For centuries, people of all kinds have been the driving force behind the growth of their own small business. For small business operators, the reality has always been that if they desire success in their professional lives, they have had to make it happen themselves. As evidenced by the large and diverse number of small businesses in existence, people have found success in going this route. However, the substantial existence of small businesses does not indicate the creation and growth of them was simple. In fact, many small business owners would say the exact opposite about their early days. The good news for those just getting started comes in the form of artificial intelligence. Erik Brynjolfsson, the director of the MIT initiative on the digital economy, supported this idea and more, “Harnessing machine learning can be transformational, but for it to be successful, enterprises need leadership from the top. This means understanding that when machine learning changes one part of the business — the product mix, for example — then other parts must also change.”
Taking these words to account should lead to questions of, what are tangible ways AI can help elevate your small business? Below, you will find the insights of people who have experience utilizing the technology.
Finances
Chandler Rogers is the CEO of Relay, a brand offering team-based accountability and connection. He believes the impact artificial intelligence can have in aiding money management is noticeable.
“There’s no two ways about it, accounting is a trying task and never gets any easier. If it’s not tax season, it’s bonus season or the end of the quarter. With this much intensive work, even a lull can become overwhelming. AI such as chatGPT in accounting has become a huge benefit to accounting departments regardless of the industry their company works in. Automated tasks and chat bots which learn how to retrieve and present information are widespread at this point. There’s even technology which allows for self-sufficient organization of any or all your documents. Basically, the overarching idea behind the use of the technology in this area is to make everything far more efficient and accessible.”
IT security
Elite HRT specializes in hormone replacement therapy. Their Founder, Michael Fischer, suggests introducing AI to the cybersecurity side of things as it only strengthens digital defenses.
“Computers have become an everyday essential at this point. Especially in the professional world. And with computers comes the inherent danger of viruses, network attacks, security loopholes, and user error. If you’ve ever encountered just one of these issues, you know how harmful they can be. To me, it seems incredibly obvious the best defense against computer issues would be computers themselves. Small businesses have found this to be the case as evidenced by their use of artificial intelligence within their IT security division. It’s new and daunting to be sure, but the peace of mind will be worth it.”
Customer service
Logically, computers thoughtfully helping customers is not an idea that seems to work. TakeUs is a business providing collateral-free NFT rental and mortgage platform. Their CMO, Loic Claveau, considers the pairing of the two to be incredibly advantageous.
“Customer service may be one of the more personal aspects of business so using AI to improve it may appear counterintuitive. But you can find more examples than you can count of businesses doing just that. Why? Well, it’s made a massive difference for them. The technology behind it has advanced to the point where it can understand the emotions being demonstrated by people. On a much simpler level, there’s no shortage of fully automatic tasks that will make life easier for your employees. I’d be willing to bet your customers will appreciate the positive change as well.”
Highly insightful data
Rym Selmi is the Founder of MiiRO, a brand offering plant-based vegan chocolate and baking ingredients. She advises others to look long and hard at the benefits artificial intelligence can provide in reporting business analytics.
“Like it or not, business can boil down to just a numbers game sometimes. Anyone in charge is always looking for the next way to save a dollar or shave some time off a process. AI is here to make that a normality. The systems created, which learn the ins and outs of your logistics, are incredibly powerful tools because they show you where you’re doing well and where you can improve. Honestly, you would be hard pressed to find an area of your company that you can’t apply this to, and you’ll be better off for it.”
Hiring
Caliber Games specializes in both classic and original game products. Their Founder, Alex Carroll, believes AI can make finding the right hires a far easier process.
“If you’ve ever been on the corporate side of the hiring practices you know just how many applications come in the door once a job availability is posted online. Picking one of these is a bit like Russian roulette – at the end of the day you must make a choice and hope for the best. However, artificial intelligence will make it so those in the decision-making chair don’t have to worry as much about making a poor choice because the system has already presented them with the best candidates.”
Logistics
In business, there is nothing better than saving money. Attn:Grace is a business providing modern solutions for age-old problems: skin-safe personal care, designed by women. Their Co-Founder, Alexandra Fennell, proposes launching an artificial intelligence initiative because of this.
“The transportation of goods of any kind can quickly turn into a nightmare. Between product availability, shipping delays, or possibly customs, there’s ample proof to establish that this statement is true. On top of this, logistics in general are highly complex and require constant attention. Small businesses are handling all this by harnessing AI and letting it do its thing. I’ve seen so many people amazed at the changes and resulting impact made possible by suggestions from the software. Conceptually, this may be quite the mental hurdle, but the value will make itself known rapidly.”
If the ideas presented above are unfamiliar, do not let that feeling push you away from artificial intelligence solutions. Afterall, the things it is capable of will elevate your small business. Paul Daugherty, the chief technology and innovation officer at Accenture phrased it differently, “The playing field is poised to become a lot more competitive, and businesses that don’t deploy AI and data to help them innovate in everything they do will be at a disadvantage.”
Founder Dinis Guarda
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