Artificial intelligence is not a new topic, but it has come out of the shadows and into the spotlight in recent years. With all of the hype surrounding AI, many people are wondering how it will affect their lives and businesses.
This is especially true for small to medium-sized enterprises (SMEs), which may feel intimidated by AI’s reputation as an advanced technology that only large companies can afford or use effectively. However, artificial intelligence can benefit any organisation—from big corporations down to small businesses—by streamlining processes and making employees more productive while helping them deliver better results.
What is AI?
AI is the idea of machines simulating human thought processes. It is the ability of a computer to perform tasks that normally require human intelligence, such as visual perception, speech recognition, decision-making, and translation between languages. The term was first coined in 1956 by John McCarthy at Dartmouth College.
As you can imagine, AI encompasses many different technologies such as machine learning and deep learning.
How will AI impact your business?
AI is rapidly transforming business and industry. It’s already reshaping the way we do business, work, and live. While this technology is often associated with large organisations, its impact will be felt across all sectors and industries.
AI has the potential to improve productivity by automating tasks that require little human intervention, making them more efficient than ever before. It can also enhance efficiency by freeing up workers from repetitive tasks so they can explore new projects or pursue more creative endeavours instead.
How can AI assist Dubai SMEs?
AI is a tool that all SME businesses need to become successful in this digital age!
- AI can help you generate more leads for your business.
- AI can help you improve your customer experience.
- AI can help you save time and money.
- AI can help you with market surveys and research for your business.
- AI can help you win more customers (and keep them).
Some of the common applications of AI that SMEs can use to scale their business include.
- Customer service: AI can help you automate customer service by answering simple questions automatically or routing them to a human employee if needed.
- Sales: Many SMEs use AI to streamline their sales processes by using algorithms that suggest products based on previous purchases or create personalised sales pitches for each customer.
- Business intelligence (BI): This type of AI helps companies gain insight into their business by analysing data from various sources like social media accounts and website traffic logs (more on BI here).
- Financial Planning: use of AI to run financial forecasts for business decision-making based on bookkeeping entries. This type of AI is integrated in standard online bookkeeping tools to avail financial planning and forecasting features for businesses that use them.
- Content Creation: AI can help you generate content ideas and create compelling ideas that can help you engage your audience and generate leads across different social media networks.
What industries can benefit from AI?
AI is not only for large organisations. It can be used in any industry, from automotive to infrastructure and from healthcare to retail, with the potential to improve your business performance. Other sectors that can benefit substantially from AI real estate and hospitality, which are very active sectors in Dubai and across the region. AI can automate tasks and, in some cases, replace humans, which makes it a very attractive option for SMEs looking to increase efficiency while reducing costs. AI can also be used to improve customer experience by anticipating their needs through deep learning algorithms that analyse historical data or provide real-time insights into customer behaviour.
Why should SMEs use AI now?
AI is the future of business. It’s a fact that AI can help businesses to grow exponentially, scale their business, increase profitability and innovate.
AI can automate tasks or create new ones that didn’t exist before. For example: AI can generate ideas for products or services which may not have been thought of by humans. These ideas could be used in production as well as marketing campaigns to increase sales and profits.
Which AI Applications are suitable for SMEs?
Here are some business applications powered by AI that SME’s can use to improve efficiency and scale their business.
- WebHR: a social all-in-one cloud-based HR software for SMEs.
- Personize: AI-powered recommendation engine that shows website visitors products or content that is most likely to interest them at each touch point.
- Jasper: AI writing assistant
- Automation Anywhere: Robotic Process Automation platform that automates all front and back-office tasks.
- Zeni: Ai powered Finance tool for startups
- Linkfluence: AI-based social media management tool
- ChatGPT: One of the newest and most popular of them, An AI language model developed by OpenAI. It can help businesses with content creation, market research, social medial management, project management, proofreading documents, etc.
These are exciting times for Dubai SME’s. With so much potential for growth, it is easy to see why companies of all sizes are looking at artificial intelligence as a way to reach their goals and make the most of their resources.
The technology is more accessible than ever before and can be deployed to help businesses make better decisions, automate processes or even create new products without any human involvement at all! It’s up to individuals now – will they embrace AI themselves?