What AI Means to Small Businesses

If you keep abreast of the news on a regular basis, it's rare to go even one day without hearing about the spread of artificial intelligence. From customer service to cybersecurity to inventory management and talent sourcing, large companies are embracing AI as a way to make better decisions, increase productivity and save costs.

You are likely to hear less about how AI is affecting small businesses and whether they will get left behind if they're slow to adopt this technology.

Terence Mauri, founder of Hack Future Lab, says answers are scarce right now because the AI story is still being written. "Will AI be an enabler or an enforcer? Will the future be augmented or automated? How can small businesses align AI to serve the best interests of our customers and employees?"

Mauri says the number one action small-business owners should take is to experiment with AI alongside humans. "Hack Future Lab's research shows that using AI as a co-pilot can lead to efficiency gains of 40%, speed to insights of 33% and streamlining of workflow processes and routines," he says. When operational headwinds are strong, Mauri warns that not taking a risk is actually risky.

However, small businesses need a strategy for adapting to technology changes — and market shifts. Kelsey Ruger, chief product and technology officer at Hello Alice, which provides advice and capital to small businesses, says he believes AI will radically change how entrepreneurs work and build their businesses. However, instead of fixating on the technology — which is ever-changing — he suggests concentrating on finding effective strategies for leveraging AI.

Read the full article here.