How Small Businesses Can Use GenAI for Increased Efficiency

Generative Artificial Intelligence or GenAI mimics human intelligence by providing instant content in various formats. It can create text, images, videos and codes based on user prompts. GenAI delivers unique content and is trained using significant amounts of online data. Many small and medium-sized businesses in Canada are adopting this technology to leverage the benefits of the large language model. Entrepreneurs can reduce the workload of their employees and increase productivity with the help of this tool.

These are available for free and as a subscription-based model and are widely used by individuals and freelancers to optimise their output. It is a blessing for small businesses that can improve their cash flow by reducing expenses and enhancing operational efficiency. Here is how small businesses can use GenAI to grow effectively. These steps can boost quality and reduce overheads.

1. Accounting and Financial Management

Accounting is a time-consuming task that requires recording every transaction, generating financial reports, filing taxes, payroll management and maintaining optimum stock levels. GenAI can be used to automate all these activities to make the lives of the accounting team members easier. They can use GenAI to accurately forecast budgets and cash flow, which helps reduce errors and losses due to a lack of correct numbers. The accounts team can also use the tech to identify fraudulent activities and maintain compliance with regulations. Some of the commonly used tools for accounting are ChatGPT and Botkeeper. Young entrepreneurs looking for business opportunities in Canada are keen on buying ventures that leverage these tools for financial management.

2. Digital Marketing and Advertising

Digital marketing is necessary in the current marketplace, where most customers use the Internet and social media for information, entertainment and shopping. While digital marketing is easier than traditional advertising, managing content on several social media channels can be challenging. GenAI resolves this issue by helping create content and personalise the marketing messages. It can create a content calendar to manage the timely posting of content on all channels and analyse data to understand customer sentiment and increase conversion rate. Tools like Jasper can be used to write copy for ads, social media posts, blogs, website content, etc., without deviating from the brand guidelines. Thus, the business can gain from increased brand engagement.

3. Coding and Programming

Coding and programming are technical tasks that require a lot of time and effort. GenAI has made this task a breeze with its automation. Tools like Google Bard and GitHub Copilot can be used to create code snippets and increase the coding speed. Human intervention is needed to customise them, but they have reduced the burden on the development team. Many businesses for sale in Canada are advertising themselves as a tech-savvy venture that uses GenAI for code generation and completion. They can free up developers' time and give them ample time to explore and create the best code versions.

4. Customer Service and Support

GenAI can enhance support service by offering 24/7 live chat convenience through chatbots. They can answer all customer queries like humans and provide them with the required assistance to increase satisfaction levels. It helps to eliminate waiting time for support that can lead to customer churning. GenAI offers predictive analysis, allowing entrepreneurs to better understand customers' needs and desires. It can help improve offerings and develop products that can do away with the buyers’ pain points. These tools enhance brand experiences and delight customers.

5. Employee Training and Engagement

Entrepreneurs who intend to put up their Canadian business for sale or maintain stability must have a competent workforce that is loyal to the brand. It can be easily achieved by creating employee manuals and standardised operating procedures with the help of GenAI. These tools can be used to create training material and automate redundant processes to give them flexibility and growth opportunities. They can work remotely and follow the code of conduct to enjoy the perfect work-life balance. Technological advancements give them the power to manage most tasks remotely without having to rely on others. They can make informed decisions and complete tasks on time with efficiency. Thus, there is no shortage of skill and employee retention becomes effortless. GenAI can also help with workforce management, improving employee satisfaction and engagement.

6. Creativity and Innovation

Creativity and innovation are the lifelines of a growing business. Entrepreneurs keep looking for new ways of attracting customers by developing exciting marketing campaigns, unique product features and creating new avenues for interactions. They must frequently brainstorm with their team members to find creative ideas that can disrupt the market. With the help of GenAI, searching for these innovations has become easier. The right prompts can generate the desired highly imaginative and inspiring responses. These can help the business solve various problems and navigate challenges while reducing the risk of losses. Whether it is a new ad campaign idea or the customer survey form, ChatGPT and Dall-E can help with all types of artistic expressions.

7. Automation of Recruitment

Recruitment is one of the most crucial aspects of running a business. Entrepreneurs must find talented, skilled and motivated individuals who can align with the company's goals and fit into its culture. Businesses can create effective job descriptions, screen resumes based on the criteria and find qualified candidates from a diverse pool with the help of GenAI. It saves a lot of time for the human resource team and allows them to find the right people for job roles. It streamlines and expedites the recruitment process while complying with the diversity, equity and inclusion policy of the entity.

8. Data Analysis and Decision-Making

GenAI is highly beneficial in analysing large amounts of data collected from every customer touchpoint and interaction. These tools can help process the data and identify useful patterns and insights for business enhancement. Humans can take several days to summarise the same data and may even miss out on certain important insights. GenAI helps visualise data in simple forms that everyone can interpret for improved decision-making. Thus, driven individuals looking for a business for sale in Canada must opt for ventures that utilise AI for operational efficiency.

Wrapping Up

Business owners are concerned about rising expenses, resource allocation and time management. GenAI can help them take charge of all these areas by automating most of the repetitive tasks. The advanced tech can perform as effectively as a human, reducing errors and the risk of mishaps.