Generative AI is at the start of its development, and as it matures and improves its benefits will continue to increase. It’s a case of the old moniker, ‘If you’re standing still, you’re getting left behind.’ Embrace the power and possibilities of generative AI now to ensure your business can compete and thrive into the future.
AI will impact every industry on Earth, including manufacturing, agriculture, health care and more.
Generative AI could contribute the equivalent of $2.6 trillion to $4.4 trillion annually across 63 use cases.
For small and medium-sized enterprises, this remarkable economic potential signifies that integrating gen AI into your operations is no longer just a competitive advantage—it’s becoming an imperative. Whether your business is in retail, services or manufacturing, AI can unveil new revenue channels, reduce costs and significantly elevate competitive advantage and ultimately market value.
This finding is especially pertinent to small and medium sized businesses aiming to optimise their resources. Leveraging AI to enhance customer interactions and marketing strategies not only boosts operational efficiency but also propels sales. Adopting AI in these critical areas enables a business to better fulfil their customers’ needs, create more compelling content, and innovate more rapidly than ever.
About 75 percent of the value that generative AI use cases could deliver falls across four areas: Customer operations, marketing and sales, software engineering and R&D.
Generative AI will have a considerable impact across all industry sectors.
Irrespective of your sector, generative AI offers an opportunity to overcome traditional market entry barriers and competition. AI’s versatility means SMEs can discover tailor-made applications addressing specific industry challenges, allowing for distinct market differentiation and excellence.
In SMEs, where each team member’s role is pivotal, liberating 60-70% of your workforce’s time from mundane tasks can markedly increase productivity. This shift enables your team to concentrate on strategic projects, encouraging innovation and creativity across your business operations.
Generative AI has the potential to automate work activities that currently take up 60 to 70 percent of employees’ time.
Generative AI could facilitate labour productivity growth of 0.5% annually until 2040.
Though these figures may appear modest, within the highly competitive SME landscape, they signify a significant accumulative benefit. Adopting AI not only makes operations more efficient but also improves work quality, setting your business on a path to enduring growth and robustness.
This trend indicates a move towards more strategic roles within SMEs as routine tasks become automated. It presents SMEs with an opportunity to re-skill their workforce, invest in talent capable of driving innovation, and ensure business adaptability amidst technological advancements.
Half of today’s work activities could be automated between 2030 and 2060.
The era of generative AI is just beginning… early pilots are compelling.
The early adoption of generative AI technologies signifies a forward-thinking mindset and can distinguish SMEs from their competitors. By venturing into AI applications now, you position your business at the forefront of innovation, poised to leverage AI’s evolving advantages as they develop.
Grasping these insights from an SME standpoint highlights the transformative potential of generative AI not merely as a tool for efficiency but as a strategic asset for growth, innovation, and competitive distinction. Embracing AI technologies marks a critical step in ensuring your SME doesn’t merely keep pace but is poised to lead in the evolving digital economy.
Michelle Mason
Author
Michelle has a marketing degree (Bachelor of Commerce) with a major in marketing. She also has a Master of Business Administration (MBA) from Henley Management College. These strong academic qualifications are backed with 20+ years experience leading international teams and building effective marketing functions. Michelle has been focused on the benefits and uses of artificial intelligence to enhance digital marketing strategy and outcomes, and is building her expertise day by day in order to help SMEs leverage the power of AI to achieve their goals. Read Michelle's About Me page for more details about her marketing and business qualifications and expertise.
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