23 Jan 2020

5 Ways SME Can Prepare for the Upcoming AI Revolution

Post by Jordan Toplen

We are facing another industrial revolution, driven by new technologies such as autonomous vehicles, virtual/augmented reality, artificial intelligence (AI), robotics etc.

So, in this article we are going to share with you our insights on how to properly prepare your business for the upcoming AI revolution.

1. Change the Way You Think

Artificial intelligence is compared to the “fourth industrial revolution” because it has the potential to fundamentally change people’s lives. If we want to remain competitive, if we want to be one step ahead of what is coming, we really need to change our thinking.

Almost three-quarters of small and medium-sized enterprises (SMEs) will invest in software and applications, including AI technology, this year. This means that before long most, if 

2. Understand Your Business Needs

Take a close look at your company and find out where solutions based on artificial intelligence are required. 

Artificial intelligence can provide predictive analysis of business processes. For example, AI will likely be able to help your business by reducing the amount of time spent on tasks, lower your business costs, increase results and improve flexibility and responsiveness.

3. Learn New Skills That Complement AI

You need to learn new skills that complement AI and you don’t have to compete with it. Thanks to advanced decision-making software, even executive jobs are not secure. So, you need you ensure that your team has the skillset necessary to co-exist with AI software.

Innovation, code writing, design, marketing – many of these things will coexist with artificial intelligence and the sooner that your teams learn to coexist effectively with AI, the better it will be for your business.

4. Go for Small Wins

Companies exist to solve problems and people do not yet understand that AI applications do not have to be ground-breaking to be effective – and therefore profitable.

There is no need to use AI in every aspect of the business and spread yourself too thin and risk being overpowered by larger competitors.

You can start with automated advertising. AI is now active in programmatic advertising of companies such as Facebook and Google. These technologies are easy to use (and no wonder they were developed by technology companies for end-users who are experts in creating user-friendly technologies).

Starting small with AI is also good as it limits risks to your business of the technology fails or does not provide the desired outcome. So, it is always a good idea to invest in comprehensive business insurance so that you are still covered if the technology doesn’t perform exactly as planned.

5. Collaborate with Others

To prepare for the use of AI, SMEs need to develop a partnership-based mindset. Artificial intelligence may be the most advanced tool ever developed so its important to work with the technology responsibly.

If we can properly deal with the issues of responsible, transparent and honest use of artificial intelligence in cooperation with others, it will probably be a useful tool for tasks related to building business growth and creating a better world.

The AI ​​revolution will not slow down soon any time soon. Experts believe AI technology could replace 800 million jobs by 2030, so what are you waiting for? Now is the time to start getting your business integrated with AI.