How can Artificial Intelligence help my business?

It’s hard to miss the increased interest in artificial intelligence (AI) recently, as platforms such as ChatGPT gain popularity. 

More than 50% of Kiwi companies and organisations say AI will be, or already is, a game changer, according to the AI Forum Report. 

But what is AI and can it help you as a business owner? We’ll look into some of the benefits, risks and limitations to this exciting technology.

What are some common examples of AI?

Perhaps AI sounds futuristic – but chances are, you’re already using it. Here are some common examples of AI you might use on a daily basis.

• Chatbots. 
• Virtual assistants such as Siri and Alexa.
• ChatGPT. 
• Facial recognition.
• Copy editors such as Grammarly.
• Google search.

So, how can AI help your business?

Can artificial intelligence AI help small businesses?

To put it simply – yes. But only if you understand where it can help you, along with its risks and limitations.

If you’re looking for an edge to beat your competitors, AI can help you save time and money.

Different types of AI can help reduce your business costs and look to increase productivity and efficiency, taking over are time-consuming tasks and helping to free up staff to focus on duties that require more human oversight or intuition.

Here are four examples of how it can be used.

“While tools such as chatbots can mimic human behaviour up to a point, they can fail to understand human emotions”

Customer service

A key area for small businesses to use AI is customer service. Chatbots are becoming increasingly popular to answer customer queries quickly and 24/7. They can help businesses save time and money by reducing the number of staff needed to answer basic phone calls or emails. 

AI can give e-commerce businesses an edge, from personalising the shopping experience to effectively managing inventory.

Understanding customer behaviour

Customer behaviour has rapidly changed over the past few years and owners struggling to understand this are able to use AI systems to track, analyse and understand their customers’  behaviour.

AI can help analyse data more effectively and allow you to make better-informed decisions about the future of your business.

Marketing material

Another way businesses can use AI is for marketing content such as blogs, social media posts or website copy.

By using AI tools such as ChatGPT you may be able to generate a first draft to work on. However, it’s important to have someone checking and editing this work, to ensure it’s fit for purpose.

Reducing human error

Using AI to complete repetitive tasks such as data analysis or spell checking, can also help reduce mistakes. By finding ways to incorporate AI tools into time consuming tasks, it’s almost like having another pair of eyes. 

What are some risks of using AI?

It’s important not to treat AI tools as foolproof, as these tools can make mistakes and can introduce new risks to your business.

For example, using AI for programming and coding can result in an error in programming and cause the  failure of your entire business’s mainframe, especially when you run an online business.

And while tools such as chatbots can mimic human behaviour up to a point, they can fail to understand human emotions. This means there’s a risk of insensitive or robotic replies to a customer’s query.

Remember that AI tools shouldn’t replace people – human judgement, intuition and oversight is something these tools can’t replicate.  

A business that relies on AI systems, like most computer-generated systems, can also be open to cyberattacks. Hackers can find weaknesses in your security system though this technology and could put your business and customer information at risk.

So, if you’re considering AI tools such as ChatGPT, a chatbot, or anything else – it’s important to assess your cyber hygiene and understand what the key risks are.

Do you have the right cover?

If you are considering new AI tools or making other big changes to your business, it’s probably a good time to check whether you have the right cover.

Chat with a broker near you to take the guess work out of your business protection.

Important disclaimer - Steadfast NZ Limited, its related companies and associates

This article provides information rather than financial advice. The content of this article, including any information contained in it, has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the information, taking these matters into account, and seek appropriate financial advice before you act on any information.