Artificial intelligence (AI) tools for small businesses have come a long way since ChatGPT turned technology on its head in 2022. Now, there is a host of AI-powered software and apps to turbo charge smaller firms.
Steadfast Technologies’ director of AI and emerging technology, Steven Tuften, says there’s a lot of experimentation going on among small businesses who are trying to work out the best way to use AI.
“Like all businesses, smaller firms started out using tools like ChatGPT for internet research and knowledge assistance. Now, some smaller firms are using AI in a more sophisticated way for document intelligence,” says Tuften.
“Businesses are starting to apply a ChatGPT interface to their own knowledge banks of documents like regulatory guidelines or legislation. These tools are super powered when they are used in conjunction with software like the Microsoft Office environment,” he says.
AI tools for small businesses
Tech that blends generative AI and traditional machine learning are emerging to help small businesses managing their time more effectively. Try Reclaim AI and Motion if you’re keen to test out these sorts of tools.
There’s also lots of great AI-powered meeting software options, like Fireflies AI and Avoma.
Transcription software Otter.AI can produce automated meeting minutes and make it simple to produce a list of actions from a meeting.
“When you add up all the efficiencies these tools create, AI is starting to make a real difference to productivity in small businesses,” Tuften says.
What’s next in AI for small business?
AI relies on access to vast banks of data to be effective. For small businesses, this means making sure they stay abreast of their privacy obligations to keep their customers’ information secure.
Data privacy is an important consideration for businesses of all sizes. While smaller businesses may not always face the same requirements as larger organisations, understanding how privacy regulations impact operations is still key to building trust and protecting customer information.
The Australian Privacy Principles regulate how organisations and government agencies in Australia collect, use, disclose, store and manage personal information to protect individuals' privacy.
Some small businesses will need to keep these principles in mind when they are figuring out the best way to use AI tools to make the most of customer data for identifying buying trends and other business uses.
How can small business manage their AI risks?
While AI offers small businesses lots of advantages, there are risks attached and it’s vital to take a proactive approach to managing them.
With AI playing an increasingly important role in business, cyber insurance can provide valuable support for small businesses looking to protect themselves against digital risks. Contact your Steadfast broker today to learn how this cover might benefit your business.
Find a Steadfast Insurance Broker near you
Important notice - Steadfast Group Limited ABN 98 073 659 677 and Steadfast Network Brokers
This article provides information rather than financial product or other 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, before you act on any information. In particular, you should review the product disclosure statement for any product that the information relates to it before acquiring the product.
Information is current as at the date the article is written as specified within it but is subject to change. Steadfast Group Ltd and Steadfast Network Brokers make no representation as to the accuracy or completeness of the information. Various third parties have contributed to the production of this content. All information is subject to copyright and may not be reproduced without the prior written consent of Steadfast Group Limited.