Since then, countless businesses have pledged to retrofit AI into their operations and launch new AI-powered products and services to capitalise on the trend.
Today, we see constant coverage around the potential of AI, with the global AI market predicted to reach a total value of 2 trillion US dollars by 2030.
Despite all this coverage, the attention of the media remains fixated on only a handful of AI solutions, often overlooking the many other forms of AI that stand to benefit businesses.
Amid the spotlight on industry giants like IBM, whose recent 4% revenue surge was driven by the demand for AI products and services, it's crucial to acknowledge that even small businesses, disproportionately affected by the economic turbulence of the last couple of years, are paying attention.
A recent study conducted by Small Business Britain reveals that more than a third (38%) of small enterprises have either embraced AI or are actively considering its integration into their operations. This underscores the growing recognition of AI's relevance across diverse business scales, emphasising its transformative potential beyond corporate giants.
AI has the potential to benefit businesses of all sizes, but it is up to each business to assess which form of AI best aligns with their unique needs.
As more businesses start to use AI tools and while business owners can significantly reduce costs and increase profitability by leveraging these tools there are certainly obstacles when it comes to deploying and using them effectively.
While there are compelling advantages, businesses of all sizes do face numerous obstacles when looking to integrate AI. The main one is simply the price of adoption. Companies will need to acquire hardware, software and will need to invest in infrastructure. Then there is learning how to use these tools which can be problematic for businesses, especially small business, who are having to contend with financial and staffing constraints.
But despite these obstacles, AI can help to simplify tasks, free up resources and streamline operations so helping and enabling owners who can then focus on delivering the best possible product or service.
Businesses should not look to avoid seeking help when implementing AI as it can often prove a struggle to find the right expertise, especially when the demand for such knowledge exceeds the supply.
That is, perhaps, one of the biggest challenges for businesses when it comes to leveraging AI's full potential.
The many faces of AI
To enhance operational efficiency and achieve their objectives, businesses must be careful in selecting the right AI solutions, looking beyond just the most prominent examples. AI encompasses various capabilities, including natural language processing (NLP), machine learning, and computer vision. The responsibility lies with decision-makers to choose the most suitable solution based on their specific needs.
For instance, generative AI platforms, not just the major trending examples, hold significant potential, particularly for small and medium-sized enterprises (SMEs). These platforms can revolutionise how businesses approach communication by automating the generation of text for marketing content, reports, and both internal and external communications. This, in turn, streamlines the content creation process, reducing the time spent on producing and reviewing multiple drafts.
Chatbots represent another impactful solution that influences both B2B and B2C enterprises. The incorporation of natural language processing (NLP) facilitates more natural and interactive communication between humans and machines. Chatbots and virtual assistants equipped with NLP capabilities can engage in meaningful conversations with potential leads, evaluating them based on nuanced interactions. This not only enhances B2B lead generation but also contributes to a more interactive and personalised customer experience.
The SME AI opportunity
Recent research conducted by RSM reveals that 53% of middle-market business leaders recognise the potential of generative AI to enhance customer engagement, with an additional 60% expecting an overall increase in productivity through its implementation.
Cutting-edge generative AI platforms are currently demonstrating their capabilities in deal management and business advisory services, playing a pivotal role in facilitating the scalability of companies. These platforms utilise information stored in databases containing potential clients, suppliers, and financial advisors.
By categorising the strengths and expertise of individuals, they efficiently identify matches that align with specific business needs. This rapid identification of contacts expedites the process of establishing connections and fostering relationships.
Another crucial aspect of tailored AI products is their ability to provide sophisticated analytics that enhance strategic decision-making. Employing machine learning algorithms, these systems meticulously examine extensive datasets, extracting valuable insights that empower businesses to make well-informed decisions.
This includes forecasting market trends, identifying potential risks, and comprehending customer behaviour. The application of AI-driven analytics streamlines decision-making, mitigating uncertainty and enhancing overall operational efficiency.
Seeing the bigger picture
Moreover, the rapid decision-making empowered by advanced AI technology is extending beyond initial concepts, turning futuristic ideas such as self-driving cars into a highly efficient reality. Consider airport safety as an example:
To address safety concerns in airports, AI systems seamlessly integrate with surveillance cameras, leveraging real-time monitoring technologies. Utilising computer vision to distinguish between luggage and potential safety issues, these systems enhance safety measures without compromising operational efficiency.
For instance, when ensuring child safety on luggage carousels and conveyor belts, AI technology can detect unusual scenarios swiftly. Upon identifying a safety concern, it promptly takes action—triggering alarms or temporarily halting the conveyor belt. Importantly, these capabilities extend beyond the airport, providing customised setups for authorised personnel to prevent false alarms based on confidence levels.
The personal touch
When integrating AI applications, businesses should prioritise unlocking their potential through bespoke solutions that not only enhance productivity but also drive increased profitability.
Working hand-in-hand with developers who grasp the ins and outs of a client's operations and overarching goals gives business leaders to the confidence that products will align perfectly with their processes. This collaborative approach guarantees that the AI solutions developed are not just technological innovations but strategic assets that play a pivotal role in the client's long-term success.
When considering the best tech solutions for business operations, adopting a one-size-fits-all approach is impractical; the chosen path must align with the unique characteristics of the business and its clientele. However, any company neglecting to prioritise its technological advancements risks ceding ground to competitors offering a more seamless and sophisticated experience to their clients.
It goes beyond the buzz surrounding AI; it involves translating the potential into tailored, pragmatic solutions that propel businesses toward newfound efficiency and success. While AI reshapes industries, evoking both excitement and scepticism, its tangible impact on businesses remains undeniable.
Whether for major corporations or small enterprises, the adoption of AI is on the rise, signalling a shift in business operations, and the ongoing boost from bespoke solutions is set to endure.
Author details: Ritam Gandhi is the Founder and Director of Studio Graphene
