5 Ways AI Will Impact SMEs in the Future
Understanding how Artificial Intelligence and automation can help SMEs.
5 Ways AI will Impact Small and Medium-sized Enterprises in the Future
Robotic Process Automation (RPA), Machine Learning and Artificial Intelligence (AI) offer an advantage to businesses, especially small and medium-sized enterprises (SMEs) looking to compete with much bigger corporations. In fact, such technologies have become essential to FUJIFILM Business Innovation’s approach to business transformation and better ways of working.
Innovative SMEs should be continually looking to digitalise and use AI technologies to make work easier, faster, and less repetitive. These technologies, now widely available for SMBs, can help to level the playing field for SMBs in today’s competitive global business environment.
AI-augmented automation offers a world of possibility and is becoming widely available outside the enterprise space. Automated solutions can free small and medium-sized businesses from inefficiencies – such as time-consuming manual processes, human error, and needless paperwork – that have long plagued workflows such as accounts payable processes.
Moreover, Digital Workplace technologies enable better sharing of workplace knowledge and expertise through workspace and collaboration platforms and AI-powered applications like Copilot for Microsoft 365 can improve data crunching and decision-making, and open new opportunities for adding value.
Our commitment to such intelligent automation and efficiency improvements has given us a unique perspective on how SMEs can fully leverage the potential of AI technologies. Below are five ways businesses can expect to see AI in the future:
You’ll see more AI everywhere
Small and medium-sized enterprises often have limited budgets and IT expertise, but they increasingly have access to AI capabilities through business and consumer apps. Those apps range from Copilot for Microsoft 365 to chatbots for customer service, marketing, and other tasks. In fact, recent research from Gartner says “[t]he generation born after 2010 only knows a world with Artificial Intelligence technology”. The chances are, if you’re using apps or cloud software in your business, you’re already using AI.
More and more, you’ll need AI
Businesses – especially midsize enterprises – that don’t use advanced digital tools will be at a growing disadvantage in today’s ‘winner-takes-all’ business world, Gartner has warned. And a growing number of SMEs are taking such warnings to heart with 76 percent of those recently surveyed by the SMB Group “strongly agreeing/agreeing that digital technologies are reshaping their business practices,” and 50 percent recognising that AI, machine learning and natural language processing are important for their business success and longevity.
Your customers now expect AI
People are used to apps like Netflix and Spotify making recommendations based on AI analysis of their past choices – and they’ll increasingly expect other businesses to do the same. What’s more, as Small Business Trends recently reported: “With AI, you can predict customer service issues before they happen. AI can help you identify the prospects that are most likely to buy your goods and services. Your marketing efforts become more personalised because you have more information about customer preferences to work with.”
AI will improve how employees work
By applying intelligent automation to many activities, businesses could save $2 trillion globally, PwC estimates. And, despite the common fear that “robots will take our jobs”, the World Economic Forum has found that transformative technologies could create more jobs than they render obsolete. AI can also empower employees by eliminating dull or repetitive tasks, giving them more time for rewarding work or to learn new skills – especially beneficial for SMBs’ smaller workforces.
Smarter working enables more innovation at a lower cost
Like businesses of any size, SMEs today are flooded with data of all kinds: Market data, customer data, supplier data, operations data, etc. AI can quickly extract insights from your data and make it easier to identify trends and pre-emptively resolve potential problems. Coupled with a more efficient workforce with more time to spend on creative or strategic tasks, this can not only save time but also boost a business’ ability to innovate.
For out more about how FUJIFILM Business Innovation can partner your business in building your AI-powered Digital Workplace.
