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We are in the midst of a very exciting time for businesses and the technology that is available to them. Whether you are an entrepreneur, a CEO of a large enterprise, a teacher, or a software developer, it is impossible to get through a day without hearing about new ways that artificial intelligence tools like ChatGPT or Bard are being used. In the business world, it is transforming how SMBs run their day-to-day.
“AI is the first technology we have seen in a really long time that truly has the ability to level the playing field between small businesses and huge enterprises – it's the slingshot in the David and Goliath story,” said Brian Winters, CTO of ECI Software Solutions. “Machine learning, Quantum Computing, and other emerging trends will take years, or decades before they are accessible to SMB’s. But, AI is here and accessible today for the price of a Netflix subscription”
Here are some ways that we see different types of AI reshaping how SMBs can do business:
“Today, a well-run SMB will generate $230k of revenue per employee. Which means if you want to run a $25m company, you need around 100 people, on average,” said Winters. “I think over the next 3-5 years, we are going to see companies as small as 10 or 20 people able to reach $25m in revenue by using AI to augment and automate much of the sales, marketing, content creation, and back-office tasks that traditionally take human reasoning. Once a process is automated, the scale advantage of the large enterprise becomes neutralized to a large degree.”
Artificial intelligence can automate repetitive tasks and streamline business processes, allowing SMBs to operate more efficiently. A few examples of this include:
Artificial intelligence technologies help optimize advertising campaigns, generate content, and automate email marketing, resulting in improved customer acquisition and conversion rates.
Artificial intelligence technologies can help SMB leaders understand data analytics and make smarter decisions in several ways.
Be Careful: If you are using a public AI tool like ChatGPT or Bard to evaluate data, make sure it is not confidential data so you can protect your privacy.
The transformative power of artificial intelligence, along with other Industry 4.0 technologies, is reshaping how SMBs operate and compete in an increasingly challenging business landscape. AI is empowering SMBs to leverage many other technologies beyond accounting and ERP without increasing headcount, unlocking new opportunities for growth.
“AI has the potential to really impact a company’s ability to run a well-organized business without having the need to hire people,” said Winters.
As AI continues to evolve and become more accessible, SMBs that embrace its potential will foster innovation and compete with greater agility and success.
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