• Home
  • Insights
  • Making AI Accessible to Small and Medium-Sized Bus

Making AI Accessible to Small and Medium-Sized Businesses (SMBs)

Artificial Intelligence for Everyone

Uncovering new opportunities and creating smarter ways to operate in a competitive market. As AI continues to evolve, it’s reshaping industries by automating tasks, simplifying decision-making and empowering businesses to do more with less.

Despite some challenges such as knowledge gaps and concerns over implementation costs, the importance and accessibility of AI for SMBs are becoming increasingly clear1. Embracing AI presents significant opportunities for SMBs to enhance efficiency, improve customer experiences and drive growth2.

Reports and analyses increasingly highlight the tangible benefits that SMBs can reap from strategic AI implementation, demonstrating that AI is not just for large enterprises3. This article aims to address these concerns and empower SMBs to explore the accessible and transformative potential of AI, showcasing how they can leverage this powerful technology to thrive in today’s dynamic market.

Understanding Artificial Intelligence

AI refers to the development of computer systems that can perform tasks that typically require human intelligence, such as learning, reasoning and problem-solving4. AI technology involves algorithms and data that allow these systems to continuously improve over time, adapting to new information without the need for manual updates or reprogramming. AI is used in various industries such as legal, retail, finance and healthcare, and continues to evolve rapidly

The Challenges of AI Adoption in SMBs

  1. Lack of Awareness: Many SMBs are unaware of AI’s full potential or have misconceptions about its complexity. This lack of knowledge or understanding can result in businesses underutilising AI or having unrealistic expectations of its capabilities5.

  2. Budgetary Constraints: For SMBs, the perceived high cost of AI solutions can be a significant barrier. The initial investment required to implement AI-driven systems can seem daunting, particularly for smaller businesses with limited budgets.

  3. Scalability Concerns: SMBs may fear that AI solutions will not scale with their growing needs or will require constant upgrades. Ensuring that AI solutions are adaptable and can grow with the business is key to overcoming this concern.

  4. Skill Gap: The technical expertise required to implement and manage AI solutions can be intimidating for SMBs. Many businesses worry that they lack the necessary in-house skills to adopt and utilise AI effectively.

  5. Ethical Considerations: Issues such as algorithmic bias, transparency in AI-driven decisions and data privacy are some major ethical considerations for businesses in adopting AI6. Addressing these ethical concerns is critical for the responsible adoption of AI technologies.

  6. Data Security Concerns: One significant challenge SMBs face when adopting AI is ensuring the security of their data. Many SMBs worry about the potential risks of exposing sensitive customer or operational data to vulnerabilities, especially when using third-party AI tools or cloud-based solutions. Insights into the latest cyber threats reveal that SMBs are increasingly targeted by cybercriminals due to weaker security defences compared to larger enterprises7. Limited resources for implementing robust cybersecurity measures and a lack of expertise in assessing AI vendors’ security protocols further exacerbate these concerns. As a result, SMBs may delay AI adoption or opt for simpler and less efficient tools.

The Advantages of Artificial Intelligence for SMBs

By addressing these challenges, SMBs can unlock the numerous advantages of artificial intelligence, making it a transformative investment for their growth and competitiveness.

  1. AI-Driven Automation: AI empowers SMBs to automate certain manual tasks, allowing teams to focus on growth and innovation. For example, tools like Esker can automate accounts payable, invoice processing and document management — tasks that traditionally consume significant resources. By reducing manual input, SMBs can lower the risk of errors, improve processing speeds and cut operational costs. This helps SMBs to boost efficiency and compete by reallocating time and resources to strategic priorities like customer acquisition and product development.

  2. Enhanced Decision-Making: AI solutions can process vast amounts of data at incredible speeds, providing SMBs with real-time insights that are crucial for informed decision-making. Whether it’s understanding customer behaviour or analysing financial performance, AI can help businesses optimise their strategies and stay ahead of the competition.

  3. Personalisation: AI can also help SMBs deliver a more personalised experience to their customers. From AI-powered chatbots that enhance customer service to recommendation engines that suggest products, AI enables businesses to offer services and experiences that feel more personal and unique.

  4. Improved Financial Management: AI in finance is transforming the way SMBs handle their financial operations. AI solutions can automate financial reporting, track expenses, predict cash flow and even detect fraudulent activity8. This not only saves time but also improves accuracy and financial forecasting, helping SMBs manage their resources more effectively.

  5. Scalability and Flexibility: Contrary to the fear of inflexibility, many AI solutions are scalable. For SMBs, this means that AI solutions can be implemented incrementally, allowing businesses to start small and expand as their needs grow. Cloud-based AI platforms are especially useful in this regard, offering flexibility without the need for significant upfront capital investment.

  6. Boosting Innovation: AI equips SMBs with the tools to foster innovation and remain competitive. For instance, AI-driven product design platforms can streamline the development process by analysing user preferences and predicting market trends. Similarly, market analysis algorithms provide SMBs with actionable insights into customer needs and emerging opportunities. By leveraging these technologies, SMBs can create more effective products, improve service offerings and adapt quickly to industry changes, giving them an edge over competitors.

How SMBs Can Leverage AI Solutions

  1. Start Small: SMBs don’t need to implement full-scale AI solutions right away. For instance, SMBs can adopt automation tools for simple tasks like data entry or email sorting to streamline operations while providing a foundation for more advanced AI applications. This allows businesses to familiarise themselves with the technology and observe its impact on operations. For example, in healthcare, automation can assist with document scanning, patient record audits and note processing, helping to reduce clinical staff burnout. In the legal sector, AI-powered smart document processing can automate administrative tasks like searching for documents, freeing staff to focus on value-added activities. Tools like Esker offer scalable automation solutions, enabling businesses to expand gradually as their needs evolve. A real-world application of Esker in action can be seen in Gallagher, where automation of tasks like invoice processing has helped reduce operator time by 40%, increase accuracy and streamline financial workflows9. This flexibility allows SMBs to start small and scale AI adoption as they become more confident in its benefits.

  2. Invest in Scalable Solutions: Choosing AI automation or AI solutions that scale with the business is essential. This ensures that businesses can adapt as they grow, without needing to replace systems every few years. Scalable platforms offer the flexibility to expand functionalities as needed, which is perfect for SMBs that anticipate growth. 

  3. Seek Expert Advice: SMBs should consider partnering with trusted IT consultants who have a deep understanding of the AI landscape. These experts can guide them in identifying the most suitable Al solutions that align with their specific needs, helping them to bridge knowledge gaps and ensuring successful implementation.

  4. Foster a Culture of Innovation: Encourage employees to embrace AI and see it as an opportunity for growth rather than a threat. Providing training and resources to employees can help foster a culture of innovation, enabling them to use AI tools to improve their workflow and productivity.

Unlocking the Power of AI: A Transformative Opportunity for SMBs

SMBs have an unparalleled opportunity to explore the benefits of artificial intelligence and gain a competitive edge. As artificial intelligence trends continue to shape industries, SMBs that adopt these solutions today will be better equipped for the future.  With a growing range of flexible and accessible artificial intelligence solutions like Esker and M-Files, do not miss what AI can do for your business!

Find out how FUJIFILM Business Innovation can empower your business with user-friendly and scalable AI solutions like Esker and M-Files. Contact us today or visit our website for more information on our AI-driven tools.

 

References:

1 https://customgpt.ai/ai-small-business-impact/

2 https://www.tandfonline.com/doi/full/10.1080/00472778.2024.2379999#d1e1143

3 https://blog.shi.com/digital-workplace/ai-is-not-just-for-giants-how-small-businesses-can-harness-its-power/

4 https://www.morningstar.ca/ca/news/233311/when-investing-in-ai-look-for-the-lesser-known-names.aspx

5 https://netcentrix.com/news/embracing-the-future-top-opportunities-and-challenges-for-ai-in-business/

6 https://www.sciencedirect.com/science/article/pii/S219985312400132X

7 https://360advanced.com/what-are-the-latest-cyber-threats-and-vulnerabilities/

8 https://sparkreceipt.com/blog/ai-accounting/

9 https://betterbusiness-fbnz.fujifilm.com/wp-content/uploads/2024/03/PGG-Wrightson-Case-Study-Esker-AP-Invoicing-Solution.pdf

Insights