Innovations like Artificial Intelligence (AI) are changing the way businesses are run. With new tech emerging at a rapid pace, organisations across every industry are exploring new and exciting ways to improve their services, streamline processes and reach new levels of success with the help of a digital friend.
According to Finances Online, the AI market’s compound annual growth is expected to rise by a third (33.2%) between 2020 and 2027. As it becomes more ingrained as part of daily life, businesses must explore the options and benefits available to them, or else risk being left behind.
But is the impact of AI wholly positive? We’re going to take a closer look at how AI is impacting small businesses, and what you should do about it.
What are the potential benefits of AI for businesses?
In layman’s terms, AI involves simulating human intelligence through the use of machines. As such, it can be used to complete many of the more monotonous tasks involved in running a business, such as keeping appointments, bookkeeping, workflow management, contract management and more. In theory, this gives business owners and their staff members more time to focus on more pressing business matters.
AI is arguably most commonly seen in chatbots – a simple tool that many businesses utilise across websites, apps, phone calls and social media messaging to communicate with existing and potential customers. AI chatbots can give customers quick and accurate responses to queries and FAQs, saving staff time to spend on some of the more niche customer enquiries feeding through.
Another common example of AI comes in the form of cybersecurity. AI removes the potential for human error or oversight leading to a data disaster, by supporting with essential factors like phishing detection, behavioural analytics, vulnerability management and more.
Ai is also becoming more popular in marketing circles. By assessing data and algorithms, AI can help determine the most popular kinds of content, demystify factors such as finding the optimum keywords and posting times, and increasing customer engagement.
Time and money saving
AI is often used as a means of saving both time and money for business owners and their staff. By handing over certain tasks to machine learning, you can enhance productivity and improve your finances across your organisation. A famous example of this comes from streaming giant Netflix which, in a time of financial uncertainty in 2017, managed to save almost $1 billion by implementing machine learning methods.
Are there any downsides to the rise of AI?
Despite its many uses, some people are wary of the rate at which AI continues to grow. The efficiency of the machine learning algorithms displayed by AI software depends wholly on the quality and quantity of data they are trained on. As such, there have been numerous incidents reported of unpredictable, confusing and problematic AI mishaps, from iPhone’s Face-ID initially being trickable with a mask, to AI developed by the Georgia Institute of Technology last year inadvertently making sexist and racist decisions.
Moreover, there have been complaints of AI taking roles away from people who need the work. This is particularly prevalent in artistic circles. Last year, the AI art trend went viral on social media, with thousands of users downloading apps that generated AI artworks of themselves. This led to a huge backlash from artists and the trending topic ‘#supportartistsnotai’.
How can businesses utilise AI in their services?
In order to master the use of AI in your business, you need to ensure that you stay in the driver’s seat. AI is a tool to help steer your business towards success, not something to centre your business around. It should make things easier for your staff and customers, freeing up time for more rewarding interactions and experiences.
Implementing carefully selected AI technologies can help small businesses achieve this. Tools like Live Chat Support Bots that answer common customer queries; vulnerability scanning software that improves cybersecurity; and content analysis platforms for improved marketing can all serve to improve efficiency, support growth and help to achieve success in the long term.
Having the right support in place can help you make the most of developing trends in your business. Surround yourself with the right people by exploring the growth and support options in place from North East business support companies. TEDCO Business Support has helped thousands of start-ups get their feet off the ground in the region, helping them start, grow and achieve sustainable success in their field.
Got a business you’d like to launch in 2023? Get in touch with the team at TEDCO Business Support today. Give us a call on 0191 516 61 02 or drop us an email at firstname.lastname@example.org.