What’s up, folks? It’s your boy Kacey Flygare here, bringing you the lowdown on artificial intelligence (AI). Now, I know AI can seem intimidating, but trust me, you’re probably already interacting with it every day without even realizing it. From facial recognition on your phone to those fancy smart home devices, AI is becoming a regular part of our lives. And let me tell you, there are so many opportunities to make AI work for you, both at home and in the workplace.
Now, small business leaders, you guys have a lot on your plates. Finance, accounting, sales, marketing, legal stuff – the list goes on. But guess what? AI has the potential to lighten your load and give you more time to focus on the big picture. In fact, studies show that nearly half of businesses see AI as a way to enhance processes like payments, expense management, and analytics. And check this out, finance leaders are recognizing the importance of AI for managing unexpected challenges.
Now, I know what you’re thinking – what about the human impact? Well, let me tell you, implementing AI can actually improve employee retention, engagement, and overall productivity. Plus, it takes care of those boring, repetitive tasks that no one likes doing. AI can analyze complex data in real-time, making your work more efficient and accurate.
The best part? AI is scalable for any business and it’s more accessible than ever. So, here are three steps you can take to bring AI into your small-to-midsize business (SMB) and take things to the next level.
Step One: Define Your Goals
First things first, figure out what you want to achieve with AI. Take a look at your day-to-day tasks and identify the ones that take up a lot of time but don’t have much impact. Those are the ones AI can handle for you. Make a list of these tasks and see where AI can jump in and save the day.
For example, let’s talk about expense audits. Finance teams in 2022 missed out on $1.6 billion in spending exceptions because they didn’t have the right tools. But with AI, you can automate 97% of expense reports and catch those exceptions before they become a problem. Talk about a game-changer!
Step Two: Check with Your Tech Providers
Now that you know what you’re looking for, it’s time to see if your current tech partners can deliver. Reach out to them and find out how they incorporate AI into their solutions. You might be surprised to learn that they already have AI-powered features that can make your life easier.
Let’s say you use a travel and expense solution – they might have AI and machine learning to simplify expense reports. And get this, they might even have an AI-driven audit feature that can catch any mistakes. Talk about working smarter, not harder!
Step Three: Get Ready for the Future
Alright, my friends, it’s time to prepare for the next generation of AI. This is where things get really exciting. Big players like Microsoft, Google, and SAP are already rolling out generative AI tools that are about to become the norm in the workplace.
Now, here’s the deal. As this technology becomes more mainstream, you can give your business a competitive edge by investing in a workforce that knows their way around generative AI. That means training your current staff and bringing in new hires with AI skills. There are plenty of resources out there, like LinkedIn Learning courses or Learning Modules from Microsoft. So, there’s no excuse not to get on board!
Don’t let the fear of AI hold you back. You don’t need to overhaul your entire tech infrastructure or become an AI expert overnight. All you need is a solid plan, some killer partners, and the willingness to embrace the future. I’m telling you, AI is here to stay, so you might as well hop on the bandwagon. Trust me, you won’t regret it.
Kacey Flygare, out!