Riding the wave of ChatGPT’s seemingly global takeover, artificial intelligence (AI) has become the defining, transcendent innovation of 2023. Around 100 million users are using the tool every month to complete billions of tasks, from writing job applications to planning holidays. However, AI is by no means a new innovation and its true value extends far beyond consumers.
AI can, and is, driving far more tangible benefits for businesses; enabling them to streamline operations, drive efficiencies and build more strategic, interconnected and growth-focused businesses. Leveraging AI might sound like a daunting or unachievable task for small businesses, but it’s not. No business is too small to feel the benefits of AI.
What is AI?
There are many different forms and functions of AI, but in a general sense, it is technology’s ability to perform a task that once required a human. AI makes it possible for machines to analyse vast quantities of data, in context, and learn from experience to perform tasks. For example, AI could craft a cover letter for a job application, based on your resume, the job description and the millions of examples of cover letters that exist online.
You’re almost certainly feeling the benefits of AI already, without even realising it. For example, the content, music and products you’re recommended on Netflix, Spotify and Amazon are a result of AI-based recommendation engines that analyse your viewing habits and preferences, and those of people with similar interests to you.
How are SMEs using it?
You don’t need to be Netflix, Spotify or Amazon to deploy AI in your business though – and many of your peers already are. According to Zoho research, Aussie small and medium enterprises (SMEs) are showing a growing interest in adopting new categories of AI to improve efficiency, reduce costs, and make data-driven decisions. 53 per cent believe they’re adapting well to the changes in technology, while 43 per cent are using AI for tasks like brainstorming ideas, language translation, summarising documents, research, and creating personalised communications.
However, there are also ethical considerations. Chief among them is how we can ensure human work isn’t replaced but becomes more meaningful and impactful. Research found that 75 per cent expect their jobs to be impacted due to more intelligent AI and machine learning, while 46 per cent believe AI will begin performing part of their roles within the next five years. So how should you build AI into your business?
How should you tap AI?
Business ownership and meaningful work are ultimately about human connections. Not even the most ardent AI evangelist wants a world where robots are carrying out every task, big and small, administrative or strategic, mundane or creative. AI is at its most powerful when it removes those administrative and mundane tasks, so you and your business can focus more on the strategic, creative and human-centric tasks.
For example, your small business could use AI to draft blog content and email marketing, create social media strategies, and analyse customer feedback. These are all important ways of improving your customer experience, but when you’re wearing numerous hats, they often fall down your to-do list. Or through software with built-in AI, you can automatically collect customer data, write documents or look for sales figures. When AI is automating these essential but time-consuming tasks, you can focus more on the aspects of your business that shouldn’t be replaced, like strategy, growth and human connections with customers and employees.
While ethical considerations exist, as the technological landscape evolves, AI will create new opportunities. SMEs must improve their AI skills and understanding, and be willing to adopt it to stay competitive. If this happens, and governments and industry leaders equip them with the right resources to thrive, AI could drive big gains for small businesses.
