5 Myths About Small Business and Artificial Intelligence

Not long ago, artificial intelligence was widely considered to only benefit large corporations. With the rapid evolution of technology, today’s AI applications also offer significant advantages to small businesses.

Take, for example, the decision-making process all businesses face. As we’ve noted in the past, “AI algorithms allow business owners to make data-driven decisions by detecting patterns within massive datasets, then generating actionable insights from that information.” This enables business owners to identify trends at a much faster pace than what “mere humans” can do.

The result? Better operations, faster sales cycles, and many other functional enhancements.

Also, repetitive tasks that otherwise consume vast amounts of time and labor can be subsumed to AI. There’s great potential for automating these tasks—“think data entry, customer support, inventory management,” notes MMG-dezzai, so you and your team “can channel your creativity and strategic acumen into growing your business.”

Unfortunately, some myths about AI persist. Here are five common myths that need debunking:

Myth #1: AI technology is the same across the board.

It may seem like AI technology is one huge monolith, but in fact, many AI applications can be leveraged for different businesses with different needs. “A wide array of AI tools for business now exist,” notes Wix, “from ones that can create images and videos, to those that help you analyze data, provide customer support or even build websites.”

Myth #2: AI has no relevance for my industry.

Despite AI’s rapid growth and evolution, some in the business world still think it only helps big corporations. That might have been true at one time, but in today’s world, small businesses across the board can benefit from AI’s capacity to:

• Simplify repetitive tasks
• Analyze vast amounts of data
• Offer increasingly high levels of customer support

Many tools, including the now-famous Chat GPT, offer valuable solutions, regardless of a company’s size or structure.

Myth #3: AI applications are too costly for my organization.

With the introduction of cloud technology, AI tools are now accessible “as scalable, pay-as-you-go models, allowing businesses to start small and expand as needed,” according to TenHats. Also, affordable AI automation “can lead to significant cost savings in the long run, such as reduced labor costs and improved operational efficiencies.”

Myth #4: Using AI results in a loss of jobs.

It may sound counterintuitive, but in many instances, artificial intelligence and machine learning “have the potential to create as many jobs as they displace,” notes XFactr.ai. With streamlined operations and the potential for innovation, “new roles emerge to support and leverage [AI], spanning fields such as data science, AI engineering, cybersecurity, and more.”

By automating tedious and repetitive tasks (such as bookkeeping, data entry, etc.), there’s more time and opportunity for employees to pay closer attention to innovation and decision-making—crucial factors in the long-term growth of any organization.

Myth #5: Businesses must jump on the AI bandwagon ASAP.

Based on what’s been noted thus far, it’s certainly not a bad idea to check into AI applications for your business sooner rather than later. On the other hand, adopting this technology at a slower pace might be the best approach for some companies. Look at implementing AI in areas that yield immediate results—incorporating use of a chatbot for better customer support, for example, or integrating AI with customer relationship management systems to improve communications.

Want to learn more? Register for our free TAB Boss Webinar, “Navigating the Future: Harnessing AI and Automation for Business Success.”