If you've picked up a newspaper in the past year, you've heard about the rise of artificial intelligence (AI). Most of the media coverage pertains to the down sides, including fears of privacy breaches, the spread of misinformation, biased algorithms, plagiarism, job displacement, and the list goes on – to the point where legislation and policy changes are being considered around the globe.
However, what's not commonly reported on is the fact that, if used property and ethically, AI has the potential to benefit small businesses in a number of ways. Here are some common misconceptions about the use of AI for business, along with ways it can actually help business owners in the long run.
Myth: AI is only useful for large corporations and too complex for small businesses.
Truth: AI can be tailored to suit businesses of any size, and it can really come in handy by atomizing those mundane tasks that often bog down owners and employees, giving them more time to dedicate to work that generates revenue.
Myth: AI is going to replace humans in the workplace.
Truth: It's true that AI can replace jobs that involve repetitive, automated tasks – such as answering and fielding routine customer service questions and managing inventory and data. However, small business owners and employees might want to instead consider how it can benefit and enrich their jobs, allowing them to dedicate more time to top-level, creative, complex projects that benefit the bottom line. As Harvard Business School professor Karim Lakhani said in a recent interview on CNBC: "Machines won't replace humans, but humans with machines will replace humans without machines."
Myth: AI requires training that can be expensive and time consuming.
Truth: While it's true that integrating AI into the workplace requires training, there are user-friendly AI tools designed for small businesses that require minimal technical expertise. Consider starting small by using Chatbots for online customer service issues, customer relationship management (CRM) tools to enhance sales and marketing efforts (such as HubSpot or Zoho). Allowing certain employees to dedicate their time towards learning about and implementing AI automations will undoubtedly be financially worth it in the long run.
To speed up the learning process, business owners might want to consider online AI courses for beginners. Look into those offered on Coursera, Udacity, and edX, among others, and look for local workshops or online webinars hosted by AI experts. Look for training programs tailored to your specific industry or those designed for small businesses. Many industry associations also offer targeted AI education.
For more information about insurance, call or contact Mitchell Insurance, Inc. today.