More than hype: how to use AI in an SME
SMEs can leverage AI to enhance various aspects of their business operations, improve efficiency, and stay competitive.
Partner Content
SMEs can leverage AI to enhance various aspects of their business operations, improve efficiency, and stay competitive.
Enthusiasm and scepticism have marched hand in hand with developments in artificial intelligence (AI) since it first emerged in the 1940s. Now, as the possibilities of generative AI are being made apparent through widespread access, AI is proving its potential to revolutionise the ways small businesses (SMEs) operate.
From the basic concept of a universal machine capable of performing any computation, to being able to exhibit intelligent behaviour through recent advancements in generative AI, the hype associated with some tools, and concerns of job losses, has led to a conservative approach by many small businesses.
The reality is, as AI continues to evolve, its potential for SMEs is vast. With advancements in natural language processing, machine learning, and predictive analytics, AI can provide SMEs with valuable insights into customer behaviour, market trends, and business opportunities.
“AI is not a new concept,” says Jasmine Gray, Senior Manager, Customer Success at Aircall.
“Small businesses have been using AI in different programs for years, to automate and power their business. It’s just that we’ve had such rapid developments in the last year with generative AI being freely available that people are starting to understand and talk more about it,” she says.
According to a report from CSIRO, 68% of Australian businesses have already implemented AI technologies and a further 23 per cent are planning to implement in the next 12 months.
Businesses are also reporting earning an average of $500,000 in revenue from customer service bots that enhance the customer experience through 24 hour support, improved response times and personalised product recommendations.
So, with an enormous range of options available, how can SMEs best harness the power of AI into business operations?
Take a strategic approach
Like any new approach, incorporating AI into business operations should be strategic, Gray says. SMEs should assess their unique requirements and available resources. Collaborating with AI service providers or opting for user-friendly AI platforms tailored for SMEs can also streamline the integration of AI technologies into operations.
Some examples of common AI tools for SMEs include using chatbots for customer service, virtual assistants for help with admin tasks and analytics tools for insights into customer behaviour, website performance, and business trends. Financial management tools also allow SMEs to automate bookkeeping, process invoices and provide some financial analysis.
“Business owners should start by assessing their specific needs and identifying areas where AI can add value. If you think about it as a tool that can increase productivity it will help you see where you can bring it in,” she says.
Customer service is a good example, Gray says. Connecting a Customer Relationship Management tool (CRM) to AI means processes can be streamlined to build customer relationships, increase sales, improve customer service, and increase profitability.
“One of Aircall’s customers was sceptical of how the Aircall AI starter transcript function would improve her day. I encouraged her to turn it on and see how it would empower her to be better, to be faster, and more accurate.
“When she eventually did, she was blown away by the time it saved in listening to calls and finding out where the issues were. It also helped her see where she could better train and develop her custom service team,” says Gray.
Training and development
To combat any doubters about AI leading to job losses, SMEs can educate team members on the role humans play in technology. Providing training and upskilling opportunities for employees will ensure a smooth transition and maximise the benefits of AI adoption.
It also means the business will not fall behind and be able to level up to their competitors. Research from Gartner shows more than 80% of businesses will have used generative AI applications by 2026.
“If you take the time to help your team understand how AI can make their job easier and even more enjoyable, you will have greater success.
“For people who may find it hard to write, for example, there are some easy tools to introduce that can assist people with basic email communication, which then frees them up to spend their time more productively,” says Gray.
While the doors to the brave new world have been opened through free versions of generative AI, Gray advises SMEs to exercise caution and check the information that is provided.
“It goes back to having a clear strategy. Don’t just turn on an AI tool and hope for the best. Look at the areas of your business that are inefficient and research how AI can help you address the pain. Starting with a clear strategy will ensure that you don’t burn time or money and get an instant ROI. Find out how it will help, ask why you need it to help and you will get a lot more out of it,” she says.
