“There are thousands of AI solutions available to small and medium businesses, which can generate many benefits, including helping entrepreneurs better process data, make improved decisions, automate tasks, and create content to reach their target customers.” [British Business Bank]
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Can AI help small businesses?
And can it help SMEs in the Sid Valley – at no huge cost?
According to a report out a couple of months ago, AI can boost small business efficiency by 40%:
AI can boost efficiency within small businesses by 40%, according to a survey by The Small Business and Entrepreneurship Council (SBEC). Data analytics, customer relationship management and task automation were all areas identified by the SBEC as holding potential benefits to small businesses using AI. The SBEC’s survey found that 41% of small business owners had used AI to automate smaller and mundane tasks in order to refocus their time management.
For example, Artificial Intelligence can help SME owners manage their workload:
AI has the potential to transform SMEs by providing them with the digital workforce they need to scale up operations and stay competitive. From automating repetitive tasks to analyzing complex data and providing valuable insights, AI technologies offer SMEs the opportunity to streamline their operations, increase efficiency, and deliver better customer experiences.
Meanwhile, the chief exec of Sage is saying that Britain’s small businesses must not get left behind in the AI revolution:
Small and medium businesses (SMBs) want to see the time-saving benefits – but not so they can cut jobs. SMBs are the backbone of our economy and a crucial driver of future growth – they make up 99 per cent of UK businesses and support 27 million jobs across the country. Therefore, policy makers should think very carefully about how we can make sure AI is used to ensure small and medium businesses are more efficient and profitable, which will save the taxpayer in the long run.
But there’s lots of advice to be had, with the British Business Bank showing how AI can help small businesses:
There are thousands of AI solutions available to small and medium businesses, which can generate many benefits, including helping entrepreneurs better process data, make improved decisions, automate tasks, and create content to reach their target customers.
And consultancies advising on the role of AI in decision-making – with a very handy ten-point guide:
We tend to associate this brand of tech with automation and assistance for daily tasks, but this is far from the extent of its capabilities. AI has the potential to transform businesses and help industry leaders make important decisions which allow their company to grow. In this guide, we’ll aim to provide clarity on how AI can best be used in the decision-making process. We’ll explore how it continues to adapt and evolve, how to integrate it into your business strategy, the risks involved, and the best way to grow your business...
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