2nd August, 2024
With the rapid rise of Artificial Intelligence (AI), staying ahead of the competition curve can often prove challenging.
Following a survey of more than 300 microbusiness owners across Australia, data shows that one in five have already used AI to support their business.
Of those, over 71 have reported average time savings equating to 324 hours a year. That’s the equivalent of nine working weeks each year*.
What works? Is my data safe? Will I create more problems than I solve by embracing automations?
Running a small business is no small feat, and we all know that time and energy are like precious gems.
Research also shows that the ways Aussie entrepreneurs are using AI to achieve time and financial savings are diverse.
For example, 68% of Australian entrepreneurs are using AI to support content creation, with nearly half (49%) using it to support marketing activities.
In addition, over a quarter (28%) are using AI to support customer service and almost a third are using tools as a resource for business advice.
If you’ve never used this kind of software and feel overwhelmed by learning new tech tools, don’t worry.
These tools can be the sidekick you didn’t know you needed, if you start wrapping your head around the many ways they can be helpful.
AI technology offers a wide range of benefits that can significantly help small businesses. Here are some key ways AI can transform your operations:
AI tools automate repetitive tasks, freeing up valuable time for business owners to focus on strategic activities.
AI-driven chatbots and customer support tools can provide instant responses to customer inquiries, enhancing the customer experience.
These tools can handle a range of queries, from answering frequently asked questions to assisting with purchases, ensuring your customers receive prompt and accurate support.
AI can analyse vast amounts of data to provide actionable insights into customer behaviour, market trends, and business performance.
By leveraging these insights, small business owners can make informed decisions that drive growth and profitability.
By automating tasks and optimising processes, AI can help small businesses reduce operational costs.
These tools eliminate the need for expensive design and marketing services, enabling business owners to achieve professional results at a fraction of the cost.
AI-powered solutions are highly scalable, allowing small businesses to grow without the need for proportional increases in staff or resources.
As your business expands, AI tools can handle the increased workload, ensuring seamless operations.
In this online-driven world, proper cybersecurity is crucial for all businesses.
Thankfully, AI can act like a digital bouncer, spotting potential threats and keeping your business safe from cyberattacks. Think of it as a tech-savvy guard dog for your virtual storefront.
Manual content creation can be demanding on resources and is time-consuming, making it difficult to keep producing timely, relevant content for your business.
By automating content creation with AI tools, you can generate more content, personalising content at scale, while maintaining high quality and consistency, across multiple channels and formats.
Alright, so you’re probably wondering – how do I actually get started with this tech wizardry? Don’t worry; it’s easier than you think.
There’s an AI tool for almost every need, so investigate different options and choose wisely.
Pick the ones that best align with your business goals, budget, and tech know-how.
Try different artificial intelligence tools and see what works best for your business and the way you like to operate.
Play around with different prompts to see how you can refine the answers you get, and remember that the software can learn your business “voice” and requirements over time, when trained correctly.
Most AI tools can seamlessly integrate with your existing software. That means you won’t have to start from scratch – just a bit of tech magic, and you should be good to go.
Before you sign up for a tool, though, check that it will work okay with the main programs you currently utilise in your business.
AI and technology are always evolving, so keep an eye out for updates and new features that can further enhance your business operations, or new ways of using current tools.
Artificial intelligence is here to rescue you from the daily grind and can be your trusty sidekicks, helping you save time, energy, and maybe even a little sanity.
Start testing out some new tools today so that you can boost your business results sooner.
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* Research conducted by Advanis, among 337 entrepreneurs in Australia, May 2024
** Annual package only, one per customer, first year only, available to new and existing customers on new product purchases, not available on renewals Offer ends 31 December 2024.
Information provided in this article is of a general nature and does not consider your personal situation. It does not constitute legal, financial, or other professional advice and should not be relied upon as a statement of law, policy or advice. You should consider whether this information is appropriate to your needs and, if necessary, seek independent advice. This information is only accurate at the time of publication. Although every effort has been made to verify the accuracy of the information contained on this webpage, MYOB disclaims, to the extent permitted by law, all liability for the information contained on this webpage or any loss or damage suffered by any person directly or indirectly through relying on this information.