What Is AI And Can My Small Business Benefit?

Artificial intelligence (AI) has become readily accessible to the general public with the emergence of tools such as ChatGPT, Bing Chat, Snapchat AI Chatbot, and the latest addition, Google Bard. Although Alexa, Siri, Google and Cortana have lived in our homes and pockets for years, the emergence of these new tools has made it even easier to scale more complex tasks.

AI refers to machines that can perform tasks that would normally require human intelligence, such as natural language processing, image recognition, and decision-making. 

In Australia, we’ve been preparing for AI integration since 2019 with the release of the Artificial Intelligence Roadmap by CSIRO. AI has the potential to revolutionise the way businesses operate, but it’s not a one-size-fits-all solution.

In this article, we’ll explore the potential benefits of AI for businesses and how to utilise it in your industry.

Benefits Of AI For Businesses

1. Increased Efficiency: One of the most significant benefits of AI is its ability to automate repetitive tasks, allowing businesses to operate more efficiently. AI has already been integrated into platforms to perform tasks such as data entry, scheduling, and customer service, freeing up employees to focus on higher-level tasks.
2. Personalised Customer Experiences: AI can help businesses personalise customer experiences by analysing customer data and providing tailored recommendations. This can lead to increased customer satisfaction and loyalty when shopping online or looking for a particular service.
3. Cost Savings: AI can help businesses save money by automating tasks and reducing the need for human labour. Additionally, AI can help businesses identify areas where they can reduce costs and optimise their operations.
4. Competitive Advantage: Businesses that adopt AI early on can gain a competitive advantage over those that don’t. AI can help businesses operate more efficiently, make better decisions, and provide more personalised customer experiences, all of which can give them an edge over their competitors.

How Is AI Used In Different Industries?

AI is rapidly transforming businesses across all industries. While AI has the potential to benefit, it’s not a one-size-fits-all solution.

Depending on your industry, you’ll utilise AI through different platforms and tools for your individual goals.

• Retail: AI is being used to personalise shopping experiences, recommend products, and manage inventory. For example, Amazon uses AI to recommend products to customers based on their past purchases.
• Manufacturing: AI is being used to automate production lines, improve quality control, and optimise supply chains. For example, General Electric uses AI to monitor and maintain its jet engines.
• Finance: AI is being used to detect fraud, manage risk, and make investment decisions. For example, BlackRock uses AI to manage its $7 trillion in assets.
• Healthcare: AI is being used to diagnose diseases, develop new treatments, and personalise care. For example, IBM Watson is being used to diagnose cancer and recommend treatments.
• Customer service: AI is being used to answer customer questions, resolve issues, and provide personalised support. For example, chatbots are being used by businesses to provide customer service 24/7.

AI is already integrated into leading software and platforms for a range of industries, which means you can take the guesswork out of finding solutions and functions in broader AI tools.

Factors To Consider

Here are some factors to consider when determining if AI is right for your business:

1. Business Goals: AI should be used to help achieve specific business goals, such as improving efficiency or enhancing customer experiences. Before implementing AI, businesses should identify the specific goals they want to achieve and ensure that AI is the right tool for the job.
2. Data Availability: AI requires vast amounts of data to be effective. Before implementing AI, businesses should assess the availability and quality of their data to ensure that they have enough data to train their AI models.
3. Cost: Implementing AI can be expensive, and businesses should carefully consider the costs involved. While the benefits of AI can outweigh the costs, businesses should ensure that they have the resources to implement and maintain AI over the long term.
4. Technical Expertise: Implementing AI requires technical expertise, and businesses should ensure that they have the right skills in-house or can partner with a vendor to implement AI effectively.
5. Ethical Considerations: AI raises ethical concerns around issues such as privacy, bias, and job displacement. Businesses should carefully consider these issues and ensure that they are addressing them appropriately.

By taking these factors into account and implementing AI correctly, businesses can benefit from increased efficiency, improved decision-making, personalised customer experiences, and ultimately, gain a competitive advantage in their industry.

Here are some really great sources:
https://kineticit.com.au/article/ai-is-transforming-business/
https://www.smartcompany.com.au/technology/emerging-technology/how-responsible-ai-competitive-advantage-business/

At 5 Twelve, we recognise that AI is changing the very landscape we operate on… and for the better! If you’re curious to know how we collaborate with businesses as well as AI for smarter digital marketing strategies, get in touch today.