“Anything you can do, AI can do better” – Annie, Get your Computer
It’s not a real musical, but these days it could be! AI, or Artificial Intelligence, is helping more and more businesses up and down the country work smarter and offer more to their customers. But what is AI, and how can it help your business?
First, a quick primer.
Artificial Intelligence is a pretty loose, umbrella term. Generally, it’s used for computer programs that possess more advanced capabilities. Most often, it’s that skill that people take for granted every day – the ability to learn. Most AI is defined as ‘intelligent’ because of something called ‘Machine Learning’. This allows programmes to learn from their previous actions, and apply it to what they do next.
You’ve actually been using a version of this for years now – predictive text! This is a form of artificial intelligence. Your phone reads what you type, and uses this to guess what you might want to say next. When you turned it on for the first time, these would have been pretty basic suggestions – “How are …… you?”, “Good…. Morning”, et cetera.
But as you’ve kept texting, the AI picks up on words, phrases, and names you might use frequently, and starts recommending these. Nowadays, it also reads the messages you’re receiving, to recommend responses in context – it might even look at your schedule or location data, to suggest replying that you’re in a meeting or driving home!
Most applications of AI today aren’t that different to predictive text – but the ways it can be used are incredibly varied! Most importantly, this isn’t technology only available to the mega-corporations with cash to burn and space to house mighty servers full of computer wizardry. In fact, AI-enabled tools are affordable and accessible for small businesses today.
So what might you use AI for? Here are three ways you can use AI in your small business:
Accounting
Accounting tools can now come with AI capabilities. Software like Xero can learn what you spend and earn money from, and begin classifying your transactions, creating invoices and filling out forms on your behalf. It can also read your books for you, and provide useful insights for your financial future!
Advertising
What advertising is going to work best for your company? AI-enabled advertising tools can answer this question, predicting the performance of your ads before you commit to any specifics. A programme like AIAdvertising can even recommend words and images that will better engage your target audience.
Automation
Automation covers all manner of AI applications. AI tools can follow up on leads, produce personalised newsletters, and handle customer service – all without you lifting a finger. Many small businesses use artificial intelligence in sales, taking advantage of the conversational AI power of programmes like Drift to develop prospects and provide ongoing support to clients.
What can’t it be used for, you might ask?
Well, this is where opinions differ. Many companies are exploring how AI can be used to create content – whether it’s designing logos, or writing blog posts. A key point in the recent Hollywood strikes has been how movie studios will agree to use AI in the future. Writers worry it will put them out of a job, as screenplay software gains the power to produce its own material. Artists worry they’ll be made redundant, as Photoshop begins to edit its own creations. Even actors and performances are worried – with advances in body scanning and computer-generated imagery, how long before they won’t need to pay millions to the latest movie star when they can animate them for a tenth of the cost?
And so if you raise AI in a company meeting, you might find your own staff expressing similar concerns – customer service representatives or copywriters who feel they are looking down the barrel of the future. While it’s true, AI can do some of these functions. But although the technology is getting better and better, keep in mind AI really cannot substitute for the human touch. We can programme learning, but we can’t programme inspiration, or empathy, or any of the other little things your employees bring to their work every day.
So harness the power of Artificial Intelligence. Let it save you time and money. But consider how it can free you and your staff up to focus on the other parts of the job, and channel those efficiencies into growth!
