AI talent exodus from big tech creates new opportunities for small business
Big technology corporations have been at the forefront of driving innovation for a considerable period, drawing in top-notch professionals and establishing a dominant presence in the technology job sector. The advent of advanced artificial intelligence has brought about the automation of various tasks, resulting in a reduction in job opportunities, particularly within the realm of development. While this transition may instil concern regarding potential job scarcity, it also presents fresh prospects for alternative industries such as manufacturing and finance to leverage the abundance of proficient technology experts. Conventional sectors, which have historically been more hesitant to embrace technological advancements, now have the opportunity to spur innovation by collaborating with seasoned professionals from major technology firms.
Small businesses are increasingly using AI technologies to make their operations easier, boost productivity, and gain a competitive edge. This shift is seen in the adoption of AI tools like chatbots for customer service, data analysis for personalized marketing, predictive analytics for better inventory management, and automation of routine tasks. By integrating AI into their operations, small companies can improve decision-making, simplify workflows, and enhance customer happiness. The scalability and affordability of AI solutions make them practical for small businesses looking to grow and succeed in today's competitive market.
Companies with less spending power have been relatively slow to adopt AI, but SMEs around the world are demonstrating how it can be genuinely transformative, even on a modest budget. The most common applications of AI for SMEs have been in automating tasks across HR, Sales and Marketing.
Such as:
Website chat: Using AI chat on websites benefits both businesses and customers. AI chatbots analyze customer questions, offer relevant assistance, and guide them to live agents or staff for help. They also help extend customer service hours.
AI can personalize email campaigns effectively, making email marketing more versatile.
Social media marketing is a lengthy marketing method. It involves making a plan, writing posts, and tracking progress, which can be overwhelming.
SMEs can use AI to monitor social media for brand mentions, feedback, and sales chances.
SEO automation can simplify online marketing by improving visibility, reducing costs, and attracting interested buyers.
AI tools are helpful for coming up with content ideas, especially for small businesses.
Generating leads can be a tedious process for small businesses. Besides running lead generation campaigns, there's a lot of follow-up needed to turn those leads into customers.
Images and videos enhance marketing and social content. Creating them can be difficult and time-consuming without design help.
Ad targeting focuses on finding the right audience for your online ads, which can be tough. AI-powered ad targeting aids small businesses in reaching audiences effectively, leading to increased conversions and improved ROI.
Customer feedback is essential for enhancing your business. However, gathering and reviewing feedback can be time-consuming.
Sales forecasting: Small businesses can use AI to predict sales for new offerings or gain insights into revenue outlooks.
Let’s have a closer look at some specific examples; first here in Australia.
Treasury Wine Estates
Treasury Wine Estates, an agricultural company, is greatly affected by weather and climate conditions. Vineyards are easily harmed by various natural events such as frosts and smoke from wildfires. Even if the plants survive, the taste of the crop can be ruined, making the grapes unsuitable for making wine. Treasury Wine utilizes climate information and a smart technology system to predict how these conditions will affect its crops. This technology not only helps in getting ready for frosts and fires but also makes water use more efficient by determining the precise amount needed for each vine.
Royal Perth Hospital
Royal Perth Hospital uses a system named HIVE (Health in a Virtual Environment) to help monitor patients closely. The system tracks vital signs like heart rate, blood pressure, and oxygen levels. Any issues are quickly detected at the command center, allowing staff to communicate with medical professionals using audio-visual technology. This setup ensures top-notch care for patients while allowing staff flexibility to work effectively, knowing that critical patients are under constant supervision.
Let’s have a look at some innovative uses of AI in Small Business in other markets; as described in a recent article in Raconteur.
Hongkong: GetTransfer on developing its own AI solutions
GetTransfer, a service that matches airport passengers with rides, has expanded globally from its Hong Kong base, with AI playing an important role. Company founder Alexander Pershikov says its driver bidding system was initially based on machine learning and has “transitioned seamlessly” to AI. Now, the company uses AI tools for a range of applications.
“AI enables us to analyse and categorise emails based on their intent, automate software testing with digital assistants and streamline various processes, such as creating service-level agreements and managing them – these AI and machine learning processes eliminate a significant number of person-hours, save costs and expedite product launches,” Pershikov explains. While many companies opt to use external partners to ease their AI transition, GetTransfer team members have developed their own solutions.“Our advanced AI is designed to help drivers determine the optimal price for their services, and helps clients find a better driver for a better price,” says Pershikov. “Truth be told, developing our own proprietary AI solutions has been a focus of our team for quite some time now.”
He advocates a team effort combined with strong leadership for this digital transformation process. “As the head of your company, you should clearly communicate the benefits of AI and address any concerns among employees,” says Pershikov, adding that resource allocation and ethical implications are key considerations.
UAE: Personalising product recommendations with FC Beauty
Alefiyah Johar co-founded FC Beauty in the UAE, a skincare company that is now part of a 55-year-old group of Dubai-based companies and has expanded its sales globally. Embracing the power of AI technology, FC Beauty has integrated personalized product suggestions and customer service chatbots while leveraging social media data to understand customer preferences. Furthermore, the company has implemented AI predictive analytics to enhance inventory management, enabling them to predict product demand accurately, maintain optimal stock levels, prevent product shortages, and ensure stock availability when needed by customers. In contrast to GetTransfer, FC Beauty collaborates with external AI experts, a strategic decision that Johar believes facilitates the effective adoption of cutting-edge technologies. This external partnership not only assists in risk management but also ensures a seamless integration of AI into their operations. Johar emphasizes the importance of addressing ethical considerations, promoting data-driven decision-making, and aligning AI initiatives with overarching business objectives to drive tangible value and success.
AI presents a vast array of opportunities for small businesses to thrive and grow in today's competitive market, offering valuable insights, enhancing productivity, and automating time-consuming tasks. Harnessing the power of AI can truly revolutionize how small businesses operate and pave the way for unprecedented growth and success.
