THE

AUTOMATION OF ROUTINE TASKS AND THE ABILITY TO STREAMLINE

CERTAIN PROCESSES HAS

MEANT SOME ASPECTS OF

THE DAY-TO-DAY CAN BE MORE

EFFICIENTLY CARRIED OUT .

Here ’ s what we do know about the impact AI has had on SMEs , for those who have chosen to implement it in their business :

Improved efficiency

The automation of routine tasks and the ability to streamline certain processes has meant some aspects of the day-to-day can be more efficiently carried out . Freeing up business owners and employees from administrative tasks allows more time for creativity and innovation .

Job displacement

A knock-on effect of these efficiencies means there ’ s less of a need for administrative staff – which particularly impacts the younger and older ends of the workforce . And the less people feel needed , the more we run the risk of overdependence on the technology .

Analysis made easy

AI has the ability to analyse lots of data in a much faster way . This means that more informed decisions can be made as more data and information has been analysed . This in turn reduces some of the risk associated with the decision-making process .

Privacy concerns

AI machines . More and more companies are likely to change their stance on this in the coming years , but as we ’ ve seen with all kinds of technology which holds personal data , from cloud systems to password protection – things can go wrong .

Access to credit

The use of AI and Machine Learning in credit applications is more and more commonplace . Using these technologies allows lenders to form a more holistic view of a business without the need to manually sort through years of statements , cash flow trends and other less-common data points such as how a business might ’ ve adapted to change or demonstrated agility to unforeseen events . This helps the lender make an informed decision more efficiently .

Upfront costs

Initial expenses to get your business AI ready can add up – software , hardware and expertise all come at a price . There are cheaper alternatives , such as cloud-based AI services , but none of these things come for free .

As our relationship with AI continues to evolve , and the awareness of it creeping into our dayto-day life is felt more and more , it ’ s important for small businesses to keep a level-head . Keeping up with AI training is a good place to start – and continuing to conduct independent research to avoid potential algorithm bias from affecting decision-making will be key . Used well , AI can ( and is ) making life easier for many , but with the potential for over reliance , demotivated workforces and ongoing privacy concerns – the risks shouldn ’ t be ignored .

Many businesses have taken the decision not to upload business-sensitive data into

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