As we gear up for the next fiscal year,SMEs are faced with a pivotal question: Should they prioritise integrating more artificial intelligence (AI) into their operations and, if they do, where do they start?
The answer, however, isn’t simply a matter of yes or no, it’s more trial and error. It’s about understanding the quality and value AI can bring to the table. SMEs should focus on how AI can strategically address their business challenges and give them back time and resources so their teams can be more productive.
The allure of AI can sometimes overshadow its practical application. Rather than succumbing to the hype, SMEs should concentrate on the tangible benefits AI can offer over blind adoption. AI isn’t a magic solution but a tool that can help address strategic challenges and inefficiencies within the business. It’s an opportunity for a mindset shift towards innovation and efficiency.
The best thing about AI today is that you no longer need to be an expert in technology to get a lot out of it, however it does help to be an expert in your field and customer. Every small-business owner will be able to get a lot out of AI because they are experts in their customers.
So, if you’re going to make FY25 the year you bring AI into your business, where do you start?
Education
Education is paramount. The Government believes so much in the power of AI to unlock productivity that they offer free resources like the CSIRO & Institute of Applied Technology course, designed to demystify AI’s potential and help businesses navigate its implementation. Understanding AI isn’t reserved for tech experts, it’s essential for all levels of management.
Appoint an AI advocate
Empower passionate individuals within the organisation to educate themselves on AI and lead the charge. Implement a train-the-trainer program to disseminate knowledge across teams. Explore AI’s potential to enhance engagement, streamline performance reviews, and elevate presentations.
Budget for AI tools
When allocating resources for AI adoption, consider the business size, industry, and specific needs. Basic AI tools can start as low as $30 per person, offering access to enterprise-grade solutions like OpenAI’s ChatGPT4 or Anthropic’s Claude 3 Opus AI Models. Start with simple implementations, learn, and then invest in products tailored to specific tasks.
Test and learn
Implementing AI requires structured processes. Define a clear strategy for a 12-month AI adoption journey, involving the entire business. Regular evaluations and feedback loops ensure alignment with organisational goals.
The benefits of integrating AI into workflows are manifold. It saves time and money, liberating teams from mundane tasks to focus on high-value strategic endeavours. AI doesn’t replace human creativity; it amplifies it, fostering innovation and growth.
AI isn’t a novelty; it’s the future. SMEs must view AI adoption akin to the transition from fax to email. Where repetitive manual tasks bog down productivity, AI can step in, whether it’s drafting emails or proposals.
The next fiscal year presents SMEs with an opportunity to revolutionise productivity through AI. By embracing AI strategically, educating teams, and implementing structured processes, SMEs can unlock unprecedented efficiency and innovation. It’s time to harness the power of AI and propel your business into the future.
