How Small Businesses And Entrepreneurs Can Benefit From AI
Nov 30, 2023
Small businesses face a significant challenge in today's digital landscape - competing against larger, well-resourced enterprises. However, the solution may lie in embracing Artificial Intelligence, a technology that can revolutionize how small businesses function and compete.
The Small Business and Entrepreneurship Council (SBEC) reported that nearly 48% of small businesses have started using AI tools. Small business owners can significantly reduce costs and increase profitability by leveraging AI tools. Karen Kerrigan, CEO of SBEC, stated that 93% of small business owners recognize the value of AI in providing cost-effective solutions that deliver tangible results.
Despite the compelling advantages, small businesses face obstacles when integrating AI. The primary hurdle is the price of adoption, which may include hardware, software and infrastructure investments. Learning to use these tools can also be daunting, especially for small businesses under financial and staffing constraints. Small business owners have a lot on their plate, from managing employees and finances to marketing and customer service. AI-powered automation simplifies tasks, freeing resources for strategic initiatives. It streamlines operations and enables owners to focus on delivering the best possible product or service.
Navigating The AI Expertise Gap
Small businesses that seek help implementing AI often struggle to find the right expertise, particularly in smaller markets where the demand for such knowledge exceeds the supply. This creates a challenge for small businesses to leverage AI's full potential.