Artificial Intelligence (AI) has revolutionized almost every industry imaginable. Its impact isn’t limited to large enterprises; small businesses can also benefit. In fact, it’s arguable that SMBs need to deploy AI even more than their larger competitors.
SMBs form the backbone of the global economy, driving innovation and job creation. But they often struggle to keep up with big companies. AI solutions can empower them to punch above their weight, enabling growth, efficiency, and competitive advantage.
Large organizations that add AI to their small business offering perform a valuable service in helping them access these much-needed solutions, and assisting them to maintain and expand their market position.
Additionally, digital transformation is moving rapidly. No business can afford to ignore it, no matter their size. Organizations that don’t hop on the bandwagon and offer the features and capabilities of AI and other digital tools risk lagging behind the competition and eventually losing market share.
How AI can help small business owners
As mentioned, time and resources are precious commodities for small businesses. AI can streamline operations and enhance decision-making processes, allowing SMB owners to focus on core activities. Here’s how AI can help small businesses thrive:
- Automated tasks: AI-powered automation can handle repetitive tasks, freeing up valuable time. Chatbots can respond to customer inquiries, while AI-driven software can analyze data and generate reports, minimizing manual efforts.
- Personalized customer experience: AI algorithms can analyze customer data and preferences, enabling SMBs to create personalized experiences. Suggestions, recommendations, and targeted marketing campaigns can boost customer satisfaction and loyalty.
- Data-driven insights: AI can extract meaningful insights from vast amounts of data, providing valuable business intelligence. Predictive analytics enables SMBs to anticipate market trends, optimize pricing strategies, and make informed decisions.
- Streamlined operations: AI-powered tools can improve operational efficiency, optimize supply chains, look for inefficiencies in business processes, and find opportunities to maximize productivity. This leads to cost savings, reduced waste, and improved operational efficiency.
Why large organizations should embrace AI for SMBs
Large organizations that serve SMBs have a unique opportunity to empower and support their small business clients through AI. By incorporating AI into your own offering, you can deliver enhanced value and establish long-term partnerships through a number of strategies.
Competitive differentiation
Incorporating AI into your service offerings sets your organization apart from the competition. In today’s dynamic market landscape, where SMBs seek tailored solutions and personalized experiences, AI offers a competitive edge by enabling large organizations to deliver innovative products and services. By enabling SMBs to leverage cutting-edge technology, you position yourself as an innovative partner, attracting new clients and retaining existing ones.
Becoming a true partner to your SMBs
Your SMB clients are looking for partners that assist them in meeting their long-term goals and care about their specific business needs. By incorporating AI into your services and onboarding them to AI solutions, you support them to advance their digital transformation and keep up with rapidly moving markets. Your involvement in their extended growth and success shows that you understand their needs, causing SMBs to see you as a true partner rather than simply a vendor.
Creating a sticky solution that keeps them around
AI workflows integrate deeply into SMB operations, becoming indispensable tools that drive everyday tasks and decision-making processes. SMB clients develop a strong dependency and loyalty towards the large organizations providing these benefits, resulting in long-term retention and sustained business relationships. Your SMB clients will see you not just as a source of tools and products, but as a long-term member of their support network.
Meeting their evolving needs
No matter what service or product your SMB clients provide, they need AI tools to keep up with the inevitable and quickly unfolding digital transformation that’s sweeping through every industry. When you include AI solutions in your SMB offering and assist clients in maximizing the value of those tools, you demonstrate your commitment to serving their needs as they change and develop.
Strengthening your relationship with your SMB clients
We’ve said it before, your SMB clients desperately need AI tools that help them keep ahead of the competition, and the support and training to successfully integrate AI into their business operations and make the most of the benefits that AI can bring. Meeting these needs shows that you understand their challenges and struggles, and positions your organization as a trusted advisor, fostering strong long-term relationships.
AI challenges faced by SMBs and how your organization can help
While the benefits of AI for SMBs are significant, they still face many challenges that deter them from adopting the AI solutions they really need. This is where large organizations can step in to help them overcome the hurdles and unlock the benefits of AI.
According to our recent survey, the two primary reasons why SMBs don’t use AI are because they lack education around the technology, and they don’t understand how AI can help their business. On top of that, many SMBs are put off by budget constraints, poor technical expertise, and a fear of the disruption of AI adoption.
Affordability
Many SMBs already pay a lot for their existing business management tools, so they’re reluctant to add another cost. That’s why AI providers need to demonstrate the affordability as well as the value of AI.
This includes developing scalable pricing models, offering shared resources, and partnering with AI platform providers to integrate AI tools into the solutions that you already offer. At the same time, emphasize the ways that AI will help your SMB clients to save money and improve profitability.
Education & training
Most SMBs have limited workforces where everyone is wearing multiple hats. Nobody has the time to master a new tool or understand how to manage AI. AI also sounds very daunting to the typical SMB owner. Without a dedicated tech team, they fear that they will end up paying for a tool that they can’t use properly.
Service providers should offer training and support to help SMBs understand and leverage AI. Make sure that the solutions you offer have simple and intuitive interfaces that minimize the learning curve and foster adoption. Ideally, your AI offering should integrate smoothly with their existing tech stack to deliver a seamless single experience.
Lack of understanding
Last but not least, you’ll need to educate your SMB clients about the many ways that AI can benefit their business. Very few SMB owners understand how AI can boost their business revenue, operations, and long-term management to new levels.
Use a number of different resources, including webinars, integrated onboarding wizards, and in-app communication tools to guide SMBs through the different ways that AI can impact their business. Offer case studies about similar businesses that showcase how AI affects business operations, and make suggestions about tangible improvements that they can implement with the help of AI.
Incorporating AI with SMB clients
To successfully incorporate AI with your SMB clients, you should follow a strategic approach:
- Conduct an assessment: Understand the specific pain points and needs of SMB clients. Assess their readiness and business goals to tailor AI solutions accordingly.
- Research solutions: Find solutions in the market that answer your SMB clients’ needs. Gain inspiration from competitors and seek out the best possible solution that will help you gain a competitive edge.
- Partner with an expert in the field: This will reduce the need for in-house development, or even outsourcing, and get you to market faster. By partnering with a knowledgeable company in the AI and SMB fields that will provide you with all the training and resources you need to sell successfully, you are future-proofing your business and your relationship with your SMB clients.
- Foster collaboration with your SMBs: Encourage open communication and collaboration between your organization and your SMB clients. Continuously engage with them to co-create solutions and iterate based on feedback.
- Offer education and training: Provide comprehensive training resources to SMBs, ensuring they understand the capabilities and potential of AI. Offer ongoing support to facilitate adoption and address any concerns or challenges that may arise.
- Measure for continuous improvement: Continuously monitor the performance of AI solutions. Analyze data and collect feedback to iterate and enhance offerings, ensuring they remain relevant and effective.
The time to bring AI to your SMBs is now
Empowering SMBs through the adoption of AI is not only beneficial for their growth and success but also presents significant opportunities for your organization. By taking a proactive approach and addressing challenges head-on, your business can solidify its position as a trusted partner for SMBs, unlocking growth opportunities and driving mutual success.
inTandem prioritizes bringing AI to small businesses and has launched an AI feature that is fully integrated into the platform. This AI-driven business advisor offers imperative insights and consults on all aspects of the small business’ operations and strategy, encouraging growth and more revenue opportunities. If you’d like to hear more about BizAI and the inTandem partner offering, click here.
