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Submission: On October 31 via api from US — Scanned from DE
Submission: On October 31 via api from US — Scanned from DE
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LOGIN SUBSCRIBE * Premium * Design * Tech * Work Life * News * Impact * Podcasts * Video * INNOVATION FESTIVAL | FastCo Works * Capital One * IBM * SAP advertisement 10-31-2024FAST COMPANY EXECUTIVE BOARD EMBRACING AI: HOW SMBS CAN LEVERAGE TECHNOLOGY TO BOOST PRODUCTIVITY, NOT REPLACE JOBS AI presents an extraordinary opportunity for SMBs to benefit from this technology and improve overall productivity. [Adobe Stock / BritCats Studio] The Fast Company Executive Board is a private, fee-based network of influential leaders, experts, executives, and entrepreneurs who share their insights with our audience. * * * * * * * * BY Shahin Hatamian4 minute read Artificial intelligence (AI) is a hot topic in the business world, but it often sparks a common concern for small and medium-sized businesses (SMBs): Will AI lead to job cuts? While AI can automate repetitive tasks, its impact is more about transforming jobs than eliminating them. AI can enhance efficiency, allowing staff to focus on strategic, high-value tasks like problem-solving and innovation. For SMBs, adopting AI means enhancing human capabilities, not replacing them. Let’s explore how SMBs can leverage AI to drive productivity while addressing fears about job displacement. THE REALITY OF AI FOR SMBS Subscribe to the Compass Newsletter.Fast Company's trending stories delivered to you daily * This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. SIGN UP Privacy Policy | Fast Company Newsletters Contrary to common misconceptions, AI is not designed to eliminate jobs. It is made to assist human workers by automating repetitive tasks. For SMBs, AI can take on administrative or mundane activities that often consume valuable time. These repetitive tasks do not require critical thinking or creativity but are essential for running a business smoothly. Businesses in all industries have started using AI to enhance the overall customer experience with content creation, summarizations, and chatbots. In manufacturing, AI optimizes production by improving quality control. In residential construction, AI-driven tools aid in project management, material procurement, and workforce scheduling. Distributors use AI for demand forecasting and inventory management, ensuring efficient logistics while building supply companies that leverage AI to streamline order fulfillment and automate supply chains. By offloading routine duties to AI systems, employees can direct their energy toward more impactful work—like developing new business strategies, improving customer relationships, or finding creative solutions to ongoing challenges. REAL-WORLD EXAMPLES OF AI IN ACTION While the theoretical benefits of AI are clear, real-world examples demonstrate the practical value AI can bring to SMBs. EXAMPLE 1: AI-ENHANCING CUSTOMER EXPERIENCE Consider a small e-commerce business that uses AI to improve customer experience. AI-powered chatbots can manage initial customer inquiries, pulling data from various sources such as webinars, product documentation, and even training videos. These chatbots can provide instant responses 24/7 to significantly reduce customer wait times and improve overall customer experience. They can also resolve customer issues without human intervention by pulling relevant information from internal resources, such as release notes or knowledge bases, giving the customer the information they are seeking when they need it. This can not only lead to a more streamlined service experience but also frees up customer support agents to tackle more complex problems that require personal attention. In addition to chatbots, AI can predict customer behavior by analyzing data from previous interactions. This allows businesses to anticipate needs, offer personalized recommendations, and improve satisfaction, all of which contribute to increased customer loyalty. For SMBs that often have limited resources to invest in extensive customer service teams, AI-driven solutions can fill the gap and deliver a competitive edge in the marketplace. EXAMPLE 2: AI STREAMLINING BUSINESS OPERATIONS In another example, consider an SMB in the manufacturing sector that adopts AI to streamline its supply chain management. AI tools analyze data patterns in real time, helping managers optimize stock levels, reduce waste, and predict demand surges. This prevents costly overproduction, confirms the right level of materials, and ensures the business can efficiently meet customer demands. AI-driven automation can also handle invoicing, order processing, and logistics planning, eliminating manual data entry tasks and improving overall accuracy. Employees who previously spent hours handling administrative paperwork can now focus on areas like customer outreach, quality control, or new product development—activities that drive growth and innovation. advertisement AI CHALLENGES SMBS FACE Before adopting AI, SMBs must carefully address several challenges this technology poses. Integrating AI into existing systems can be complex, particularly when lacking in-house technical expertise to manage implementation. Data privacy and security pose additional concerns, as compliance with regulations like GDPR or CCPA is critical to avoid costly risks such as data breaches. Managing workforce transitions is equally important and requires effective training programs to help employees adapt to new AI-driven workflows. Assessing the scalability of AI solutions is also crucial; SMBs need to ensure their selected technologies can evolve alongside their business needs, preventing unexpected future expenses. LEVERAGING AI THROUGH VENDORS Many software vendors—such as ERP vendors—are increasingly integrating AI into their platforms, offering advanced tools that streamline operations through seamless data integration, predictive analytics, and tailored functionality designed for specific industries (full disclosure: ECI offers these solutions). This integration means SMBs can leverage the power of AI without the need for substantial additional investments. When choosing an AI solution, SMBs should look for options with built-in AI features including advanced analytics, forecasting, and automation tools that can optimize their business processes while ensuring the business stays ahead in competitive markets. SMBs should choose a vendor that also understands the application of AI within the SMB industry. The right vendor should guide an SMB owner through their unique operational challenges and help them fully harness AI’s potential to foster innovation, drive growth, and achieve long-term success. CONCLUSION AI presents an extraordinary opportunity for SMBs to benefit from this technology and improve overall productivity. By automating repetitive tasks and providing data-driven insights, AI enables employees to focus on high-value work that drives business growth and innovation. Whether improving customer service through chatbots or optimizing internal workflows, AI’s potential in the SMB sector is vast. As businesses leverage AI’s capabilities, partnering with trusted technology providers is essential. These experts can ensure AI is implemented to benefit both the company and its employees, allowing SMBs to compete and thrive in an increasingly digital landscape. AI is not something to fear. SMBs should embrace it as a powerful tool for growth. In doing so, they can enhance their operations, improve employee satisfaction, and deliver better customer outcomes—without sacrificing jobs along the way. -------------------------------------------------------------------------------- ABOUT THE AUTHOR Shahin Hatamian is CPO of ECI Software Solutions, a global provider of cloud-based business management software and services. Read Shahin's Executive Profile here. More -------------------------------------------------------------------------------- EXPLORE TOPICS advertisement Featured Video Nostalgia marketing: Why it’s a winning strategy for brands PepsiCo's VP of Marketing shares how the brand taps into nostalgia to connect with Gen Z. More Videos 0 seconds of 2 minutes, 58 secondsVolume 0% Press shift question mark to access a list of keyboard shortcuts Keyboard ShortcutsEnabledDisabled Shortcuts Open/Close/ or ? Play/PauseSPACE Increase Volume↑ Decrease Volume↓ Seek Forward→ Seek Backward← Captions On/Offc Fullscreen/Exit Fullscreenf Mute/Unmutem Decrease Caption Size- Increase Caption Size+ or = Seek %0-9 Next Up Why Unilever won Creative Marketer of the Year at Cannes Lions 03:57 Auto270p1080p720p406p270p180p Live 00:03 02:55 02:58 More Videos Close NOSTALGIA MARKETING: WHY IT’S A WINNING STRATEGY FOR BRANDS advertisement DESIGN↓ ARCHITECTURE BRANDING FASHION MARKETING PRODUCT DESIGN UX (USER EXPERIENCE) WORK LIFE↓ CAREERS EMOTIONAL INTELLIGENCE HIRING LEADERSHIP PRODUCTIVITY WELLNESS TECHNOLOGY↓ ARTIFICIAL INTELLIGENCE INNOVATION INTERNET CULTURE SECURITY SOCIAL MEDIA TOOLS IMPACT↓ CITIES CLIMATE CHANGE ENERGY HEALTH LABOR TRANSPORTATION NEWS↓ BUSINESS ENTERTAINMENT FOOD HOUSING MARKET POLITICS STOCK MARKET LISTS↓ BEST WORKPLACES FOR INNOVATORS BRANDS THAT MATTER INNOVATION BY DESIGN MOST INNOVATIVE COMPANIES NEXT BIG THINGS IN TECH WORLD CHANGING IDEAS Fast Company & Inc © 2024 Mansueto Ventures, LLC ADVERTISE CAREERS SUBSCRIBE PRIVACY POLICY NOTICE OF COLLECTION PERMISSIONS HELP CENTER ABOUT US SITEMAP Fastcompany.com adheres to NewsGuard’s nine standards of credibility and transparency. 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