NEN partner, TEDCO Business Support Ltd is an Enterprise Agency helping start-ups across the North East of England get their feet off the ground, grow and achieve sustainable success in their field. Their recent article delved into How is the rise of AI impacting small businesses? Here is their take.
NEN partner, TEDCO Business Support Ltd is an Enterprise Agency helping start-ups across the North East of England get their feet off the ground, grow and achieve sustainable success in their field. Their recent article delved into How is the rise of AI impacting small businesses?
Here is their take.
Innovations like Artificial Intelligence (AI) are changing the way businesses are run. With new tech emerging at a rapid pace, organisations across every industry are exploring new and exciting ways to improve their services, streamline processes and reach new levels of success with the help of a digital friend.
Benefits of AI for businesses
In layman’s terms, AI involves simulating human intelligence through the use of machines. As such, it can be used to complete many of the more monotonous tasks involved in running a business, such as keeping appointments, bookkeeping, workflow management, contract management and more. In theory, this gives business owners and their staff members more time to focus on more pressing business matters.
Customer service
AI is arguably most commonly seen in chatbots – a simple tool that many businesses utilise across websites, apps, phone calls and social media messaging to communicate with existing and potential customers. AI chatbots can give customers quick and accurate responses to queries and FAQs, saving staff time to spend on some of the more niche customer enquiries feeding through.
Data protection
Another common example of AI comes in the form of cybersecurity. AI removes the potential for human error or oversight leading to a data disaster, by supporting with essential factors like phishing detection, behavioural analytics, vulnerability management and more.
Content marketing
Ai is also becoming more popular in marketing circles. By assessing data and algorithms, AI can help determine the most popular kinds of content, demystify factors such as finding the optimum keywords and posting times, and increasing customer engagement.
Time and money saving
AI is often used as a means of saving both time and money for business owners and their staff. By handing over certain tasks to machine learning, you can enhance productivity and improve your finances across your organisation. A famous example of this comes from streaming giant Netflix which, in a time of financial uncertainty in 2017, managed to save almost $1 billion by implementing machine learning methods.
Downsides to the rise of AI
Despite its many uses, some people are wary of the rate at which AI continues to grow. The efficiency of the machine learning algorithms displayed by AI software depends wholly on the quality and quantity of data they are trained on. As such, there have been numerous incidents reported of unpredictable, confusing and problematic AI mishaps, from iPhone’s Face-ID initially being trickable with a mask, to AI developed by the Georgia Institute of Technology last year inadvertently making sexist and racist decisions.
Moreover, there have been complaints of AI taking roles away from people who need the work. This is particularly prevalent in artistic circles. Last year, the AI art trend went viral on social media, with thousands of users downloading apps that generated AI artworks of themselves. This led to a huge backlash from artists and the trending topic ‘#supportartistsnotai’.
How can businesses utilise AI in their services?
In order to master the use of AI in your business, you need to ensure that you stay in the driver’s seat. AI is a tool to help steer your business towards success, not something to centre your business around. It should make things easier for your staff and customers, freeing up time for more rewarding interactions and experiences.
Implementing carefully selected AI technologies can help small businesses achieve this. Tools like Live Chat Support Bots that answer common customer queries; vulnerability scanning software that improves cybersecurity; and content analysis platforms for improved marketing can all serve to improve efficiency, support growth and help to achieve success in the long term.
