Before the arrival of ChatGPT, there was a misconception that artificial intelligence (AI) was the exclusive domain of tech giants and global corporations and that it required an army of data scientists and AI engineers to implement it. AI seemed abstract compared to other innovative technologies that could be seen and felt. But behind the scenes, companies were already incorporating AI into technology in sectors such as accounting to automate repetitive tasks.
Fast forward, seemingly magical interactions with ChatGPT, Gemini, Claude, and other conversational AI tools have brought AI to the forefront. There is now a common understanding that AI is accessible to everyone. So the question now is how do we empower SMBs to really take advantage of this advancement in AI capability? Not just to automate routine, but to truly transform your business and, as we like to say, elevate human labor.
The challenge for small and medium-sized businesses (SMBs) is not whether AI is for them, but figuring out what tools they can do, which ones they should trust, and how to use them safely.
According to TheresAnAiforThat.com, there are currently approximately 13,000 AI tools for 14,000 unique tasks, and the number continues to grow. This may lead to a paradox of choice as SMEs look to ride the AI wave.
If decision makers do not want to be left behind, they must focus on skills training, lean on trusted advisors, and identify and understand the right tools (developed by trusted companies) that will be critical to developing efficiency and agility. necessary for sustainable growth.
A change of mindset to address weak points
When approaching a problem the same way for so long, it can be easy to think that there are no alternative methods, even if existing methods don’t hit the mark. If SMEs want to leverage AI to transform their businesses, a change in mindset is necessary.
That means forgetting what you think is possible with today’s technology and instead starting to ask yourself, “What are the biggest challenges in my business?”; working from there. Whatever the problem or opportunity, chances are there is an AI tool that can help. Removing this mental barrier can help businesses discover new ways to overcome long-standing barriers to their success.
Take cash flow forecasting as an example. Unreliable cash flow forecasts are a recurring challenge for accounting teams and therefore for the business in general, whatever its size. But it can especially harm SMEs, in terms of their ability to invest and grow. For example, 41% of small businesses admit that they often turn down growth opportunities because they are unsure of cash flow.
Develop understanding
This shift in attitude is part of a broader educational piece that is vital for SMEs to ride the AI wave.
There is certainly an appetite to introduce automation and AI: 91% of companies see it as a way to stand out from the competition. But the sheer number of AI tools and the speed with which they have arrived have created a Wild West environment that can be overwhelming. Especially when SME decision makers are busy overseeing all elements of a business, so they don’t necessarily have time to spend looking under the hood of every AI tool on the market.
Recent research showed that only one in five IT decision makers has a solid understanding of how to leverage artificial intelligence. Because AI carries an aura of complexity in how it works, it’s understandable that some decision makers simply choose to stick with what they know because they feel overwhelmed or out of their depth when it comes to incorporating such solutions into their teams. .
That is why the role of trusted advisors is so important. Technology consultants, implementers and providers should be tasked with helping SMEs and their employees better understand the complexities (and capabilities) of AI and how it can support their work.
The second part of the educational article is to help companies understand that AI is here to elevate employees rather than replace them. By taking on repetitive administrative tasks, AI allows employees to focus on more strategically important work. For example, with AI handling supplier invoice processing, employees can focus on managing the relationship with suppliers. Explaining this hierarchy between AI and employees is an important step in ensuring that the company can benefit from productivity gains without worrying about whether the AI is doing the job safely and reliably.
Working with trusted advisors with experience in this space can help SMBs navigate a complex landscape, alleviate anxiety about the unknown, and ensure they make informed decisions that align with their unique needs and goals.
Fit for purpose
Of course, if AI tools are to impact the business to their full potential, it is necessary to choose the right tools for the job at hand. That means selecting and investing in solutions that are fit for purpose. Especially in accounting, where accuracy and confidence in results are paramount and data can be difficult to digest.
That doesn’t mean that all tools used by an SME must be 100% custom and specifically designed (an expensive process). “Off-the-shelf” solutions can be very effective in carrying out the work required of them to a high standard. What matters, in a world where SMBs have a wealth of AI tools at their disposal, are the credentials of those who provide the tools out of the box.
That means opting for solutions offered by trusted experts who have a transparent and proven track record of investing time and resources into creating their AI solutions. And I’ve trained the solutions on the type of tasks and data they’ll encounter in the real world of SME accounting.
A considered approach
The potential for AI to transform SMEs is immense, but harnessing it requires a thoughtful approach. SMBs must prioritize identifying and implementing AI tools that align with their unique challenges and objectives, and shift mindsets to adopt innovative solutions.
This is where trusted advisors play a crucial role. Not only can they guide businesses through the complexities of AI, but they can also ensure that they invest in purpose-built solutions that deliver results safely, accurately and reliably. By empowering these AI solutions, SMEs will not only streamline operations and improve efficiency, but will also increase confidence and unlock new growth opportunities – invaluable returns for business leaders facing today’s challenges and uncertainties.
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