How Generative AI is Empowering Small Businesses

Small firms can get a competitive edge in the market by adopting generative AI
Small firms can get a competitive edge in the market by adopting generative AI.
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Tuesday,8 August 2023, Bengaluru, India

For small enterprises, resources are typically more scarce than for larger ones. Artificial intelligence (AI) can, however, be used by them to enhance their operations. Using AI technology to execute tasks more efficiently may allow small firms to save time, money, and labor. Creating original material is one area where AI can be really useful.

An animation and video production company called Lambda Films has employed generative AI to turn text into pictures. By creating graphics from textual instructions, Lambda Films can realize its artistic vision with the use of a program called Midjourney. This has made it possible for the studio to successfully convey concepts to clients. Lambda Films now finds it simpler to pitch their ideas to customers because they have a visual representation of their concepts.

Even though generative AI adoption is still in its infancy, a poll done in May 2023 found that about 25% of small enterprises are already utilizing or testing this technology. Small firms can get a competitive edge in the market by adopting generative AI.

Small and medium-sized businesses (SMBs) can benefit from AI in several ways. By enhancing procedures and increasing efficiency, it can result in cost savings. By evaluating receipts and invoices and transforming them into structured data, for instance, AI-powered systems can automate spending management. As a result, less human data entry is required.

Conversational AI-powered chatbots, which deliver effective customer service and assistance, are another way that AI can help SMBs. In addition, generative AI may help with content production by drafting text, images, and videos for advertisements, social media postings, and blog articles in addition to producing graphics.

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In the sales industry, AI can produce customized sales presentations and accompanying slide decks, saving considerable time and labor in the process of researching and creating content specifically for targeted clients.

Overall, AI technology offers several chances for small firms to improve customer experiences, reduce expenses, and streamline processes. Small firms can position themselves for success in a market that is becoming more competitive by embracing AI.

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Suraj Verma

As a highly skilled and experienced content writer, I have a passion for creating engaging and informative content that connects with audiences and inspires them to take action. With over 1 year of experience in the industry, I have honed my writing skills to craft content that is both effective and SEO-friendly.