Artificial intelligence is no longer just for large businesses. As AI continues to evolve, small businesses are embracing this new technology and discovering how to leverage it to help them compete with big companies even in times of recessions.
According to a study by U.S. Chamber of Commerce, 23% of small businesses are already using AI and 39% plan to use AI tools in the future. AI tools are predicted to grow exponentially over the next several years as they continue to be developed and made more affordable for small businesses. Let's dive into the topic and learn more about how AI can help small businesses.
What is AI?
Artificial intelligence isn't necessarily one particular technology, but a range of technologies that is more intelligent than the traditional software companies are used to employing.
AI tools use machine learning, which gives AI a competitive advantage over traditional business software. Machine learning allows AI to continue learning and developing on its own. Many companies find this to be one of the most important aspects of AI as the technology can continue evolving without companies needing to funnel money or personnel into it in order for it to improve.
How to leverage AI in small business?
There are various spaces in small business where AI can be a helpful resource including customer service, facilities management, marketing, finance, supply chain management and sales. Small businesses can even use AI to do the following:
Create content
AI tools can help small businesses write social media posts, product descriptions, emails, blog posts, job descriptions and other forms of written content. AI-generated content mimics human language and can be a potential solution when small business owners don't have the time to write the content themselves.
Co-owner of hot sauce company Gindo's Spice of Life, Mary Ginder, uses AI to help write product descriptions as reported by Fox Business. "I use AI when I'm looking for new ideas on how to describe a flavor profile for our sauces or when I'm in a hurry to get a newsletter generated and don't have time to write my own copy," she said.
Automate customer service
Small businesses are increasingly using AI chatbots to solve customer service issues. These chatbots provide immediate communication with customers, and they often don't even realize they aren't conversing with a real person.
Make marketing easier
Most small business owners aren't marketers, and AI has the potential to help take the stress out of marketing.
Texting customers to remind them of an in-store discount, sending social media posts when customers are most likely to be online and greeting new subscribers with a welcome email can all be automated with AI.
Help better understand data
AI tools can help small businesses better understand data generated by their websites.
AI has the potential to find data patterns, identify trends and make future predictions that small business owners might otherwise have missed.
Advantages of using AI in small business
AI tools offer numerous advantages for small businesses. One of the most significant advantages is that it saves small businesses time. When AI is utilized for the more mundane tasks, small business owners find themselves with more time to devote to other aspects of their business or to just take a well-earned break.
By saving time with AI, small businesses can save money. The right AI tools has the potential to make small business more efficient and efficiency often results in cost savings. AI can handle a variety of tasks, which can save small business from having to hire more staff, especially during peak retail seasons such as the holidays.
Small business owners take on a lot of roles, but they will inevitably not be an expert in every facet of business. AI tools can take on those roles that small business owners would otherwise have to hire for, saving small businesses both money and time.
Given the opportunities that AI affords, small and medium-sized businesses have the chance to compete with big businesses. These businesses can automate repetitive operations, engage in analytics and provide highly customized consumer experiences by implementing AI technology, which was previously only possible for large companies.
