planning for 2024


12th October, 2023

How SME business owners can get ahead with AI

Running a small business is no small feat, and we all know that time and energy are like precious gems.

So, what if we told you there’s a clever way to save both?

Yep, you guessed it — with the magic of artificial intelligence (AI) and ChatGPT.

If you’ve never used this kind of software and feel overwhelmed by learning new tech tools, don’t worry.

These tech tools can be the sidekick you didn’t know you needed, if you start wrapping your head around the many ways they can be helpful.

AI, artificial intelligence, machine learning

Key ways you can use AI

There are numerous ways artificial intelligence can be your secret weapon, such as:

Admin assistance

Tired of drowning in paperwork? AI isn’t just a virtual paper shredder; it’s your admin superstar.

Imagine the relief of automating tasks like data entry, appointment scheduling, and even sorting through emails.

One example is MYOB’s AccountRight program.

The Live Bank Feeds element in this program uses AI, and it’s estimated that this live feature can save users between 50% and 70% in data entry time.

While you sip your tea, AI’s got your back, keeping things running smoothly behind the scenes.

Sales superstar

Imagine if you had a crystal ball that predicted your customers’ next moves. AI can’t predict the lottery numbers, but it can analyse customer data quickly.

It identifies trends, predicts customer preferences, and tailors your sales strategies accordingly.

Marketing mojo

Picture this: creating personalised marketing campaigns without breaking a sweat.

AI can analyse customer behaviour to suggest the kind of content they’ll gobble up.

HR hero

Ah, the world of HR — resumes, FAQs, and endless paperwork. But wait, AI can simplify all of that.

It streamlines hiring processes, helping you find the right folks for your team.

Data cruncher

Numbers, charts, and data overload doing your head in? AI can crunch those numbers.

It analyses data trends, helping you make informed decisions without needing a PhD in statistics.

Customer insights guru

Ever wished you could read your customers’ minds? AI comes pretty close.

It digs into customer feedback, social media chatter, and even online reviews to give you insights into what makes your customers tick.

MYOB utilises AI to help accountant clients to understand and help their customers better.

The firm’s MYOB Advisor is an AI tool that accountants, bookkeepers, and other advisors can use in conjunction with other MYOB programs to glean insights based on their clients’ online files.

Cybersecurity defender

In this online-driven world, proper cybersecurity is crucial for all businesses.

Thankfully, AI can act like a digital bouncer, spotting potential threats and keeping your business safe from cyberattacks. Think of it as a tech-savvy guard dog for your virtual storefront.

Machine learning, AI

ChatGPT: Your chatty new BFF

While there are thousands of different AI-based products on offer these days, one of the biggest ones making a buzz right now is ChatGPT.

ChatGPT is an advanced AI-powered tool designed to engage in natural language conversations with users.

It uses a machine-learning model to understand and generate human-like text responses based on the input it receives.

It can behave similarly to a versatile virtual assistant that can provide information, answer questions, assist in brainstorming, create content, and more.

How ChatGPT might be a game-changer for your business

Customer support sensation

Ever wished you had a clone to answer all those customer inquiries? ChatGPT is the next best thing.

It can be used as a customer support tool that responds lightning-fast, providing helpful answers and saving you from typing the same thing a zillion times.

Content creation wizard

Does facing that dreaded blank screen give you a big case of procrastination? You can use ChatGPT as your spark of inspiration for blog posts, social media captions, or even newsletters.

Give it some prompts based on your business type, the style of content you want to create, the reasons behind the content, and more, and it can spit out dozens of ideas to get your creative juices flowing.

Email marketing maven

Writing emails that convert can be a real challenge. Happily, ChatGPT can help craft compelling email marketing campaigns.

From subject lines to body content, it’s got the know-how to make your emails stand out in crowded inboxes.

E-commerce adviser

Perhaps you’re running an online store? If so, ChatGPT can help you guide your customers through the buying process, answer their product- or shipping-related questions, and even suggest products based on their preferences.

Technology, AI

How to get started with AI

Alright, so you’re probably wondering – how do I actually get started with this tech wizardry? Don’t worry; it’s easier than you think.

Choose wisely

There’s an AI tool for almost every need, so investigate different options and choose wisely.

Pick the ones that best align with your business goals, budget, and tech know-how.

Experiment and learn

Try different artificial intelligence tools and see what works best for your business and the way you like to operate.

When it comes to ChatGPT, play around with different prompts to see how you can refine the answers you get, and remember that the software can learn your business “voice” and requirements over time, when trained correctly.

Integration magic

Most AI tools can seamlessly integrate with your existing software. That means you won’t have to start from scratch – just a bit of tech magic, and you should be good to go.

Before you sign up for a tool, though, check that it will work okay with the main programs you currently utilise in your business.

Stay updated

AI and technology are always evolving, so keep an eye out for updates and new features that can further enhance your business operations, or new ways of using current tools.

Artificial intelligence and ChatGPT are here to rescue you from the daily grind and can be your trusty sidekicks, helping you save time, energy, and maybe even a little sanity.

Start testing out some new tools today so that you can boost your business results sooner.