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If there’s one thing 2023 will be remembered for, it’s the year that artificial intelligence (AI) captured the zeitgeist and became an influential part of how most businesses operate.
Given today’s rapidly evolving business landscape, embracing technological advancements that boost your day-to-day efficiency and productivity could be the difference between swimming or sinking. With AI’s untold potential for revolutionising work processes and streamlining supply chains, here’s how you can start leveraging its strengths to your commercial benefit.
AI’s vast capabilities
For SMBs in modern Australia, AI plays a particularly beneficial role by automating processes, enhancing customer service tasks, increasing employee efficiency and productivity, and helping decision-makers develop more data-driven strategies.
By leveraging AI technologies, you can optimise your operations and gain a competitive edge that will put your head and shoulders above the rest in an increasingly crowded market. It’s no wonder so many startups and SMBs are looking at how they can use AI solutions to secure their long-term futures.
Whether it’s something exciting and new like ChatGPT — which is already helping Aussie startups grow their operations — or more industry-specific tools like chatbots and products that help streamline complex supply chains, there are so many different ways you can take advantage of AI in your business. For example, many SMBs are using AI to automate data analysis, which allows you to extract meaningful insights from huge — and often disparate — data silos. Say goodbye to time-consuming, manual data processing while still getting all the relevant insights to make data-driven decisions.
Intelligent customer service — artificially
In many industries, good customer service is the beating heart of business success. But it can be a time-consuming and challenging task, especially for SMBs that are trying to scale up on a shoestring budget. That’s where artificial intelligence comes into its own.
AI chatbots and virtual assistants have transformed the way businesses interact with their customers. The right solution can easily handle customer enquiries, provide instant responses, offer personalised recommendations and essentially manage the process from start to finish — with only minimal human intervention.
Boosting workforce efficiency
Too many SMBs waste hours on mundane, repetitive tasks every week. But integrating AI solutions into your everyday processes can free up staff to focus on higher-value and more income-generating activities – in other words, the jobs that require creativity and critical thinking.
AI-powered solutions can automate admin tasks like data entry and report generation, for example. They can also take care of scheduling and resource allocation based on real-time information. The result is more efficient use of available resources while minimising downtime.
Support from AI-driven services
Data is undoubtedly one of the most precious resources for SMBs, and AI can unlock its full potential. AI solutions can parse vast datasets, provide predictive analytics, support decision-making processes and so much more.
Artificial intelligence can even reduce the inherent risks of running a business. For example, AI-powered risk assessment models are able to identify potential risks and reveal what you need to do to mitigate them. Some SMBs are even using AI to monitor market fluctuations and identify patterns in consumer behaviours, which can feed into a more robust risk-mitigation strategy.
The importance of continuous learning
To harness the power of AI, Australian business owners and their employees must fully embrace lifelong learning and professional development. That’s why in partnership with MIT Sloan School of Management Executive Education, GetSmarter is offering its Artificial Intelligence: Implications for Business Strategy course. Participants will get the latest insights on AI solutions and learn how to apply the right solutions for your business. Upon completion of the online short course, you’ll have the knowledge to transform your organisation into a more innovative, efficient and sustainable company.
As the Australian business landscape continues to adapt to a more digital-first mindset, SMBs must seize any opportunities afforded by AI. Only by integrating these solutions and investing in continuous learning will your business be able to innovate and compete in a crowded market.
GetSmarter offers market-led executive education courses with edX, a 2U company, delivering online education from world-leading universities and institutions to transform the lives of thousands of students across the globe. GetSmarter’s online certificate courses are designed to advance your career and fit in with your busy lifestyle. Each course is expert-led, fully supported and community-based, helping you build career-critical skills.
