decision-making.

For years, these businesses have grappled with a significant challenge: how to harness the power of their data with limited resources. The corner café or local store often relies on gut instinct, basic spreadsheets or incomprehensible reports from the various digital platforms they use. Datasketch's chatbot generates the insights small businesses need to get to the next level by working with models trained exclusively on a small company's own data.

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