Businesses use artificial intelligence (AI) for numerous purposes, from automating routine tasks to providing better customer service. However, data from a recent Visa report showed that nearly half (44%) of U.S. small- and medium-sized businesses (SMBs) are unsure where to begin when it comes to adopting AI.
If you're new to the world of business AI tools, here's how you can choose the right ones for the right tasks and take your business to new heights.
[Read more: AI Tools That Can Help You Start, Run, and Grow Your Small Business]
How small businesses can use AI
Visa's report, which was based on a study conducted by Morning Consult, showed that 69% of U.S.-based SMBs adopted AI within the last year, and 76% have seen business growth as a result.
Here are some ways small businesses are currently using AI to scale.
Improve operational efficiency
AI plays a big part in streamlining operational processes for businesses. Companies use AI-powered tools to track inventory levels, automate data entry, handle scheduling, gauge product demand trends, and more.
Gain data insights
AI-powered small business marketing tools and competitive analysis tools help SMBs analyze ample data, providing deeper insights into customer behaviors, product popularity, and market trends. These insights help SMBs tailor their marketing strategies and remain competitive in their respective markets.
Create content
Content creation is among the top applications for AI-driven tools alongside social media management and marketing. AI can generate ideas for various types of content, including text, graphic designs, videos, and social media posts, to save businesses valuable time in their marketing efforts.
Enhance customer service
AI-powered chatbots can automate simple inquiries, helping SMBs scale their customer service and operate online 24/7 without additional staffing. This strategy can lead to quicker resolution times, an improved customer experience, and a lighter load for customer service agents.
Track finances
AI-powered financial planning tools help SMBs manage everything from invoice and expense tracking to budget creation and management. These tools can automate bookkeeping, reduce manual data entry and human error, and forecast future trends using historical data.
[Read more: What AI Can't Do for Your Small Business]
For AI to have the greatest impact on your business, you want to strategically choose and deploy tools in areas that make the most sense.
Popular AI tools for small businesses
While new AI-driven tools are constantly developing, the following frontrunners are among the most popular options suited to small businesses:
- ChatGPT: ChatGPT is a well-known AI tool that uses deep learning to generate humanlike text responses to user-provided prompts. Small businesses can use ChatGPT for a variety of tasks, like developing marketing campaigns, drafting sales pitches, or brainstorming blog and social media content ideas.
- DALL·E 2: DALL·E 2 is a cloud-based art generator that helps businesses easily create visual content. It can quickly create unique, realistic images based on text-based user inputs and edit existing photos.
- Grammarly: Grammarly is an AI-powered writing assistant that corrects spelling, grammar, and language usage and generates content. Whether your business is content-focused or sends numerous emails daily, Grammarly can improve your communications and ensure your writing is up to par.
- Notion AI: Notion AI is an AI-powered workspace where small businesses can plan and track projects, collaborate, communicate, and create together. It leverages AI to help answer questions, generate content, and provide insights.
- QuickBooks Intuit Assist: QuickBooks Intuit Assist streamlines SMBs' financial management by centralizing bookkeeping, offering flexible payment options, analyzing cash flow, and providing access to business loans and new lines of credit.
[Read more: 9 AI Tools for Small Business Marketing]
Choosing the right AI tools for your business
For AI to have the greatest impact on your business, you want to strategically choose and deploy tools in areas that make the most sense. Ask yourself the following questions to help you narrow down your options when researching AI-powered solutions:
- What business function will this tool help us with? Identify which of your unique business's processes can be automated or made more efficient with AI. Then look for tools that support those specific processes.
- Will this tool be easy for my team and I to adopt? Consider how easy the tools are to use and how well they'll integrate into your existing tech stack.
- Will I get the results I want? AI tools can produce a wide range of outputs, and not all of them are useful or high quality. If possible, sign up for a free version or trial of the software you're considering so you can test it out and make sure you understand how to work with it for optimal results.
- What will my return on investment be? How much time and money will you save with the solutions you choose, and what can you do with those extra resources to grow your business?
For more guidance on adopting AI for your small business, check out this recap of our event, Ready. Set. Scale. How Small Business Can Leverage AI.
CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.
CO—is committed to helping you start, run and grow your small business. Learn more about the benefits of small business membership in the U.S. Chamber of Commerce, here.
