Adapting to AI
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Articles by Anthony Strevens
AI is taking the world by storm, whether we like it or not. If you are a businessowner, it is arguably prudent to look at embracing it, rather than ignoring it or writing it off as something that doesn’t affect you.
Businesses that work out how they can use AI to their advantage are likely to end up with a competitive edge by becoming more efficient. In fact, AI may soon become the norm for many businesses, and if you don’t use it, you could be left behind your competition.
This is not just for large businesses – AI is becoming so affordable, accessible and user-friendly now that it makes sense for small businesses to use it as a tool as well. (And of course you’ll be able to claim it as an expense in your tax return.)
Increasing efficiency
Adapting to AI can provide opportunities for growth, innovation, and streamlining of operations, while also creating personalised customer experiences, increasing productivity and reducing costs. All of these can, of course, ultimately improve your bottom line, making your business healthier financially.
This doesn’t mean you’ll be firing your staff left right and centre, but by automating routine tasks, it can mean they (and you!) are freed up to focus on more important things that will help your business grow. For example, by using AI to automate tasks like data entry, inventory management, and some aspects of customer service and marketing, you free up valuable time and resources so you can focus on more strategic, high-impact activities, such as customer relationship building, product development, and creative marketing strategies.
The reduction of manual labour and human error also leads to increased accuracy and consistency, providing a smoother operational flow and reducing costs.
Improving customer experience
Another key benefit of AI is enhancing your customers’ experience. You can use AI to better understand their behaviour, preferences, and needs. Tools like chatbots, personalised recommendations, and predictive analytics can help you deliver tailored solutions to your customers.
By providing a more personalised service, you can build stronger relationships with your clients, resulting in greater customer retention and loyalty. In an era where customer experience is paramount, leveraging AI to anticipate and meet customer needs can help you to stand out in a crowded marketplace.
This doesn’t mean there will be no need for human interaction at all – there is absolutely a place for that, and AI cannot replace the humanness that people, as a general rule, require to feel happy, connected and satisfied as customers. But AI can help to identify those areas that will improve their experience in dealing with your business.
Quick and accurate analysis of data
AI also enables you to make data-driven decisions. AI can analyse vast amounts of data in real time, gaining insights into market trends, consumer preferences, and operational performance.
This information can then be used to refine business strategies, optimise supply chains, and even identify new business opportunities. Whether it's adjusting pricing strategies or launching targeted marketing campaigns, the ability to make informed decisions based on quickly and easily obtaining accurate data can significantly impact a small business’s bottom line.
Summary
Adapting to AI can offer a wide array of benefits, from operational efficiency to enhanced customer experiences and data-driven decision-making.
It can help you to improve your bottom line and position your business for future growth. As the world continues to shift towards automation and digitalisation, businesses that fail to adapt risk falling behind. However, if you can integrate AI early on, you may be able to capitalise on emerging trends, outpace competitors, and expand your reach.
By embracing this technology, small businesses can future-proof themselves and continue to thrive in a rapidly evolving business landscape. In our opinion, it is certainly worth exploring.
Anthony Strevens
Partner
© Gilligan Rowe & Associates LP
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Disclaimer: This article is intended to provide only a summary of the issues associated with the topics covered. It does not purport to be comprehensive nor to provide specific advice. No person should act in reliance on any statement contained within this article without first obtaining specific professional advice. If you require any further information or advice on any matter covered within this article, please contact the author.
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