AI and SMEs; what place does AI have in business?

What place does AI have in business?

Some of the world’s most successful businesses have embedded AI in their business models and processes, often without the consumer noticing. So can you see a future for AI in your business?

Alexa is a great example of AI that many of us already use daily in our homes, with Amazon Echo dominating the smart speaker market with 73% of the UK market. From playing our favourite music to ordering coffee, and much more, Alexa has become part of our daily lives.

Even the way we log into our phones uses AI. Apple’s Face ID is powered by AI, and Apple is invested heavily in AI through Siri and Apple Music to make customer experiences more rewarding and personalised.

Facebook uses AI to interpret the thousands of posts that go online on its platforms every second. Their system uses facial recognition, along with the ability to decode the emotional intent of the content it is analysing.

The power of AI to build brand, customer loyalty and spending patterns is obvious. What about for smaller businesses? Are they finding a place for AI in their business?

Chat GPT is the start point for many people who have started writing blogs, adverts and job descriptions with the tool, saving them hours of time writing content. The content does need to be fact checked, of course, but it can still write extremely well and extremely quickly.

Dall-e-2 is the equivalent AI tool to create images from your descriptions. So if you need an image of a puppy in an astronaut suit. This is for you!

Otter-ai is a meeting assistant tool that is gaining popularity to record conversations, take notes and transcribe interviews. For many people, transcription services like this are a God-send and save hours of writing up notes and trying to decipher those half sentences and mis-spelt words.

Although AIMS accountants are not AI (yet!), we recommend businesses to look at which tasks can be delegated to AI without losing quality. You might be surprised how effective AI can be.

To find out how we can help your business, please start by finding your nearest accountant here.