No longer solely for large corporations, AI for small business can help small business owners transform their operations and improve profitability. To learn more about this, check out our comprehensive guide on artificial intelligence applications for small businesses.
View our related business research here: Artificial Intelligence Industry Research.
You can also receive free professional business advice and free or low-cost training from your local Small Business Development Center!
An Introduction to AI for Small Business
Artificial intelligence is defined as “the science and engineering of making intelligent machines.” A look at McKinsey’s “The state of AI” shows global adoption of AI across multiple industries. The trend across industries follows suit in the United States with larger businesses leading the way for small and medium-sized businesses adopting AI in their operations. The pandemic fast-tracked AI adoption for many businesses and is projected to increase. The applications of artificial intelligence across business functions are numerous, ranging from accounting process automation to creating marketing campaigns based on consumer analytics. The sheer amount of information on AI is staggering, so we compiled these resources to introduce you to the concept of artificial intelligence and to help determine if it is a fit for your business.
Benefits and Challenges of AI Adoption
Prior to adopting AI, it is important to weigh the benefits and challenges of AI implementation. Check out the following links to help you evaluate AI for your organization.
Benefits
AI can be highly advantageous for a business and its operations. View the following links which demonstrate how AI could help your organization:
- PwC 2022 AI Business Survey – results of AI implementation from U.S. businesses and technology executives
- The Top 6 Ways AI Is Improving Productivity – explains how AI can increase productivity and improve employee morale
- How Small Businesses Can Leverage AI to Battle Bigger Competitors – provides several ways AI can increase competitiveness
- How AI Cuts Indirect Costs and Improves Business Efficiency – describes the various ways AI can decrease overhead costs and increase efficiency
- How Businesses Use AI to Boost Revenue – demonstrates the revenue-focused benefits of implementing AI
Challenges
While adopting AI has many potential benefits for a small business, it can also present many challenges for organizations. View the following articles that detail the most common issues faced when implementing AI:
- Top 8 AI Implementation Challenges & Risk Factors for Small Businesses – insights into issues small business face with AI implementation
- Challenges of Adopting AI in Business – list of the greatest challenges businesses endure when adopting AI
- Barriers to AI Adoption: Challenges Faced And Ways to Overcome – describes the difficulties businesses have faced with AI adoption and means to overcome
- Top 10 Challenges Companies Face During AI Adoption – obstacles to consider before creating and implementing an AI strategy
Applications of AI for Small Business
The potential applications of artificial intelligence is innumerable, so we assembled resources pertaining to a few of the many ways that AI could change your business operations.
Accounting
Accounting is incredibly important for small businesses, as many fail due to poor financial management. The following resources describe how AI can improve accounting processes:
- AI in Accounting: The Future Is Here – describes the role of artificial intelligence in accounting
- Artificial Intelligence In Accounting – What Are Your Possibilities? – examples of how artificial intelligence can be used in accounting
- How Does AI Affect Small Business Accounting? – describes accounting tasks that can be simplified by artificial intelligence
- How AI Can Supercharge Small Business Growth? – how AI can transform a small business’ with their finances
Customer Service
Customer service is critical for a business’ success and can lead to a larger customer base. The following articles demonstrate how AI can help small businesses improve customer service:
- The Ultimate Guide on How Artificial Intelligence Improves Customer Service – guide on potential uses of AI in customer service and its benefits
- 5 Ways to Use AI to Improve Your Customer Service Experience – list of popular uses of AI in customer service
- The State of AI in Customer Service 2022: What CS Professionals Really Think – statistics on the positives and negatives of utilizing AI in customer service
- 4 Ways AI, Analytics and Machine Learning Are Improving Customer Service and Support – application of AI and machine learning in customer relationship management and customer data platforms
Cybersecurity
Cybersecurity concerns are intensifying, so check out the following links to see how AI integrates with cybersecurity:
- Why Should Businesses Implement AI With Cybersecurity? Five Benefits! – benefits of implementing AI in cybersecurity operations
- How Business Leaders Can Use AI to Bridge the Cybersecurity Skills Gap – explains applications of AI for a business’ cybersecurity
- 4 Ways AI Can Help Us Enter a New Age of Cybersecurity – examples of how AI can be used in a business’ cybersecurity
- Cybersecurity and AI: Three Security Concerns to Watch – describes some of the biggest concerns about AI and cybersecurity
Hiring and Recruitment
As a small business grows, so does the need for employees. The following links show how AI can help with recruitment, hiring processes and human resources for small business:
- Key Ways Artificial Intelligence Can Improve Recruiting in the Hiring Process – artificial intelligence uses in the hiring process
- How You Can Use AI for Recruiting – Even If You’re a Small Business – guide on how AI can simplify the recruiting process
- The New HR: How AI Evolved the Hiring Process – explains how the hiring process has evolved with the adoption of artificial intelligence
- Benefits & Challenges of Using AI in Recruitment – describes the advantages and disadvantages of implementing AI in the recruiting process
Marketing
Marketing is key for small businesses because it helps create connections with potential customers and develop long-term patrons. To learn more about AI marketing, explore the following links:
- AI Marketing: What, Why and How to Use Artificial Intelligence in Marketing – describes the purpose of AI marketing and its possible applications
- How to Leverage AI in Marketing; Three Ways to Improve Customer Experience – discusses how marketers can use artificial intelligence in their marketing activities
- The Pros and Cons of AI in Marketing – advantages and disadvantages of businesses utilizing AI in their marketing
- 10 Charts That Will Change Your Perspective Of AI In Marketing – provides various statistics that demonstrate AI’s impact on marketing
Small Business AI Adoption
Prior to adoption, it is important to evaluate whether the vendor and technology are a suitable fit for your business needs. To ease the adoption process, the following resources provide key considerations, evaluation guides, and procedures on implementing AI:
Considerations for AI
The decision to implement artificial intelligence is a major step for any small business. The following links will help you decide if AI technologies are worth it for your business:
- How Small-Business Owners Can Adopt AI Solutions With Limited Resources – low-cost AI solutions to consider to help map your AI strategy
- Artificial Intelligence In Business: Top Considerations Before Implementing AI – provides various considerations for decision makers to weigh
- Considerations for Implementing AI/ML in Your Business – considerations to help business owners assess AI implementation
- 5 Questions to Consider Before Implementing AI Into Your Business – questions that business owners can consider before adopting AI
Vendor Evaluation
It is not only important to ensure the AI solutions fit your business needs but also the vendor. Check out the following links to help you evaluate potential vendors:
- AI Vendor Evaluation Guide – five questions that helps decision makers evaluate potential AI vendors
- What To Look For In An AI Vendor – checklist of questions to ask potential AI vendors
- A Guide to Selecting Artificial Intelligence Vendors – guide for determining the best artificial intelligence vendor
Software Evaluation
Not all AI software will fit every business’ needs. Check out these resources to help you determine key characteristics you may want in your software:
- How to Evaluate AI Software – guide for evaluating artificial intelligence software
- 10 Criteria to Evaluate When Buying a Competitive Intelligence Solution – criteria to utilize when evaluating solutions to purchase
- 5 Questions to Ask Before Buying AI Products – questions to ask AI vendors to assess their product’s fit
AI Implementation
The process of implementing AI can be difficult for a small business. We’ve compiled the following links to assist business owners pursuing AI adoption in their business:
- 7 Key Steps To Implementing AI In Your Business – guide for the process of adopting artificial intelligence in business
- 10 Steps to Adopting Artificial Intelligence in Your Business – describes the process for businesses looking to implement artificial intelligence
- Artificial Intelligence Compliance, Privacy an Ethics Checklist – considerations for mitigating risk of AI implementation
Additional Small Business Resources
Already in business or thinking about starting your own small business? Check out our various small business resources:
- View our small business help topics here: Small Business Information Center
- View our business reports here: Small Business Snapshots
- View our industry-specific research here: Market Research Links
- View our small business cybersecurity resources here: Cybersecurity
- View our pandemic business resources here: COVID-19 Publications
Remember, you can also receive free professional business advice and free or low-cost business training from your local Small Business Development Center!
Photo by Stephen Dawson on Unsplash
