Small Businesses Embracing AI to Boost Efficiency and Cut Costs

2 mn read

Artificial intelligence (AI) is rapidly transforming the landscape for small businesses, offering powerful tools to streamline operations, enhance customer service, and drive growth. While AI adoption among small businesses is still in its early stages, a recent survey by Thryv found that 51% of small businesses plan to implement AI solutions by the end of 2025, up from 39% currently using AI.

The potential benefits of AI for small businesses are substantial. Over half of the surveyed AI users expect to save between $500 and $2,000 per month, as well as up to 20 hours of time. These savings can be reinvested into the business for expansion, marketing, or hiring.

Small businesses are harnessing AI in various ways, such as:

  1. Automating repetitive tasks (73% of respondents)
  2. Freeing up personal time for owners (67%)
  3. Addressing resource constraints (58%)
  4. Generating content, particularly using generative AI for social media captions and marketing copy

Despite concerns about AI potentially replacing human employees, only a third of small business owners believe AI will reduce their reliance on staff. AI adoption is higher among younger business owners (43% in the 21-49 age range) and larger small businesses (47% for those with 10+ employees).

To effectively integrate AI, experts recommend that small business leaders first educate themselves on AI fundamentals. Adelaide Business School’s Professor Ralf Zurbrugg advises, “The first step is becoming acquainted with the technology and its applications. Most small to medium-sized businesses could find some usefulness for analytics, but they need to consider whether there is a role for AI.”

Key considerations for small businesses include data security, ownership rights, and the potential for biased outputs. Customized AI solutions, like chatbots, can help keep data in-house while providing enhanced customer service.

Small business platforms like Thryv are making AI more accessible by embedding AI features directly into their tools. “AI’s impact is transformative, and we want to make sure that, no matter how small the business, they can confidently and easily embrace it,” said Grant Freeman, president of Thryv.

As Helena native and AI expert Eve Whitaker notes, “The threat is real, but the threat is that your competitors are going to start using it and you will be left behind.” While valid concerns remain, the potential for AI to save small businesses time and money is driving rapid adoption.

For small businesses looking to learn more about AI and its applications, helpful resources include:

By starting small, educating themselves, and partnering with the right AI providers, small businesses can position themselves to reap the benefits of this transformative technology.

Leave a Reply

Your email address will not be published. Required fields are marked *

Reading is essential for those who seek to rise above the ordinary.

ABOUT US

The internet as we know is powerful. Its underlying technologies are transformative, but also, there’s a plethora of haphazard information out there.We are here to serve you as a reliable and credible source to gain consistent information

© 2024, cloudiafrica
Cloudi Africa