Two years ago, a meeting of some of the most influential people in the world took place in the UK. We’re talking about big names here; we got Bruno Le Maire, Robert Habeck, Ursula von der Leyen, Vice President Kamala Harris, Rishi Sunak, Giorgia Meloni, Antonio Guterres, Richard Marles, and a whole bunch of others.
But you don’t need me to tell you this—in case you didn’t already know, technology is advancing at an incredibly rapid rate. And it’s no secret that, if you aren’t part of the tech industry, you’re at a disadvantage.
Now, it looks like we’re on the cusp of change in terms of the competitiveness of small business owners. In November 2022, we saw a mainstream shift with the release and adoption of various generative artificial intelligence (GenAI) tools and products.
GenAI started trending all over the world—it’s the hot topic at board meetings and dinner gatherings. This technology has brought about a divide in the population. Some fully embrace it, some are wary, and others are just unsure what to think.
Since then, we’ve seen global tech giants like Intuit, GoDaddy, and Zoho ramp up their efforts to accelerate AI-enabled products and services, particularly when it comes to GenAI.
But here’s the thing—despite all this investment, a recent survey from GoDaddy showed that only 33% of small business owners can even explain what GenAI is. And a mere 11% of respondents are actually using generative AI tools for their businesses.
This leaves many entrepreneurs confused and struggling to keep up with the times.
Thankfully, we have some promising developments. The CEO of Intuit, Sasan Goodarzi, said it best: “AI represents the next tectonic shift in technology, and it will be the greatest driver of innovation since electricity and the internet.”
He continued, “We are expanding our platform to include the Intuit Generative AI operating system (GenOS), which allows Intuit technologists to design, build, and deploy breakthrough GenAI experiences.”
The bottom line is that this technology is poised to revolutionize the way we interact with computers.
The key now is to educate business owners and consumers about the depth and potential of this technology. GoDaddy, for example, has launched a free AI Prompt Library to guide small business owners on how to leverage AI to grow their businesses.
In addition, GoDaddy has developed various AI-powered products to aid entrepreneurs in tasks such as responding to customer service messages, building websites, writing product descriptions, and creating social media ads.
But it’s not just about using AI for the sake of using it. Zoho stresses that the real innovation is still ahead of us, and real use cases will start to emerge in the coming quarters and years.
We need to take a balanced approach. GenAI is undoubtedly a powerful force, but it also has its limitations and challenges. That’s why GoDaddy has created a resource guide detailing the risks of AI chatbots and how to use the technology responsibly.
For all the small business owners out there, this is about to become your secret weapon, providing you with precise information collected from vast amounts of data to give you a competitive edge in the market.
In the end, this technology represents leveling the playing field. It’s democratizing access to information and putting the power to compete in the hands of small business owners.
So, if you’re a small business owner, get ready to up your game. AI is about to change the game for the better.