By Rob Cottrill, technology director at ANS, discusses how adopting AI can help SMEs optimise results, and explores the importance of embracing smart technology responsibly.
Artificial Intelligence (AI) was once a luxury exclusive to giant corporations. But thanks to the launch of accessible programmes like Open AI’s ChatGPT, AI is now within reach for businesses of all sizes. However, although AI offers remarkable advantages, it comes with risks without proper rules in place.
What is responsible AI adoption?
The rush for small businesses to embrace AI, can often lead to failures in safe and responsible AI adoption.
It is important for SMEs to understand how to use AI responsibly. No matter the size, businesses are becoming more aware of AI’s potential risks and how to mitigate them. Embracing AI in a sustainable, responsible, and considerable way, will boost resilience and ensure long-term success for SMEs.
The first step in the AI journey
With all the buzz around AI, it can be difficult to know where to begin. But for SMEs, a good starting point can be using generative AI like ChatGPT. Generative AI can make tasks more efficient, from idea generation to identifying industry trends, it can even help to develop code.
Whilst generative AI can enhance efficiency, it is vital to be aware of its associated risks to ensure that AI technology is applied responsibly. Take ChatGPT as an example; SMEs must make sure not to enter confidential data into the software, as there is a risk of unauthorised access by external parties.
Responsible AI implementation
How do SMEs ensure that they are using AI responsibly? SMEs should evaluate whether they have the necessary infrastructure for optimal AI use. Some key questions that they need to consider include:
- Is AI aligned with your business objectives?
Before embarking on an AI journey, a business should align its strategies with the outcomes it wishes to achieve.
Think about how a project can give you a competitive advantage – there is no point in spending a lot of money trying to achieve something that does not give you valuable returns. For example, a business in the insurance sector can use generative AI to help them determine how much each customer needs to pay for their policy based on the car they drive.
An AI system for a business like this can help with the analysis of numerous data sets to arrive at a competitive price without human intuition, bias, and manual effort.
- Are you using quality data?
Having access to accurate, and quality data to feed into AI is essential to generate quality outcomes. You need to ensure that your data is as clean as possible and without duplicates or inaccuracies.
SMEs must also remember to not rush into AI. You need to take the time to assess if your business is getting enough data to make it a viable project. Without enough data, it is harder to get relevant insights so assessing your data first is critical.
- Are you prepared to adapt and evolve?
As AI continues to evolve, it is important that SMEs are agile and flexible to technological developments to stay competitive in an ever-changing landscape. Being future-focused is all about ensuring that AI technologies have longevity in business operations and are sustainable in the long run.
AI is here to stay, so whilst it is important to start small, SMEs should also be future-gazing and prepared to advance at the rapid rates that AI demands.
- Do you have the right resources in place?
Assess financial and resource availability for AI projects. SMEs need to know if they have the right resources. This can be in-house expertise or collaborating with a tech company that can support the journey towards AI-driven digital transformation.
Especially for small businesses, it is essential to carefully consider whether you have the right budget and resources that these projects require.
The future of responsible AI
AI has the potential to enhance employee productivity, streamline customer interactions, and automate routine tasks. This can free employees time up to focus on more challenging and rewarding responsibilities. To successfully navigate responsible AI adoption, SMEs should consider AI impact assessments, develop AI policies, and stay informed about developing AI regulations.
Responsible AI adoption is an essential aspect of SMEs’ journey towards harnessing the transformative power of artificial intelligence. It not only brings efficiency but also security, ethical use, and long-term success to small and medium-sized enterprises.
