When one thinks of generative Artificial Intelligence (AI), ChatGPT is perhaps one of the first technologies that comes to mind. However, the writing of marketing material is just one aspect that a small business could need help with.

No matter the problem, there are multiple generative AI tools that can assist the small business owner to save time, resources and money. In this article, we look at practical ways in which a small business can free up hands and boost efficiency through generative AI.

Table of Contents

• What is Generative AI?
• Practical Ways to Use Generative AI
  1. Create Digital Marketing Material
  2. Take Customer Service to the Max
  3. Analyse Data and Insights
  4. Innovate Your Products and Services
  5. Enhance Cyber Security
  6. Grow and Manage Your Team
• Benefits of Generative AI
  1. Quicker Delivery Times
  2. Free Up Hands
  3. Improve Efficiency
  4. Simplify Complexities
  5. Reduce Costs
  6. Achieve More Creative Results
  7. Improve Customer Relationships
• TOP TIPS
• KEY TAKEAWAYS
• FAQs

About Generative AI

What is Generative AI? The good, the bad, and the ugly.

Generative AI is a type of technology that creates new and original content, such as text, images, or even music, based on patterns it has learned from existing data. It’s like a creative assistant that can generate new responses using specific parameters.

With any new technology, there is a ‘good, a bad and an ugly’ side.

The good – It can help people become more efficient.
The bad – It can be used to enhance deepfake technology and scam people.
The ugly – It has the potential to displace employment opportunities.

In business, generative AI can be applied to solve various problems. It can be used to generate customer service and support tasks, personalise customer experiences, enhance analytics or even help come up with new ideas.

Practical Ways to Use Generative AI

Small businesses are usually run by a handful of people who are all trying to wear multiple hats when it comes to tasks. Generative AI can help fill the skills gaps in practical ways. From improving productivity and creativity, to assisting with decision-making.

Here are six ways in which it can be applied:

1. Create Digital Marketing Material

Small businesses usually don’t have an in-house marketing team. With generative AI tools, like ChatGTP and Mailchimp you can automate the creation of marketing content, emails, social media posts, and product descriptions. DALL-E, Creatopy or Synthesia can assist with the designing of graphics, logos and videos. And if you don’t have a website yet, build a professional one yourself with Site Builder.

2. Take Customer Service to the Max

Good customer service is essential to build customer loyalty. But what can you do if you don’t have enough hands-on deck? With AI-powered chatbots like BotPress or messaging platforms, routine customer queries can be taken care of day or night. This provides instant responses, improves customer engagement, and frees up your team’s time to deal with the more complicated requests.

3. Analyse Data and Insights

Data and insights can help drive overall business success. If you know and understand what the numbers are saying you can make informed decisions in literally every part of your business. By using generative AI like Oracle to analyse data, business owners can identify patterns more easily. Just imagine what it can mean for your inventory; no more overstocking or being caught with not enough stock.

4. Innovate Your Products and Services

Your business model cannot be built on being a “one hit wonder”. It is important to continue to innovate your products and services to stay competitive and meet changing customer needs. Generative AI like Hyperwrite (Powered by ChatGPT) can help with brainstorming and idea generation for new products or features. This can spark creativity and help in identifying unique offerings in the market.

5. Enhance Cyber Security

Safeguard your business against data breaches and avoid financial losses or reputational damage by being proactive when it comes to cyber threats. Generative AI tools like AntiVirus etc. can help detect viruses, block suspicious websites and stop malware thereby enhancing your data security.

6. Grow and Manage Your Team

Hiring the right team is stressful not to mention time-consuming. Use generative AI like Turbohire  to help with the screening of resum?s, identifying suitable candidates, and streamlining the hiring process.

Benefits of Generative AI

1. Quicker Delivery Times

With the help of generative AI, tasks can take less time. Any business owner can apply useful insights and make decisions without needing to manually extract and interpret data. Or the person in charge of marketing can save time by using AI results as a base for the tasks at hand.

2. Free Up Hands

Automation through generative AI can streamline repetitive tasks, saving time and reducing operational costs. This allows small businesses to allocate resources more efficiently.

3. Improve Efficiency

With less time “wasted” on mundane tasks, employees can focus on the important tasks that need the skills they are excellent at. As a result, productivity can be greatly enhanced, and the quality of the work done can be improved as well as employee job satisfaction.

4. Simplify Complexities

Generative AI can break-down, summarise and simplify information so that it is easier to comprehend. It can help your employees grow their knowledge and make it possible to make decisions or improve tasks based on the input obtained from AI.

5. Reduce Costs

With these types of tools, companies can get more done with fewer resources, which suits every small business. AI is also cheaper than employing or outsourcing. Also, the technology that’s available does not require a company to train it from scratch anymore.

6. Achieve More Creative Results

Small business owners don’t always have the time or energy to stay on the cusp of trends or make time for brainstorming. However, by leveraging generative AI for this, small businesses can tap into new and innovative concepts and boost their creative output in every aspect of their business.

7. Improve Customer Relationships

At the end of the day everything a business does is to the benefit of its customers. From new products and improved marketing efforts to enhanced customer service through chatbots. AI can help build customer relationships and thereby increase sales.

TOP TIPS

1. Only adopt generative AI technologies that will add value to your business.
2. Always let a professional vet the results obtained from generative AI. Particularly AI responses for content copy, to circumvent inaccuracies and bias.
3. Manage AI by reviewing its results and giving it a unique human touch.
4. Train employees on the effective use of generative AI.

KEY TAKEAWAYS

1. Generative AI technologies can empower small businesses to function more efficiently.
2. Generative AI empowers small businesses by automating tasks, such as digital marketing, customer service, data analysis, product innovation, cybersecurity, and talent management, filling critical skills gaps and enhancing overall efficiency.
3. Generative AI can streamline operations, improve customer interactions, and foster innovation in a resource-efficient manner.
4. It’s crucial for small businesses to choose generative AI tools that align with their specific needs and capabilities, and to vet the results.

FAQs

What is the difference between generative AI and traditional AI?

Generative AI creates new content or data, while traditional AI typically focuses on solving specific tasks or problems using pre-defined rules and patterns. Generative AI is more creative and capable of producing original outputs, whereas traditional AI tends to be task-oriented and relies on explicit instructions for problem-solving.

Why should SMEs use generative AI in business?

SMEs can benefit from generative AI in business for efficiency gains, cost savings, enhanced creativity, and improved customer interactions, allowing them to stay competitive, make informed decisions, and streamline operations with limited resources.

Can generative AI replace jobs?
Generative AI has the potential to automate certain tasks, which may impact jobs in specific industries. However, it also creates new opportunities and roles in the development and maintenance of AI systems. The overall impact on employment depends on various factors, including how businesses and societies adapt to these technological advancements.

What are Large Language Models LLMs in generative AI?
Large Language Models (LLMs) in generative AI are advanced models like GPT-3 built on transformer architecture, trained on massive datasets to understand, and generate human-like language for tasks such as text completion, translation, and creative content generation.

Can generative AI be biased in its outputs?
Yes, generative AI can exhibit biases present in the training data. If the training data contains biased or skewed information, the model may unintentionally generate biased outputs. It is crucial to carefully curate and monitor training data to mitigate biases and promote fair and unbiased AI applications. Ongoing research focuses on addressing and minimizing biases in generative AI models.