Artificial intelligence (AI) is thrown into conversations about the future of business tech with increasing frequency. Many enterprises now have programmers beavering away on bespoke algorithms to automate tasks or services, which they hope will give them a competitive advantage. These algorithms are trained on vast data sets and eventually learn how to correctly identify common patterns without human intervention. They take time to design, and they don’t come cheap. But that doesn’t mean AI is purely for the big beasts of the business world.
While they may not have the funds to hire a team of data scientists, smaller companies can still take advantage of “off-the-shelf” AI. These tools are designed to improve everything from sales and marketing to customer service, and they’re available from both startups and major technology vendors. They can automate repetitive admin tasks such as updating customer records, unlock new business insights, and free employees to perform more interesting work. And, compared with bespoke solutions, they can be implemented relatively easily.
An off-the-shelf chatbot, for example, can answer common customer questions through a website, app or text message. As well as providing customers with a 24/7 point of contact, they can reduce the burden on human staff and make the company seem more responsive. However, Shivani Govil, EVP ecosystems and emerging tech at Sage, says businesses should always keep their brand in mind when using one. “Be transparent and let your customers know when they are speaking to a machine; this will help to manage expectations,” she says. “Equally, ensure you have a human on hand to take over when the robot isn’t providing the right or expected customer experience.”
“With automated data capture tools, which use AI-powered optical character recognition to scan receipts, paperwork will soon be a thing of the past,” says Johnnie Ball, co-founder and chief data officer at Fluidly, which provides AI-powered cashflow management software.
Estimating cash inflow and outflow is a time-consuming process that’s often prone to human error. “Many businesses operate in a state of unawareness too, without any knowledge of what’s coming around the corner,” says Ball. But with AI-driven tools like Fluidly, algorithms pick up the heavy lifting of cashflow forecasting. “This can have a far-reaching impact for SMEs,” he says, “giving greater visibility of their future finances and allowing for decisions to be taken ahead of time.”
AI can also help companies win new customers and deepen existing relationships. For example, Salesforce’s Einstein AI can help predict which sales leads and opportunities are the most likely to convert, how marketing emails will perform, and tailor offers based on the lead’s interests or past behaviours. Other AI tools allow you to monitor competitors’ social media channels and websites for changes in pricing or marketing tactics, or sift through job applications to find the best match for the role.
In October 2018, the tech accelerator programme Wayra (part of the Telefónica Open Future global innovation network) also launched a new programme focused solely on AI and Blockchain startups. It aims to provide support for companies building AI solutions that are better and cheaper than existing products, some of which could benefit SMEs in future. But, like all AI tools, they’ll need good data to deliver good results.
As Ball says: “For SMEs to get the most out of AI, it’s essential to build a strong foundation of clean, well-organised data.” This means it’s vital for organisations to have a secure system, such as O2 Gateway, to provide the network for the access and collection of data. Without the correct infrastructure in place, utilising advanced tech such as AI becomes increasingly difficult.
Most data falls into one of two categories: structured and unstructured. The former includes numbers and dates, usually stored in a database, which a computer can easily understand. The latter includes videos, audio files and presentations, which are harder to process and analyse. SMEs need to ensure both types are stored and processed in a consistent manner in order to get the most from AI.
Along with good data, companies should also have a strong business case for using the technology. For example, how much will a certain tool cost? What’s the return on investment? And how long will it take to set up? As Tabitha Goldstaub, co-founder of CognitionX, an AI advice platform, says: “The amount of time it takes to actually start using AI can differ drastically, depending on how complex the project is, what resources and effort are needed to integrate AI products or bespoke solutions into your existing business, and other factors.
“If you are looking to do a large-scale project, you might want to include the costs of technical consultants and others who will be involved in the implementation, and bear in mind that innovating with new products can often have unexpected complications.”
It’s possible these complications could come in the form of employees who are confused or sceptical about the benefits of AI. “AI can make your business more productive, reach more customers, and make more money, but only if you invest in your staff alongside investing in technology,” says Goldstaub. Businesses that want to adopt AI should therefore focus on retraining and reskilling current staff as much as hiring people with data science expertise. “Don’t forget that ultimately your non-technical team interacting with the machines must be allowed the time to assimilate, and feel empowered, not inhibited, by this new technology.”
Specialist help is available from initiatives such as the Data Innovation Accelerator, which provides Welsh SMEs with access to data science expertise. CognitionX is also working with the mayor of London on a programme that will help small and medium-sized London-based retail and hospitality businesses benefit from AI solutions. Eligible businesses can apply for free access to funding, information and support through the London Growth Hub.
Announcing the initiative, Sadiq Khan said: “Small businesses are the lifeblood of our economy, and I firmly believe these innovations should be available to companies of all sizes, not just the ones with the deepest pockets.”
In other words, AI isn’t just for the big beasts. When it’s broken down into off-the-shelf solutions and help and advice can come from technology vendors, it is possible to take the intimidation out of this innovative technology.
