How to transform your business with AI

The huge increase in the availability of free and low-cost tools means artifical intielligence (AI) is no longer exclusive to large corporations. Small businesses can now also enjoy huge benefits from the technology.  

AI is the term used to describe computer systems that can perform tasks which typically have required human intelligence. By integrating these modern tools into their operations, business owners can boost productivity, improve efficiencies and enhance competitiveness.   

 This article explores practical ways founders can leverage the benefits of AI across their business, covering areas including automation, marketing and data analysis.  

How AI can help with automation and boost business efficiency 

Many of the tasks that business owners need to carry out are repetitive and time consuming. You can automate these activities with AI tools and free up valuable time and resources which can be dedicated to fulfilling your strategic goals and growing your business. 

Examples of automated tasks include: 

Scheduling appointments: Managing your calendar can often be time consuming. AI tools including Motion, Akiflow and Clockwise automatically schedule meetings, projects and tasks based on your preferences, availability and the most optimum time they should be carried out.  

Managing emails: To make your inbox management more efficient and give you time to focus on key priority tasks, tools like Outlook’s suggested replies, Gmail’s Smart Reply and Front include features such as suggested replies to messages, meeting scheduling, email categorisation and conversation summaries.  

Processing orders: For product, retail and ecommerce businesses, there are several steps involved in processing customer orders. Tools like UiPath and Conexiom automate these processes to reduce the time spent on administrative activities and improve customer satisfaction.   

Creative invoices: Accounting tools like QuickBooks and Xero have AI features that can automatically generate invoices. You can also automate the tracking of payments and sending of reminders. These features can improve your cash flow management and help to ensure you get paid on time.

Other ways AI tools can be used for improving your business’ efficiency are:  

Customer behaviour analysis: Understanding customer behaviour is a key factor in growing your sales. Using tools like Insight7 and Salesforce Einstein, you can analyse purchase history and browsing patterns to predict future trends.  

You can also use the tools to analyse customer interviews, surveys and reviews to highlight any common issues, both positive and negative. You can use the results to resolve any problems and better personalise your customers’ experience when purchasing your products or services to encourage customer loyalty.  

Market trend identification: Understanding your market is a key driver of business success. You can use AI for market research and to identify trends which could be useful for your business. This can be done by analysing data from both your own business and other sources using tools such as Brandwatch and Tableau. 

Sales forecasting: Predicting future sales can help you plan accordingly and manage any costs. Tools like Microsoft Power BI and Aviso help you to do this by analysing historical sales figures and seasonal trends.  

How AI can help with marketing and creative projects 

AI is a powerful resource for business owners’ marketing and creative projects. The tools can help you create a wide range of content, including social media posts, website copy, blog posts, logos, images and product descriptions.

Although AI has many benefits in this area, it’s not a complete replacement for human creativity. Do not rely on AI generated content without checking for accuracy and that it reflects your business’ tone, creative style and brand values. Errors you need to look out for include false or misleading details in written content, and inconsistencies in AI-generated images.  

Written content 

There are many tools available for writing copy, product descriptions and social media posts. They allow you to input prompts which quickly generate relevant content.  

Even if you do not use the full content created by AI, you can use the technology to brainstorm ideas and then develop your own content. If you are stuck on the first sentence or two of some written content, the apps can also be useful for getting started.  

Tools you can use to do this include ChatGPT, Microsoft Copilot, Jasper, Gemini, Hubspot, Buffer and Hootsuite. 

Visual content 

AI services can also be used to create visual content. This includes apps which create images and graphics following the input of text prompts.  

Examples of tools you can use to create logos, social media graphics, images and other visual material are Canva, Adobe Express, DALL-E, Midjourney, Looka and Davinci.  

Using AI in data-analysis and reporting  

By regularly analysing data that is relevant to your business, you can make more informed decisions about your operations.  

Manual creation of reports can be time consuming though, so by using AI tools, you can automate data analysis and generate insightful reports and visualisations. As well as saving time, this can help you to understand customer behaviour, spot potential challenges and predict future trends.   

Data analysis and visualisation tools include Julius, Power BI, Tableau and Looker. 

Benefits of using AI in business 

In summary, using AI in your business can lead to many benefits that allow you to stay ahead of the curve and achieve your objectives.  

They key advantages are: 

• Improved productivity 
• Boosted efficiencies 
• Enhanced competitiveness 
• Reduced costs 

Although AI does have many benefits and it is something your business should embrace, it must be remembered that the technology should not completely replace human intelligence and expertise. You and your employees should continue to express your creativity and carefully monitor your use of AI for accuracy and other negative results.  

Support for businesses from TaxAssist Accountants

TaxAssist Accountants can help you with the right advice to support your business. While our expertise covers tax, accounting, bookkeeping and payroll, we can also connect you with other providers we work with. 

Contact us to find out more about our services and to book a free video or face-to-face consultation.

Date published Dec 4, 2024 | Last updated Dec 4, 2024

This article contains general information only and should not be relied upon for accuracy or completeness. You should seek appropriate tax or accounting advice from a qualified accountant before you take, or refrain from taking, any steps based upon this article. This article should not be construed as tax, accounting or other professional advice and QX Franchise Limited (Master Franchisee for TaxAssist in Canada) disclaims liability for any loss, howsoever caused, arising directly or indirectly from reliance on the information in this article.