Small Businesses Are Leveraging AI to Compete

Jordan Crenshaw
Senior Vice President, C_TEC, U.S. Chamber of Commerce

Published

October 29, 2024

Small-scale applications and use of AI were on full display at the U.S. Chamber of Commerce’s Technology Leadership Summit, where industry leaders explored the various applications and benefits of AI across sectors, and emphasized the importance of continued investment and innovation in this rapidly evolving field.

As AI technology becomes increasingly accessible, it is enabling even the smallest of enterprises to grow and compete with bigger counterparts.

AI: Off the Cloud and On-Device

Durga Malladi, Senior Vice President and General Manager of Technology Planning and Edge Solutions at Qualcomm, sat down with Neil Chilson, Head of AI Policy at the Abundance Institute, to discuss Qualcomm’s effort in to developing and deploying on-device AI.

The Benefits: Malladi touted the benefits of on-device AI, where large language models operate directly on the device, improving latency for smoother interactions. For example, the latest smartphones offer real-time voice translations, enabling seamless communication across different languages without relying on cloud processing. Another promising application is in digital cockpits, where voice-enabled technologies allow users to ask their car for maintenance assistance. Instead of searching through a manual, drivers can simply use voice commands to receive real-time guidance on tasks such as checking oil levels, diagnosing engine issues, or scheduling service appointments. Overall, Malladi predicted the next trend in AI will be driven by voice, a natural interface” that will promote greater accessibility solutions.

a man in a suit talking to another man — Durga Malladi, Senior Vice President and General Manager of Technology Planning and Edge Solutions at Qualcomm.

Privacy: In a world where data protection is a key priority, Malladi informed summit attendees that on-device AI significantly reduces the amount of data that needs to be sent to the cloud. This approach not only enhances data privacy, but also improves user safety. Malladi explained that on-device AI enhances content authentication and integrates benchmarks to ensure the algorithms operate correctly on the device.

Energy: As the policy debate intensifies over how the United States will meet its energy demands, Malladi emphasized to the audience that "we don’t have to have everything running on the cloud. By distributing workloads among servers, deep cloud, and devices, we can effectively manage and reduce energy consumption.”

AI: A Force Multiplier for Small Business

Shirley Boubert-Rumble, the CEO of Usource, offered insight into how her small business integrates project management and real estate development expertise into its full-service business model, making these elements crucial to the construction process. During a panel with Intuit’s Chief Corporate Affairs Officer, Michael Kennedy, Boubert-Rumble shared how her three-person accounting team leverages technology, including AI, to enhance efficiency to stay competitive. Her company is using AI in technologies like QuickBooks, MailChimp, and TurboTax for backend office tasks.

She said that “[e]very single project is its own business…and really requires a magnified approach toward accounting and maximizing efficiencies.” AI assists her in understanding how the costs of goods are affecting the bottom line, allowing her to pinpoint where expenses are going and to be more strategic about supply chains.

a group of people sitting in chairs — Intuit's Chief Corporate Affairs Officer Michael Kennedy, Usource CEO Shirley Boubert-Rumble, and the Chamber's Jordan Crenshaw.

Kennedy also noted that small businesses using AI can significantly reduce the time needed for marketing efforts. He emphasized that time is the most valuable asset for small businesses, and AI can be a crucial tool in managing it appropriately. According to a recent report from the U.S. Chamber of Commerce, 40 percent of small businesses are now using generative AI tools and are experiencing growth as a result.

Both panelists stressed the importance of increasing access to AI and improving AI literacy for all Americans. Boubert-Rumble noted that AI should benefit everyone, not just those in executive positions. As businesses are “[w]restling with workforce, skills, and trade shortages, AI can help fill in the gap.”

Whether AI is in the hands of a consumer or integrated into the operations of a small business, it is having an outsized impact on our way of life and the economy for the better.