Generative AI is rapidly becoming a game-changer for small businesses, offering unprecedented opportunities for growth and innovation. This article delves into how these businesses are not only adapting to but also reaping significant benefits from this cutting-edge technology. From automating routine tasks to enhancing customer experiences, generative AI is reshaping the landscape of small business operations, making them more efficient and competitive.
If you’re still wrapping your head around what generative AI is, you’re not alone. Over the last year, it’s taken the business world by storm, and it seems to be evolving by the day.
In short, generative AI is a type of machine learning that uses algorithms to generate new data.
How? By training the algorithm on a large dataset and generating new data similar to the input information. It can generate images, video and music by using pre-built tools — chatbots and language models.
So what does this revolutionary technology mean to small businesses? Will they join large corporations in harnessing its potential? A recent poll of more than 1,000 SMB owners across North America shows they are receptive to making generative AI part of their future.
- 66% plan to test the technology in the next year.
- 60% expect the tools to change their businesses in the next five years.
- 44% expect to hire fewer workers in the future because of AI capabilities.
- 25% said they’re already testing such tools as ChatGPT, Google’s Bard and Microsoft Bing to generate text for their websites and social media accounts.
What are Companies Doing to Leverage Generative AI?
Generally speaking, small businesses aren’t always quick to adapt to new technology, but the benefits of generative AI has compelled many to quickly incorporate it into their present business operations.
Forbes asked small-business owners how they’re looking at using generative AI, and responses ranged from communications to customer service to coding, including using the technology to:
- Help companies organize scattered data.
- Automate test writing for code and autocomplete code.
- Jump start marketing or sales plans.
- Connect productivity apps — calendars, email, chat, documents and meetings.
- Augment digital marketing and online communication efforts. Apply sentiment analysis to online feedback and comments.
- Provide service teams with tailored, informed responses drawn from past customer dialogues and industry know-how.
- Automate threat intelligence briefings.
- Tailor job descriptions, ensuring specific and compelling narratives.
- Ensure internal and external communications are crisp and grammatically clean.
- Generate creative ideas and suggestions to spark brainstorming.
- Develop employee training programs, e-learning courses and testing.
From improving office efficiency to reducing expenses to gathering insights to sparking creativity, the ways that generative AI can boost small business operations seem boundless. And as the technology evolves, it is only expected to become more accessible and more affordable.
Generative AI is just one of the ways to make your small business run more smoothly. At Accu Data, we help businesses across Long Island and the Tri-State area operate at peak efficiently.
Contact us today to learn more about our payroll and human capital management solutions!