However, Sriram also points out that AI is not a perfect solution and its effective use requires understanding the bottlenecks within a business that it can positively influence. Seventy-five percent of small-business owners reported that AI excelled in performing desired tasks, but the remaining 25% indicates areas where AI may not be the best solution. Sriram emphasizes the need for businesses to regularly revisit their AI strategies to understand where and how AI tools can most effectively reduce friction.
Key takeaways:
- AI has evolved significantly over the past 20 years, from being used to create scalable customer-facing software to predicting customer needs and making real-time decisions.
- AI's benefits now extend beyond big enterprises, reaching a broader range of businesses and supporting nearly every stage of business development.
- Small-business owners can take advantage of AI technology to build experiences, reduce complexity and deliver new value to their customers, similar to large enterprises.
- However, understanding the bottlenecks within a business that AI can positively influence is crucial to prevent misuse or inefficient use of the technology.