Over decades, entrepreneurs have relied on the tried-and-tested methods of heavy market research, endless brainstorming, and the slow (sometimes miserable) grind of networking events. But in 2024, the landscape is rapidly shifting thanks to a new and powerful ally: Artificial Intelligence (AI).
AI has transitioned from being a tool exclusive to tech giants into something every entrepreneur and aspiring business leader can leverage to reshape industries and unlock untapped potential. But what exactly is changing? And how can YOU, as a future business owner, make the most of it?
Out with the Old
Manual data entry is becoming a relic of the past. AI-powered tools like NetSuite ERP (Enterprise Resource Planning) can forecast future inventory needs, manage supply chains, and optimise stock levels—all while being smarter and faster than any human could manage. Owning a business no longer means hours lost to tedious tasks like juggling spreadsheets for inventory, payroll, and customer data. Instead, you can focus on the big picture while AI handles the grunt work.
Customer service? That’s evolving too. The days of long phone queues and untimely email support are being replaced by AI-driven chatbots. Companies like Vodafone have even given their AI assistants names, offering 24/7 support at a fraction of the cost of hiring an employee. These bots deliver instant answers and personalised solutions, transforming how businesses interact with customers.
Even hiring practices are getting an upgrade. AI streamlines recruitment by scanning resumes and evaluating candidates within seconds. It eliminates human bias in initial screening, creating an efficient and inclusive hiring process. Of course, final hiring decisions still benefit from human interaction to ensure the right fit.
The Hiccups
AI isn’t perfect. While it can deliver massive efficiencies—like Bouygues Telecom cutting call work by 30% and saving $5 million with generative AI or Electrolux’s AIOps saving 1,000 hours annually—it can also feel a little... robotic. Customers still value a human touch. Surveys show that many people remain hesitant to share personal information with AI bots. Let’s face it: most of us would rather talk to a person than deal with an overenthusiastic chatbot.
AI may lighten your workload, but it can also compromise personalisation, common sense, and even the essence of your brand if not used carefully.
How to Make the Most of AI
Start Small: You don’t need a huge budget to get started with AI. Tools like ChatGPT for brainstorming, Trello for project management, or QuickBooks for accounting can revolutionise your workflows without breaking the bank.
Experiment: Not every tool or idea will be a perfect fit. Test various solutions, measure their impact, and keep refining your approach to find what works best for you.
Focus on ROI: Identify where AI can save you time, reduce costs, or enhance customer satisfaction. Let it handle repetitive tasks so you can focus on strategy and innovation.
Upskill Your Team: AI isn’t a replacement for people—it’s a way to empower them. Invest in training for yourself and your team to use AI tools effectively and ethically.
The Future: AI’s Untapped Potential
As AI continues to evolve, its applications are expanding beyond automation into areas like predictive analytics, real-time personalization, and even creative collaboration. Imagine AI helping entrepreneurs predict emerging market trends before they happen or providing instant, data-backed recommendations for new business ventures. These tools won’t just streamline existing processes—they will open doors to entirely new possibilities. The companies and individuals that stay ahead of this curve will be the ones defining industries in the years to come. Now is the time to embrace this transformative technology and explore how it can drive not just efficiency, but also creativity and growth in your entrepreneurial journey.
