{"id":170943,"date":"2024-06-28T06:00:00","date_gmt":"2024-06-28T11:00:00","guid":{"rendered":"https:\/\/ict-pulse.com\/?p=170943"},"modified":"2024-06-27T16:49:12","modified_gmt":"2024-06-27T21:49:12","slug":"the-democratisation-of-ai-and-how-small-businesses-can-punch-above-their-weight","status":"publish","type":"post","link":"https:\/\/ict-pulse.com\/2024\/06\/the-democratisation-of-ai-and-how-small-businesses-can-punch-above-their-weight\/","title":{"rendered":"The democratisation of AI and how small businesses can punch above their weight"},"content":{"rendered":"\n<p><em>Artificial intelligence (AI) was once the domain of tech giants and research labs. Today, however, we are witnessing a revolution \u2013 the democratisation of AI. We discuss that term and how MSMEs can leverage AI to remain relevant and competitive.<\/em><\/p>\n\n\n\n<p>&nbsp;<\/p>\n\n\n\n<p>In the last 18 months, we have seen artificial intelligence (AI) go from technology that was only available to large corporations and research institutions to be available to and accessible by anyone with a computing device. It also means that AI tools and services are increasingly within the reach of micro, small, and medium-sized enterprises (MSMEs).<\/p>\n\n\n\n<p>Although having access to AI is great, often MSMEs are using it on an ad hoc basis, perhaps when they have a report, blog or social media post to prepare, and do not necessarily see it as a not-so-secret-weapon of the company team that can help the human team, and by extension the organisation, be more efficient, effective and productive. This is the democratising power of AI, which is the focus of this article.<\/p>\n\n\n\n<p>&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What is meant by \u2018democratisation of AI\u201d?<\/h2>\n\n\n\n<p>Traditionally, AI development and application required significant resources, technical expertise and considerable amounts of data. Its use would thus be limited to large enterprises and research institutions. The term &#8220;democratisation of AI&#8221; refers to the increasing accessibility and usability of AI tools for a wider range of users, which has been occurring thanks to, among other things:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Pre-built AI solutions:<\/strong> Companies are offering pre-built AI models and tools that do not require extensive coding knowledge to use. Such tools can be customised for specific tasks, making them accessible to businesses of all sizes.<\/li>\n\n\n\n<li><strong>Cloud-based AI:<\/strong> Cloud computing makes power-hungry computing resources available on a pay-as-you-go basis, which removes the need for expensive hardware investments, and makes AI experimentation more feasible for smaller players.<\/li>\n\n\n\n<li><strong>Open-source AI resources:<\/strong> The longstanding open-source movement is still alive and well and is making AI code and datasets more readily available, allowing developers to build custom AI solutions without needing to start from scratch.<\/li>\n\n\n\n<li><strong>Focus on user-friendliness:<\/strong> AI tools are becoming more user-friendly, with intuitive interfaces that require less technical expertise, which opens the door for non-programmers to leverage the power of AI.<\/li>\n<\/ul>\n\n\n\n<p>In essence, the democratisation is making AI a valuable tool for everyone, not just a select few.<\/p>\n\n\n\n<p>&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Benefits of AI for MSMEs<\/h2>\n\n\n\n<p>Several benefits can be realised when MSMEs have access and can leverage AI tools in their operations. Overall, AI can be thought of as increasing an organisation\u2019s staff complement and the depth and breadth of the expertise available in-house. Specific benefits include the following:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Enhanced efficiency and productivity:<\/strong> AI can be used to automate repetitive tasks, thus freeing up valuable human resources for more strategic work. These tools are able to process considerably more work than their human counterparts and do so at any time, multiplying the workload and output a small business can typically undertake.<\/li>\n\n\n\n<li><strong>Data-driven decisions:<\/strong> AI can analyse vast amounts of data to identify patterns and trends that might be missed by humans. Typically, many businesses generate some data, but often it is not being rigorously analysed and used to inform decisions. Instead, general observations, and anecdotal and proxy information from other markets, for example, are the basis of important company decisions. However, once an MSME puts the requisite systems in place to capture data on its business and operation, as well as the industry as appropriate, AI tools can be integrated to help it make data-driven decisions on several aspects of the business.<\/li>\n\n\n\n<li><strong>Improved customer experience:<\/strong> In small businesses, the frontline or customer-facing function can be among the most challenging requiring the right mix of personnel, but depending on the size of the business, customer base, etc., it may not be feasible to have a dedicated resource for the occasion complaint or query. Once again, AI can be available 24\/7 and can be configured to have personalised interactions with customers, resulting in a more engaging and satisfying experience.<\/li>\n\n\n\n<li><strong>Increased innovation:<\/strong> AI can be especially useful in ideation, allowing team members to quickly explore and even mock-up designs and concepts, thus allowing them to tap more deeply into their creativity.<\/li>\n\n\n\n<li><strong>Competitive advantage:<\/strong> By leveraging AI effectively, MSMEs will be able to do considerably more with less and may gain a competitive edge, even against larger players.<\/li>\n<\/ul>\n\n\n\n<p>&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Challenges of AI adoption for MSMEs<\/h2>\n\n\n\n<p>Although there are benefits to using AI, they are only likely to occur if the challenges can be managed. Important challenges that ought to be considered include the following:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Cost. <\/strong>AI has become increasingly affordable, and there may even be some free versions available \u2013 usually with a range of limitations. Hence, accessing the full capabilities and functionality on offer may have a cost attached, \u00a0but there may also be ongoing implementation and maintenance costs that need to be factored in and budgeted for.<\/li>\n\n\n\n<li><strong>Data availability:<\/strong> Depending on the platform and to work effectively in your business and to increase the accuracy of their outputs, many AI tools require large datasets to train the models, which may not be readily available in smaller businesses.<\/li>\n\n\n\n<li><strong>Access to expertise:<\/strong> To use some AI effectively, some technical expertise may be required, which may not be readily available in some MSMEs. This expertise might not necessarily be software coding skills, but rather the emerging field of prompt engineering, for example, to provide accurate and precise instructions to generative AI tools, such as ChatGPT.<\/li>\n\n\n\n<li><strong>Ethical considerations:<\/strong> Depending on how they are trained, AI algorithms can perpetuate biases if not carefully developed and monitored. Hence, organisations cannot adopt a set-it-and-forget-it mindset having incorporated AI into their operations. Vigilance is necessary since AI tools are continually learning.<\/li>\n<\/ul>\n\n\n\n<p>&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How MSMEs Can Leverage AI<\/h2>\n\n\n\n<p>Despite the challenges, MSMEs can successfully&nbsp; leverage AI by following these steps:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Identify needs<\/strong>: Carefully assess your business needs and determine where AI can add the most value. AI could be incorporated in areas where additional expertise or manpower may be required, or if they are tasks that could be optimised. Be thorough in your assessment, the improvements desired, and the impact they could have on company targets, for example.<\/li>\n\n\n\n<li><strong>Start small<\/strong>: Do not try to overhaul your entire operation at once. Begin with a specific, well-defined project where AI can make a tangible impact. Also, test various tools to see which one(s) work best for you and your business. There will be a learning curve, so be prepared to take a short course or tap into online tutorials that might be available. \u00a0<\/li>\n\n\n\n<li><strong>Explore cloud-based solutions<\/strong>: Cloud-based AI services eliminate the need for expensive hardware or software investments. However, recognise that some financial investment may be needed and budget accordingly.<\/li>\n\n\n\n<li><strong>Seek guidance<\/strong>: Many resources are available to help MSMEs understand and implement AI. Look for industry organisations, government initiatives, or educational programmes offering guidance, along with the plethora of resources that are available online.<\/li>\n<\/ul>\n\n\n\n<p>&nbsp;<\/p>\n\n\n\n<p>The democratisation of AI is a powerful trend with the potential to transform various aspects of society. In the business space, it can level the playing field for MSMEs, allowing them to punch above their weight, and even compete with larger businesses. By embracing AI responsibly and strategically, smaller businesses can unlock new opportunities for growth and innovation.<\/p>\n\n\n\n<p>Good luck!<\/p>\n\n\n\n<p>&nbsp;<\/p>\n\n\n\n<p>&nbsp;<\/p>\n\n\n\n<p><em>Image credit: viarprodesign (<a href=\"http:\/\/freepik.com\/\" target=\"_blank\" rel=\"noopener\" title=\"\">Freepik<\/a>)<\/em><\/p>\n\n\n\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Artificial intelligence (AI) was once the domain of tech giants and research labs. Today, however, we are witnessing a revolution \u2013 the democratisation of AI. We discuss that term and how MSMEs can leverage AI to remain relevant and competitive. <\/p>\n","protected":false},"author":2,"featured_media":170944,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","om_disable_all_campaigns":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[11],"tags":[259,71,222],"class_list":["post-170943","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ict-tech","tag-artificial-intelligence-ai","tag-businesses","tag-strategy","et-has-post-format-content","et_post_format-et-post-format-standard"],"jetpack_publicize_connections":[],"aioseo_notices":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/i0.wp.com\/ict-pulse.com\/wp-content\/uploads\/2024\/06\/Boxing-gloves-punch-punching-sport-competition-ring-viarprodesign-Freepik.jpg?fit=1024%2C682&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p2iE1G-It9","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/posts\/170943","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/comments?post=170943"}],"version-history":[{"count":1,"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/posts\/170943\/revisions"}],"predecessor-version":[{"id":170945,"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/posts\/170943\/revisions\/170945"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/media\/170944"}],"wp:attachment":[{"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/media?parent=170943"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/categories?post=170943"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/tags?post=170943"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}