The Australian workforce is teetering on the cusp of a major transformation. Recent research by ServiceNow predicts that 1.3 million full-time jobs, equivalent to 9.9 per cent of the working population, will be automated within the next four years as artificial intelligence (AI) becomes mainstream. This monumental shift will not only reshape the job market but also bring notable productivity gains, as AI augments the roles of 6.6 per cent of jobs.
While the idea of AI tools or Neuro Linguistic Programming tools may feel steeped in modern science fiction, its roots date all the way back to the early 1900s. Today many business owners incorporate AI into small business decision-making to drive innovation and efficiency. Indeed, a May 2023 report from Export Finance Australia noted that 68 per cent of Australian businesses use AI, and 23 per cent are planning to implement AI in the next 12 months.
AI tools have fast become essential for modern small businesses; they can be a powerful ally to business owners. Working hard behind the scenes, AI underpins many widely used modern business innovations, initiatives, and tools. From ChatGPT to Grammarly, Salesforce, WordAI, and of course, the behemoth that is Google with its Google AI ecosystem.
A changing workforce and the impact of AI
Roles defined by repetitive and technical tasks are expected to be most affected by AI adoption. Certain roles – such as migration agents, network administrators, and hardware technicians – are expected to be affected more than others.
It’s clear that AI will become an indispensable tool across many industries in the coming years. Unlocking these vast economic and productivity gains requires businesses, governments, and individuals to embrace the impending shifts and prioritise skills development while harnessing the right technology platforms.
7 ways AI can supercharge small businesses
With AI tools gaining traction, many business owners are now exploring ways to incorporate AI into a small business. For some small business owners, this may be uncharted waters, so here are seven small business technology needs that can be met with practical AI business opportunities that can revolutionise small business operations.
1. Automating tasks and streamlining operations
By automating certain duties – such as administrative tasks, calendar entries, and sending documents for approval – AI tools can help streamline small business operations and increase efficiency. Just imagine spending less time on business admin and more time on strategic priorities that can grow your business while saving you valuable time and money.
AI-based data analysis provides useful insights, enabling data-driven decision-making and fostering competitive advantages. With personalised customer engagement, cost reduction, and streamlined administrative tasks, AI empowers business owners to optimise their operations and deliver exceptional value to their clients.
2. Customer service
AI chatbots can manage routine customer service inquiries, which frees your team to focus on more complex business challenges and opportunities.
3. Marketing
AI can quickly analyse customer data, create personalised marketing campaigns, and recommend products or services based on individual preferences.
4. Sales forecasting
Through AI, small business owners can quickly analyse sales data and make accurate sales forecasts, both of which can help small business owners optimise their inventory and plan for the future.
5. Accounting and bookkeeping
AI can automate tasks such as data entry, invoicing, and financial reporting, saving time and reducing errors.
6. Process automation
When it comes to AI business opportunities, the possibilities can be overwhelming and endless, from automating mundane and repetitive business tasks such as data entry and scheduling, to freeing up time for you and your staff to focus on higher-value tasks.
7. Fraud detection
Critically, AI can quickly analyse a high number of financial transactions and precisely detect anomalies or patterns that may suggest fraudulent activity. These key insights can be used to help small business owners better understand the risks they face, and the actions they can take to protect their business from financial losses.
8. Inventory management
AI can help small business owners monitor inventory levels and predict demand, both of which helps small businesses optimise stock levels and reduce waste.
Preparing for the AI-driven future
Small business owners who embrace AI solutions such as NLP (Neuro Linguistic Programming) can benefit from planning for updated job descriptions and team structures as new AI roles emerge.
The focus should be on identifying the most significant shifts and investing in customised training pathways to facilitate reskilling. For employees, becoming comfortable with using AI tools (such as automation tools) to increase efficiency is crucial. This proactive approach will future-proof careers, enhance well-being, and increase overall team productivity.
Small business technology needs are increasing, and even jobs that won’t be entirely automated are ready for transformation as AI integrates into more and more workplaces and takes on more tasks. Where will AI take your business in the years to come?
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This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording.
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