Published on November 17, 2023, 6:00 pm

Ai Tools: Boosting Efficiency And Savings For Small Businesses

AI Tools Boost Efficiency and Savings for Small Businesses, According to New Report

Artificial intelligence (AI) is revolutionizing the way small businesses operate, allowing them to save time and money that can be redirected to other important areas. A recent report from the Small Business and Entrepreneurship Council (SBEC) reveals that a significant percentage of small businesses are leveraging AI tools to vastly improve efficiency and save billions of dollars annually.

The SBEC survey highlights that nearly half (48%) of small businesses have started using AI tools within the past year, with 29% using them for one to two years. This rapid adoption of AI tools is driven by their ability to boost profitability, productivity, and competitiveness, as stated by SBEC CEO Karen Kerrigan. In fact, 93% of small business owners agree that AI tools offer cost-effective solutions that drive savings and improve profitability.

Among the various AI tools available, one notable tool gaining traction is ChatGPT. Similar to other AI tools, ChatGPT processes extensive amounts of data and can instantly generate write-ups on any given topic. However, it is advised to review its work as it may not always be 100% accurate.

The range of AI tools extends across various business needs such as marketing and sales, business planning, financial management, and human resources. Moreover, many of these tools come at little or no expense. Small businesses have reported significant time and cost savings due to the implementation of AI technology, enabling them to redirect resources towards different areas of their operations.

Apart from the obvious advantages in saving time and money, there are additional motivating factors behind small businesses’ adoption of AI tools. One primary driver is the ongoing challenge posed by a tight labor market. With historically low unemployment rates combined with remote work opportunities becoming more widespread since the Covid-19 pandemic, local retailers, restaurants, and manufacturing plants face a shortage of talent as workers opt for jobs all over the country. This has led to rising labor costs and compelled 25% of small businesses to turn to AI tools. Moreover, 19% of respondents reported adopting AI technology to supplement the skills of existing workers or due to difficulties in finding skilled employees.

Competing with larger companies and other businesses is yet another reason for embracing AI tools, as indicated by nearly one-third of the surveyed small businesses.

While the benefits of AI tools are apparent, there are also certain downsides to consider. AI writing tools often lack creativity and may provide inaccurate information. Furthermore, their writing style can be stilted and lacking a human touch. The absence of an emotional element is another limitation, as AI lacks the empathy and decision-making based on human experiences that are crucial in managing people and working as a team.

Additionally, advanced robotics can be an expensive investment. While standard robots designed for specific tasks have been around for some time and may be affordable, robots capable of complex thinking and performing multiple tasks remain highly costly.

Furthermore, concerns about AI taking over like “Skynet” in the movie The Terminator are legitimate. Governing bodies are actively working on legislation and regulations to prevent any dystopian scenarios related to AI dominance.

In conclusion, it is essential for business owners to explore the potential benefits that AI tools can offer their organizations and customers alike. With time and money playing vital roles in today’s economy, integrating AI technology can undoubtedly enhance efficiency and productivity across various business operations. It is worth mentioning that no AI tools were used in writing this article!

About the Author:
Neil Hare is an attorney specializing in small business policy advocacy and communications campaigns. He serves as President of GVC Strategies. For more articles from Neil Hare, follow him on Twitter (@nehare) and LinkedIn.

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