- SMEs: AI saves time and costs
AI applications help SMEs save time and/or costs. At least that is what 87 percent of experienced companies in Australia state. For two-thirds of this group, improving productivity and efficiency was also the main reason for deploying artificial intelligence, states the Commonwealth Bank of Australia (CBA) in early June 2024. The survey reveals that exactly a quarter of SMEs down under have now invested in AI, while 34 percent say they plan to do so within five years. Thus, the practical experiences of their predecessors encouraged them to do so. - Cost comes before profit
Before AI can save time and costs, organizations must first put in the necessary effort and money. Productivity usually goes down first in the implementation process before the acceleration comes. For many companies, these are reasons not to start with AI technology. Of the Australian SMEs in the CBA survey, 26 percent said they do not have the financial resources to invest in AI. Slightly more entrepreneurs (28 percent) cite lack of knowledge about AI as a barrier, while concerns about data security are mentioned even more often (33 percent). - No smart AI without clean data
Companies that want to use AI applications safely and meaningfully must have their data in order. Is the necessary data available for AI to be able to render? Data on products and customers, among other things, must not only be collected but also purified and updated. Garbage in, garbage out is not just a facade term. Even with AI solutions, the quality of the output is directly dependent on the quality of the input. In other words, first things first, and the cleaner, the smarter.
- Internal support is half the battle
If you know what value AI can add to your company and if you have the necessary data, you can make an informed decision to begin implementation. It is of great importance to involve the right people (from different departments), not excluding skeptics, and to create ambassadors who take colleagues on the AI journey, share experiences and address internal concerns. Think big, but start small. - AI will change people's work (read: make it more fun)
Top executives at larger organizations estimate that 40 percent of their workforce will need to be retrained over the next three years as a result of implementing AI, research from IBM shows. This is not to say that artificial intelligence is a burden on employees. On the contrary, according to the researchers and many other professional users of AI: automation allows them to focus less on repetitive jobs and more on tasks in which they can personally make a difference. So while AI helps business owners achieve more with fewer resources, the technology enhances job satisfaction on the floor. - Overcome AI phobia
The world is changing at lightning speed. It's often said, and rightly so, that the pace of change is only accelerating. Technology is humbling. "It's tempting for entrepreneurs to jump on the AI train to avoid missing out." But fear, also AI fear of missing out, is a poor counsel. This fear can be overcome by getting a realistic picture of the (im)possibilities with AI for your organization.
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Data Expo
At the upcoming Data Expo, AI will be one of the big theme’s. What opportunities and challenges does artificial intelligence present for organizations? On Wednesday 11th and Thursday 12th of September at Jaarbeurs Utrecht, you’ll gain essential knowledge, explore technological possibilities and make useful contacts to take new steps forward. And not only in the field of AI: a visit to Data Expo will help you find answers to all your data questions. Registration as a visitor is free of charge and can be done here.
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