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 Artificial Intelligence (AI) for small business, dive in to our comprehensive guide on AI 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 “technology that enables computers and machines to simulate human learning, comprehension, problem solving, decision making, creativity and autonomy.” A look at McKinsey’s “The state of AI” annual survey, points to an increase in the 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 Artificial Intelligence in their operations. The pandemic fast-tracked AI adoption for many businesses and is projected to increase. The applications of AI for small business 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 Artificial Intelligence, it is important to weigh the benefits and challenges of AI implementation. Check out the following links to help you evaluate Artificial Intelligence for your organization.
Benefits
AI is highly advantageous for a business and its operations. View the following links which demonstrate how AI could help your business:
- AI Business Predictions – PwC
- Boost Your Productivity with Generative AI – Harvard Business Review
- 5 Ways AI Can Help Increase Your Revenue – Forbes
- CEOs See Artificial Intelligence as Competitive Advantage – Investopedia
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:
- 15 AI risks businesses must confront and how to address them – TechTarget
- Navigating the ethical and legal risks of AI implementation – CIO
- 11 Challenges Of Adopting AI In Business (And How To Address Them Head-On) – Forbes
- ChatGPT and generative AI are booming, but the costs can be extraordinary – CNBC
Applications of AI for Small Business
The potential applications of artificial intelligence are 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:
- CPA’s Introduction to AI: From Algorithms to Deep Learning, What You Need to Know – AICPA
- How AI Is Transforming the Accounting Industry — and What the Future Will Look Like –Entrepreneur
- How Does AI Affect Small Business Accounting? – The Ascent
- How AI and Automation Technology Can Help Accountants – Business.com
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:
- What Impact Will AI Have On Customer Service? – Forbes
- 12 Ways to Use Artificial Intelligence in Customer Service – Fit Small Business
- 9 ways to use AI in customer service – Zendesk
Cybersecurity
Cybersecurity concerns are intensifying, so check out the following links to see how AI integrates with cybersecurity:
- Using AI for Cyber Defense – The Wall Street Journal
- The Role of AI in Cybersecurity: Anticipating and Preventing Attacks – BDO USA
- AI and Cybersecurity: A New Era – Morgan Stanley
Hiring and Recruitment
As a small business grows, so does the need for employees. The following links show how Artificial Intelligence can help with recruitment, hiring processes and human resources for small business:
- The Future of Hiring: The Role of AI in Modern Recruitment Strategies – SHRM
- How is AI changing the recruitment process? – CareerBuilder
- Pros and Cons of Using AI in Recruiting – Recruiter.com
- ChatGPT and AI are the next worker recruitment and retention game changers – CNBC
Marketing
Marketing is key for small businesses because it helps create connections with potential customers and develop long-term clients. To learn more about AI marketing, explore the following links:
- AI in marketing: How to leverage this powerful new technology for your next campaign? – IBM
- 9 AI Tools to Improve Your Business’s Marketing – U.S. Chamber of Commerce
- AI in Digital Marketing – The Complete Guide – HubSpot
- 5 charts showing how ChatGPT and generative AI will change marketing – EMarketer
E-commerce and Digital Presence
Having a digital presence and quality website is growing in relevance as shoppers move increasingly towards buying online. Check out the following link to learn how to increasing your ability to sell online with AI:
- AI in Ecommerce: Applications, Benefits, and Challenges – Shopify
- How Generative AI Will Change Sales – Harvard Business Review
- How AI Will Revolutionize The Future Of SEO – Forbes
Small Business AI Adoption
Before diving into the adoption of Artificial Intelligence for your small business, it’s crucial to recognize that this decision represents a significant investment of time, resources, and effort. Understanding the landscape of AI adoption and preparing your business for this transformative journey is essential for maximizing the potential benefits while mitigating potential risks.
Before embarking on the journey of AI adoption, consider the following key factors to assess whether Artificial Intelligence technologies are the right fit for your small business:
Considerations for AI in Business
The decision to implement Artificial Intelligence is a major step for any small business. The following links will help you decide if Artificial Intelligence technologies are worth it for your business:
- NIST And CISA: 13 Must-Review Resources For SMBs – Forbes
- How Small and Medium Businesses Can Get Started with Artificial Intelligence – AWS
- Artificial Intelligence in Business: Top Considerations Before Implementing AI – CompTIA
- 5 Questions About AI Your Business Should Ask Before Diving In – Salesforce
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:
- A Practical Guide For Selecting Trustworthy AI Vendors – Forbes
- What To Look For In An AI Vendor – Retorio
- Generative AI Vendor Risk Assessment Guide – FS-ISAC
- Risk Management in the Age of Artificial Intelligence – Cloud Security Alliance
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:
- Artificial Intelligence Risk Management Framework – NIST
- Challenges in evaluating AI systems – Anthropic
- How to buy an AI solution the right way: 7 questions new customers should consider – TechCrunch
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 Artificial Intelligence adoption in their business:
- The quick-start guide to implementing AI in your business – Microsoft
- 10 steps to achieve AI implementation in your business – TechTarget
- How Small and Medium Businesses Can Get Started with Artificial Intelligence – AWS
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
