During the continuous investigation of AI suggestions for entrepreneurs, a new report by the Private company and Business Chamber (SBEC) uncovers a huge reception of computer-based intelligence devices among independent ventures. The outcome: striking upgrades in effectiveness, converting into yearly reserve funds adding up to many billions of dollars.
According to the SBEC survey, 48% of small businesses adopted AI tools within the last year, while 29% have been utilizing them for one to two years. Karen Kerrigan, CEO of SBEC, emphasizes the swift adoption of AI by small business owners.
She notes, “The diverse array of tools and applications has significantly contributed to enhancing profitability, productivity, and competitiveness—essential support during these times. Notably, 93% of small business owners affirm that AI tools provide cost-effective solutions, driving savings and enhancing profitability.”
Incorporating AI Tools into Your Small Business Arsenal
ChatGPT arose as the spearheading AI instrument, earning boundless fame. Similar to other AI tools, it processes extensive datasets and swiftly generates content on any given topic. Nevertheless, it is advisable to review its output, as accuracy may not always be guaranteed.
An array of AI tools is available to address diverse business needs, spanning marketing and sales, business plan creation, financial management, and human resources—often at minimal or no cost. Explore some of these recommended tools:
- Upmetrics: Business plan writing tool featuring 400 templates to choose from
- ClickUp: Cloud-based project management tool
- Jasper: Content generator catering to articles, blogs, social media posts, and marketing copy
- Zoho’s Zia: Sales tool encompassing lead generation, lead management, data collection, and sales copy creation
- ChatSpot by HubSpot: Free sales and marketing tool, accessible even for non-HubSpot users
- DALL-E 2: Generates realistic images based on written descriptions for creative development
- Manatal: HR recruitment tool
- Motion: Calendar tool for tracking time and building itineraries
- Lumen5: Video creation tool
- Otter.ai: Meeting assistant tool recording conversations, taking notes, transcribing interviews, and generating summaries
Utilizing AI can save small businesses time and money
According to the SBEC survey, small businesses have achieved substantial time and cost savings through AI adoption, enabling them to reallocate resources to various areas, including:
- 41% have redirected their own time and employee time to higher-value work using AI.
- 39% have invested in AI tools for innovative solutions in customer engagement and retention.
- 37% have utilized cost savings from AI to invest in other new technologies.
- 36% have maintained stable prices for customers in the current inflationary environment.
- 34% have employed cost savings to pursue growth opportunities for their business.
- 25% have increased wages and benefits using cost savings.
- 25% have set aside capital for emergency and other purposes with cost savings.
- 20% have expedited debt repayment with cost savings.
AI Adoption Driven by Workforce Challenges
The primary impetus for the adoption of AI tools comes not only from the obvious advantages of time and cost savings but also from the prevalent issue that small businesses face: the tight work market. Post-Coronavirus, a rising number of private companies wrestle with the enrollment and maintenance of workers.
With generally low joblessness rates and far and wide accessibility of remote work, laborers currently have the adaptability to acknowledge occupations anyplace in the nation, restricting the pool of nearby ability for retailers, cafés, and fabricating plants.
The capacity of humble community laborers to acquire metropolitan-level wages through remote work has brought about an unreasonable flood in labor costs for private ventures.
According to the SBEC report, 25% of small businesses turned to AI tools in response to escalating labor expenses, while 19% adopted AI to enhance the skills of existing workers or as a solution to the challenge of finding skilled personnel.
Drawbacks of AI for Small Businesses
While AI tools have become integral, acknowledging their downsides is essential:
- Lack of Creativity: AI writing tools often provide inaccurate information, and their writing style may come across as stilted, lacking a human touch. This deficiency in creativity extends to various AI tools.
- Absence of Emotional Element: AI lacks the emotional depth that humans bring to various situations. While excessive emotion in the workplace can be counterproductive, empathy and decision-making based on a lifetime of experiences are crucial in managing people and fostering teamwork.
- Cost of Robotics: When considering robotics, the expense remains a significant concern. While standard robots designed for specific tasks have been accessible for a while, robots capable of autonomous decision-making and handling diverse, complex tasks are still prohibitively expensive.
- Fear of Skynet: The apprehension of a “Skynet” scenario, reminiscent of the iconic movie The Terminator where an AI company dominates humanity, is genuine. Governments are actively working on legislation and regulations to prevent potential dystopian nightmares related to AI. Stay tuned for more insights on this in a future article.
“Empower Your Small Business with AI:” In conclusion, A Manual for Choosing the Ideal Devices” highlights the groundbreaking potential computer-based intelligence holds for entrepreneurs. Via cautiously choosing the right apparatuses, organizations can upgrade effectiveness, cut expenses, and remain serious in the present unique scene.
The guide focuses on demystifying AI for small business owners, providing insights into tool selection while maintaining simplicity and readability.
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