Recent advancements in AI have transformed the online landscape, offering small businesses the chance to boost efficiency, optimise customer experiences and gain a competitive edge.
To help small business owners understand and leverage these benefits, auDA hosted a webinar with Wilhelmina Duvestyun, Industry Program Manager from the National AI Centre. Wilhelmina explained AI concepts, practical applications, and shared valuable resources on getting started. We highlight what you need to know below.
What is AI and how can it help your business?
AI technology learns and makes predictions based on data analysis. Wilhemina explained there are two main types: narrow AI and generative AI. Narrow AI excels at specific, repetitive tasks, like scheduling appointments or generating reports. Generative AI, on the other hand, is trained on vast amounts of data to create entirely new things, like composing marketing copy or even designing graphics.
She provided a number of practical examples of how AI can help supercharge small business in key areas:
- Finance: AI can help streamline financial reporting by automating data entry and analysis. It has the ability to identify patterns and trends, allowing you to make data-driven financial decisions with greater accuracy and efficiency.
- Customer service: AI can provide 24/7 support to your customers via chatbots that answer basic questions, resolve simple issues, and schedule appointments. This can free up your team to focus on complex inquiries and provide a more personalised experience for your valued customers.
- Marketing: Unlock the power of data to understand your target audience better. AI can analyse customer behaviour, identify buying patterns, and personalise marketing campaigns for increased effectiveness.
Wilhelmina highlighted Australian food manufacturer Ferndale Food Group, as an organisation that has effectively implemented AI, specifically to improve production processes. Ferndale adopted AI predictive maintenance to predict equipment failures before they happen. This has helped the business to:
- Reduce maintenance costs
- Decrease frequency of equipment breakdowns
- Extend machinery life by addressing issues early
- Ensure production line efficiency, boosting overall productivity.
Considering the risks and the ethics are crucial
While AI offers a wealth of benefits, it's important to understand there are privacy risks associated with the technology. It's vital to choose reputable AI solutions with robust security measures in place.
It’s also important to ensure your data is used ethically and responsibly. AI may perpetuate biases if the information being fed to it is biased. Ensure you understand the data sources and what has been used to train the systems that you use. We all have a role to make sure that we're producing AI solutions that are going be positive for the community.
Getting started with AI: A small business guide
You don't need to be a tech expert to leverage AI. Adopting AI into your business practice can start with these steps:
- Identify your needs: Consider where AI can have the biggest impact on your business. In particular, think about areas that are repetitive, time-consuming, or require data analysis.
- Keep it simple: Start small with something manageable where you can easily recognise the business value. Don't try to overhaul everything at once. Choose a specific use case to pilot, like automating financial reports or implementing a basic chatbot.
- Invest in learning: There are numerous online courses that are free of charge, some requiring only a few hours. These can equip you with the foundational knowledge of AI and its applications.
- Explore resources: National AI centres and industry associations often provide valuable resources and guidance for small businesses venturing into the world of AI. Wilhemina provided a great list of resources containing videos, connections to AI solutions and services providers and much more guidance which can be access via the below document
CSIRO also recently announced ‘Innovate to Grow’ - a free, 10-week online program focused on digital technologies and AI for small business. It's open to specific sub-sectors. Applications for the program close 21 July 2024.
Watch the webinar: How can small business owners unlock the potential of AI?
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