How to put Generative AI to work for your small business
Nathan Leong
|
Generative AI (GenAI) is transforming how businesses operate, and it's not just for big corporations. As a small business owner, you can now access powerful AI tools to help you compete and grow. Let's explore how GenAI can benefit your business.
What is generative AI?
Generative AI refers to artificial intelligence systems that can create new content, ideas or solutions. For your business, it's like having a highly capable digital assistant that can produce human-like text, images or data insights on demand, helping to automate creative and analytical tasks.
GenAI has surged into the mainstream over the past few years, thanks to companies like AWS and OpenAI (ChatGPT) making it freely available to any consumer or businessperson.
Why GenAI matters for small businesses
- Levels the playing field with larger competitors
- Automates time-consuming tasks
- Enhances customer experiences
- Provides data-driven insights for better decision-making
As Anurag Agrawal, Founder and Chief Global Analyst at Techaisle, notes: "Generative AI is rapidly gaining traction among SMBs and midmarket firms, with a significant majority prioritising its use and planning to invest in the technology."
Practical small business applications of GenAI:
Personalisation:
GenAI excels at creating tailored customer experiences, which can boost your conversion rates. By leveraging customer data, your business can generate real-time personal recommendations that take into account historical purchase patterns, website interactions and customer surveys. This level of personalisation was once only available to large corporations, but GenAI now puts it within reach of small businesses.
Customer support:
Known for its human-like interactions, GenAI can transform your customer support experiences. You can develop solutions fine-tuned with industry-specific information, enabling personalised chat interactions without the need for human operators. This means your business can offer 24/7 support, improve response times and maintain consistent service quality, all while freeing up your staff to focus on more complex tasks.
Data analysis:
GenAI has the power to analyse vast volumes of data to reveal insights that drive planning and data-driven decision-making. This capability can help your business identify patterns and trends, improving predictive accuracy in various areas such as inventory management, consumer behaviour and even fraud detection.
Getting started with AWS GenAI tools
Amazon Web Services (AWS) offers a range of GenAI tools suitable for small businesses:
- Amazon Q: User-friendly application for code optimisation and validation
- AWS HealthScribe: Ready-to-use application for specific industries
- Amazon Bedrock: Allows customisation of AI models for your unique business needs
For quicker ROI, you can start with ready-to-use applications like Amazon Q or create custom solutions with Amazon Bedrock.
Position your business for growth
Integrating Generative AI into your small business isn't just following a trend – it's a strategic move to enhance your operations and competitiveness. By leveraging tools like those offered by AWS, you can streamline processes, improve customer experiences and gain valuable insights.
Embracing GenAI now can position your business for sustainable growth and innovation in an increasingly competitive marketplace.
Take NEXTGEN’s Cloud & AI Tech Readiness Assessment
Take this quick and precise self-assessment survey and instantly receive an executive report and dashboard analysing your current capabilities, gaps and top priorities.
Need expert guidance?
Implementing GenAI might seem daunting, especially if you don't have in-house IT expertise. That's where NEXTGEN's trusty small business guides can help.
They can discuss your specific challenges and opportunities, helping you identify where GenAI could add value to your business.
Ready to explore how GenAI can transform your business? Reach out to your NEXTGEN small business guide to get started.