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5 Ways You Can Use AI to Support Your Small Business – NerdWallet UK

Artificial intelligence (AI) is increasingly becoming a valuable asset for small businesses, offering a range of benefits that can enhance efficiency and customer engagement. Despite concerns about potential risks, AI can be used to automate repetitive tasks, improve market research, create content, and boost customer service. Only 16% of UK businesses are currently employing AI, but interest is growing with one in four businesses exploring AI options.

AI can streamline market research, allowing businesses to quickly gather and analyze data with tools like ChatGPT or Google Bard. It can also provide access to skills that may be out of reach for small businesses, such as creating presentations or analyzing customer feedback. For customer service, AI can help manage routine queries and even write emails, as demonstrated by the energy company Octopus, which reported higher customer satisfaction rates for AI-written emails.

Content creation is another area where AI can save time, with tools available to generate product descriptions and social media posts. Automating mundane tasks with AI can lead to significant productivity gains, allowing businesses to focus on more strategic tasks.

However, there are challenges to consider, such as the cost of setting up AI systems, the accuracy of AI-generated data, potential biases, and issues around intellectual property rights. Despite these concerns, the productivity benefits of AI are compelling for small businesses looking to leverage technology to enhance their operations.

Key Takeaways:

  • AI can streamline market research for small businesses by quickly gathering and analyzing data.
  • Small businesses can leverage AI to access skills and create content, enhancing productivity and efficiency.
  • AI has the potential to improve customer service through personalized communication and insights from customer feedback.

“Generative AI tools, which create content in response to prompts, can cut the time you spend on dull, repetitive tasks, boost your marketing and improve the way you interact with customers, so you can focus on more important areas of your business.”

More details: https://www.nerdwallet.com/uk/business/ai-tips-for-businesses/

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