Practical Applications of AI Technologies for SMEs

This article explores how SMEs can harness AI solutions to increase business efficiency. For example, the challenges these types of business face are similar, including having fewer resources and small budgets, together with the threat of larger businesses overshadowing their work. As a result, there is a greater need for innovation which can be time consuming and is an additional business cost.

The Gartner report (2024) predicts that by 2028 “at least 15% of day-to-day work decisions will be made autonomously through agentic AI up from zero percent in 2024”. SMEs might, therefore, consider now how best to integrate AI into operational areas.

Improving Efficiency

Using AI to automate repetitive, and therefore time consuming, tasks will optimise processes. For example, AI tools can automate, data entry, invoices and customer support services by using chatbots. The benefit of using automation for these activities is that it provides time for employees to focus on higher value work such as strategy, and growth.

Forecasting

Predictive analytics can also help business owners to make use of historical data to predict or at least give some insight into forecasting sales trends.

Streamlining, scheduling and project management

Using AI to undertake tasks like diary scheduling reduces the time needed to juggle projects and personnel. AI solutions can also be deployed to analyse availability, helping to ensure resources are allocated efficiently and projects can be effectively scheduled and deadlines met.

Policy writing

Drafting and approving company policies can be a protracted process. As a business grows the need for more complex policies may also grow. AI tools can analyse existing policies and provide updates to ensure the business is meeting industry standards or is compliant, as well as to draft new policies with a raft of templates available which can then be tailored to the specific business need.

Client and customer care and marketing

AI analytics can be used to help SMEs better understand customer behaviour and preferences. Marketing teams can then use this information to produce informed strategy based on the customer journey. In other areas chatbots are commonly used to provide

Jonathan Masucci Corporate and Commercial Partner

customers with instant feedback to enquiries which in turn increases customer satisfaction and builds a sense of loyalty between the customer and the business.

Financial management

AI can assist in budgeting, forecasting and financial reporting reducing the risk of human error.

HR, recruitment and talent management

AI can be used to streamline the candidate sourcing and selection process. The initial sift stage can be undertaken by AI to match qualifications and ensuring a candidate has the necessary skills for a job role. In some cases, AI can now be used to conduct initial screening interviews.

For SMEs, integrating AI functions into operations means business leaders can instead focus on strategy, growth and other areas to ensure their business not only survives in an increasingly competitive market but is also able to thrive.

Jonathan Masucci is a partner at Girlings Solicitors in the Corporate and Commercial department.

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