Nadja Atwal (Journalist, PR-Expert, TV Host, Serial Entrepreneur, Advisory Board Member of the Global AI Council)
& Diana Lammerts (Journalist, TV Host, Business Consultant, Global Communications Director at the Global AI Council)
Diana Lammerts
Nadja Atwal
It’s either use AI or fall behind. That sums up the feeling business owners are going through right now. If the thought of using AI is stressing you out , it just means you have not really been properly introduced. After all this new tool is there to make life easier – not more complicated. So let’s dive into it without fear:
For small business owners embarking on the task of integrating artificial intelligence (AI), the reality is that the technology carries two simultaneous kinds of feeling: promise and anxiety. Some of the great concerns tend to be about cost, complexity, and impact on jobs. This article is the start of a series about ways companies using AI can be empowered and grow. Although AI is advancing at an extremely fast pace, its adoption is still far from widespread for small businesses.
A survey from the U.S. Census Bureau indicates that as of 2023 only about 3.8 percent of U.S. businesses use AI to produce goods and services, with higher usage in the information sector where 13.8 percent of businesses utilize AI. As per IBM Global AI Adoption Index report 35 percent of companies worldwide are using it in their business and half of them are seeing benefits in using AI for example in business or network processes, cost savings and efficiencies, and even a better experience for their clients.
For small business owners, this presents a significant opportunity. While overall adoption is low, those who do integrate AI into their operations can gain a competitive edge, particularly in efficiency and scalability.
Overcoming Resistance to AI
“You never know what you can do until you try, and very few try unless they have to” William Cobbet. The introduction of AI in the workplace has caused great anxiety in employees who think their jobs might be at risk of being lost. To address and eliminate the concerns, business owners can provide education for workers, showing and reassuring them how AI will complement, not replace, the current roles of staff.
One of the greatest transitions will come with training for staff as they move into an AI-enhanced workplace. With investment in these AI literacy programs, employers can develop their staff to work alongside AI which can take over mundane tasks like data entry, allowing the employees to engage in more complex and rewarding projects that require a human touch.
Does this sound daunting for small-scale businesses?
Not necessarily. If you’re not really sure how to get started in AI, then the first thing to do is home in on operations and identify exactly which are the most repetitive, or data-intensive areas. As a business owner you might consider starting small, with a pilot of a few key systems, so you can achieve the relevant quick win.
In this way, they get to test the solution, and glean useful insights from how things pan out – then, move forward with a confidence borne from solid experience for the next rollout. Embrace something small, rather than keeping it at bay.
Minimize Costs and Maximize Efficiency with AI
What is the cost of using AI? Initial investment may seem daunting but the savings over long run and the cutting-edge advantage of implementing AI is worth more. A business can implement AI from simple, prepared deployable solutions with low level of business risk, to full AI solutions with high level of customization and integration (Analytics Insight).
Minimum viable AI prototype technology can be as low as $2,500 to Full AI Solutions from $20,000 up to million-dollar investments, depending on the complexity behind the system you want to implement.
Although the investment can be seen as high, the cost of not implementing AI could be greater, forcing a business into inefficiencies, falling behind in automation, and lagging behind competitors who use technology to enhance, cut down on labor costs or improve business planning.
This is how AI can keep you in the race and help you save money and time which also equals money again.
• Efficiency: Automate mundane tasks, allowing your team to focus on more strategic initiatives that can drive business growth.
• Cost Reduction: Over time, AI can reduce operational costs by streamlining processes.
• Improved Decision Making: AI’s ability to analyze large datasets can provide insights that help make informed business decision.
Practical AI Use Cases for Small Businesses
Small businesses can start their AI journey by integrating simpler solutions that require minimal investment but offer significant returns:
• Customer Service: Implementing AI chatbots for handling routine queries allows human agents to focus on more complex issues.
• Human Resources: AI can streamline the recruitment process by quickly scanning resumes and identifying the best candidates based on predefined criteria.
• Finance: AI tools can automate transaction processing and fraud detection, improving accuracy and reducing risks.
• Inventory Management: AI can help predict inventory needs, optimize stock levels, and reduce waste by analyzing sales data and market trends.
• Personalized Marketing: AI tools can analyze customer behavior and craft personalized marketing messages that increase engagement and sales.
Therefore, for business leaders, the question facing us today isn’t whether to use AI.
It’s how business owners can begin using it as quickly and effectively as possible. By training your teams and focusing their energy on small-scale AI projects, while leveraging the resources, such as the Global AI Council, to help define the capabilities of AI, businesses can adopt this emerging technology. By doing so, you can ensure AI is seen less as a job threat and more as a means of spurring innovation, improving efficiency and ensuring competitive advantage across the enterprise.
The Global AI Council plays a pivotal role by providing essential guidance to small businesses navigating the complex AI landscape through masterclasses and real-life applications, alongside offering networking opportunities with AI experts. As well as providing small businesses with examples of where AI can be applied. This support also helps businesses adapt AI to their specific needs, making the new technology available to firms on all scales and across all business sectors.
For small businesses, AI is not just a means to remain competitive. It’s also a strategic asset that will be critical to their future viability and success. By applying artificial intelligence, small businesses can improve efficiency, engage with, and relate to their customers, spur growth, and do so in cost-effective ways.
A clear, scalable, strategic application of AI – advised and supported by councils such as the Global AI council – helps to ensure that small businesses are competitive, able to not only sustain themselves but actually lead the way in the technologies that will return the highest return. With an AI-enabled future – where the future becomes the new present – it’s the most technologically capable who will thrive.
They will turn AI from something that appears daunting into one of the greatest opportunities of your day.