How many small businesses use AI?
A recent survey by the U.S. Chamber of Commerce reports that 84% of small businesses using AI are optimistic that it will help their future growth, and 82% of respondents already using AI agree that it has helped increase the efficiency of business operations.
Yet the same report mentions that only 23% of small businesses have adopted AI. While this is still a significant number of adopters — given that there are over 33 million small businesses in the U.S. — there is still plenty of opportunity for AI integration.
So why aren’t more small businesses using AI tools?
Common barriers to using AI for business
Small business owners face several barriers to adopting AI, including:
1. Cost of implementation
AI startup costs are a concern for small businesses with limited funding. However, there are an increasing number of affordable AI solutions available specifically designed for small businesses to help ensure cost-effective integration.
2. Lack of education
Many small business owners still view artificial intelligence tools as too complex or only suitable for larger businesses. But AI’s potential is more user-friendly and accessible than ever before.
3. The challenge of data management
Data helps AI make more accurate predictions. But data collection, organization and analysis are often difficult for small businesses. With guidance and the right tools, entrepreneurs can overcome these difficulties and use AI to their advantage.
7 AI tools for small business owners
According to the Chamber of Commerce survey, marketing and communications are the most common uses of AI for small business owners. However, many AI tools can optimize repetitive or mundane business tasks and operations without breaking the bank. These are among the most common.
1. Virtual assistants for schedules and device control
You may already use virtual assistants such as Siri, Alexa, or Google Assistant to help you in your personal life. They can also help you save time and stay organized with simple voice commands for business tasks, too.
Uses for virtual assistant tools include:
- Manage schedules
- Set reminders
- Answer quick queries on a wide array of topics
- Control smart devices in your workspace
2. Chatbots for immediate customer service information
Enhance your customer support and customer experience with AI assistant chatbots. These smart bots can free up your time to focus on more complex customer interactions. Look for AI-powered chatbot platforms that allow you to build customized chatbots without requiring coding skills.
Uses for chatbots include:
- Quick responses to repetitive simple inquiries
- Proactive messages to check in with customers
- Gauge customer intent and use cases
- Cross-sell or upsell opportunities
3. Automated data analysis for visual reports that help identify patterns
AI technology in data analysis tools such as IBM Watson or Google’s Looker Studio can help you make sense of your business data. These tools use machine learning algorithms to identify patterns and generate visual reports to help you make data-driven decisions more quickly.
Uses for data analytics tools include:
- Faster, more cost-efficient data gathering and forecasting
- Product pricing optimization
- Weakness and opportunity identification in your business
- More improved marketing efforts
- Increased operational efficiency
4. Intelligent document processing for invoices, shipping and more
Manually processing documents such as invoices, shipping orders, contracts and more can be time-consuming and error-prone. AI and machine learning document processing tools can extract data from paperwork far more efficiently — reducing the time and effort of manual data entry.
Uses for document processing tools include:
- Extracting data from text documents and PDFs
- Better management of customer data and vendor contact information
- Improved, more searchable invoices and purchase orders
- Organized and detailed tracking of shipping workflow and receipts
5. Tools that generate proof of business insurance in minutes
Certificates of insurance (COI) are often required in some industries. And quick access to one can make a difference if you’re submitting a bid, trying to rent a property or land a job.
It used to take days or weeks for insurance carriers to process certificates. But some insurers, such as NEXT, can extract information from sample certificates in minutes, 24/7, to help make transactions more efficient for small business owners.
Uses for tools that generate proof of insurance:
- Personalized COIs in minutes
- Self-serve on your schedule via web or mobile app
- Generate as many COIs as you need at no additional cost
6. Virtual meeting assistants to easily schedule events and reminders
Onsite or remote, virtual meeting assistants such as Otter or Zoom can help you manage meetings and focus on productive conversations.
Virtual meeting assistant uses:
- Schedule meetings
- Send meeting reminders
- Record and transcribe meeting notes
- Translate meeting transcripts into multiple languages
7. Smart expense trackers to alleviate hefty paperwork
Tracking business expenses takes too much time and effort. AI expense trackers can simplify financial management, alleviate repetitive tasks and save you from drowning in paperwork.
Uses for smart expense trackers include:
- Compliant and automated expense tracking
- Simplified expense reviews
- Time-saving autofill for receipts
- Improved expense organizing and categorization
- Quickly generated expense reports
