Kapadia LLP CPAs

There’s a very slim chance you haven’t heard about artificial intelligence (AI) yet. And if that’s the case, your business may be missing out. In fact, a report from the Small Business and Entrepreneurship Council (SBEC) found that 75% of the surveyed small businesses use AI in their operations.¹

Maybe you’re one of the 75%, or perhaps you’re on the fence about incorporating AI into your business. And you may be wondering, “Why do I even need to know about AI? I don’t plan on using it anytime soon.” It’s a great question. And we have some answers for you.

Why you need to know about AI

AI is everywhere—literally. If you use a smartphone and ask Siri or Google Assistant for help, that’s AI. If you find yourself scrolling social media platforms, AI’s hard at work, fine-tuning the algorithm that suggests content, people you may know and ads. AI is also used in mapping and navigation apps. So, since you’re likely already using AI, why not consider using it in your business?

If you can’t think of a reason to use AI, we’ve got several:

When your business uses AI tools and technologies, you can optimize operations, improve customer experiences and make more informed decisions.

AI improves efficiency

Businesses that use AI can automate routine or mundane tasks (e.g., data entry, inventory management, time entry). This allows you and your employees more time to focus on other things.

AI can personalize experiences

By analyzing customer data (i.e., purchasing and/or browsing history), you can tailor your customer service or products to better meet the individual needs of your customers. This is great for increasing customer satisfaction and loyalty.

AI provides data insights

Small businesses can better understand customer behavior, market trends and operational inefficiencies by allowing AI to analyze large volumes of data. This also helps business owners with decision-making.

AI can reduce costs

In the long run, using AI and automation can help reduce overall business costs, especially considering the savings involved with labor and operations.

AI helps your business stay relevant

Technology is constantly evolving, and many customers expect businesses to keep up. Using AI in your business can help you meet the growing expectations of adopting the latest and greatest technologies.

AI unleashes business opportunities

AI helps businesses innovate their products and services, which can help them tap into new markets or customer segments.

Myths that prevent AI adoption

The use of AI can make anyone wary, especially when we think about the terrifying AI robots of movies like “The Terminator”, “Ex Machina” or “M3GAN.” Thankfully, they remain safely in the realm of science fiction, but from a business perspective, the following myths still prevent business owners from adopting AI and understanding its benefits.

AI will replace humans

It’s a common belief that AI will take over and humans will lose their jobs. While AI can help streamline mundane tasks and process large amounts of data, it lacks human creativity, empathy and critical thinking. AI won’t replace humans, but people who know how to use AI will replace people who don’t.

AI is too expensive to implement

The cost of AI can vary widely. Some options are affordable, while others are costly. But the technology is always evolving and becoming more accessible as demand increases.

AI understands context perfectly

AI requires large amounts of data to understand and predict patterns, and it often struggles to understand context— especially in complex or nuanced situations. Like people, it can still make errors when interpreting inputs.

Put your fears to rest

It’s important to understand that AI isn’t the be-all and end-all for businesses. Businesses can’t run without people. But AI is here to stay, and it can help small businesses thrive. A little AI can go a long way within your business.

“Alexa, let’s build a better business.”