Business, Tech

The impact of AI on small business

Rapidly advancing technology is a genie that won’t go back in the bottle.

Businesses now have unprecedented opportunities to automate tasks, enhance customer experiences, and gain competitive advantages. We either embrace its benefits, guard against its risks, or be left behind.

Here we’ll look at the revolutionary advance of artificial intelligence (AI) and some implications for small businesses.

Recent developments in AI

Google has been trying to level up its game in the world of AI, and some of the significant advancements were unveiled at Google I/O 2023​​. Google Bard, a direct competitor to models like OpenAI’s ChatGPT and Microsoft’s Bing Chat, has been upgraded and now operates on the advanced PaLM 2 model​. The PaLM 2 model, an improvement over its predecessor, is incredibly versatile and has been used to power over 25 products and features announced at the Google event.

Bard is now capable of performing tasks such as coding, mathematics, and logic more efficiently, and its coding abilities have been significantly improved to include code debugging, collaboration, and exploration in over 20 coding languages​. Additionally, Bard is working towards supporting more languages, and updates to enhance user experience have been announced.

AI opportunities for small businesses

Extensions in Bard will allow it to interact with external partners. One of these, Google’s Adobe Firefly extension, would let users ask Bard to create any image and have it generated in the chat.

Other planned extensions include Kayak for travel and accommodation, OpenTable for restaurant bookings and Instacart for grocery deliveries.

Save time, save money

One thing that will never change is that efficient businesses are more profitable and a big part of running efficiently is saving time on regular tasks.

With those mentioned above and many more integrations in the pipeline, it’s easy to see how automation could transform many businesses and customer experiences.

Reach new customers in more places

The ability of AI to interact in multiple languages could help small businesses break down language barriers and expand their reach to international markets. This could be particularly beneficial for businesses offering digital products or services, as they can now cater to a global customer base.

Lower barriers to entry

It can be difficult to find the time to learn how to use digital tools while running a business.

Integration of AI with external partners could unlock new opportunities. The collaboration between Bard and Adobe Firefly could allow small businesses to easily create digital images for their marketing campaigns. Similarly, the planned extensions with platforms like Kayak, OpenTable, and Instacart could help small businesses streamline their operations and offer seamless experiences to their customers.

The risks of AI technology for small businesses

Despite these promising developments, it’s important to remember that the integration of AI into small businesses is not without challenges.

Issues such as data privacy, ethical considerations, and the initial investment required for AI technologies could be potential roadblocks and as with all new technologies, especially those as powerful as AI, the full implications may not be known for years to come.

Overall, for now at least, the benefits offered by AI seem to outweigh these challenges, and the adoption of AI could be a game-changer for small businesses.

Recent advancements in AI offer exciting prospects for small businesses. From enhanced coding abilities to collaborations with external partners, AI is paving the way for small businesses to automate their processes, enhance their offerings, and reach a wider customer base.

Here at Kettlefish, we pride ourselves in staying on top of all the latest developments in marketing and other technologies. If you’d like to find out how to gain a digital edge in your business, arrange a free consultation with us today.