Before the arrival of ChatGPT, there was a common misconception that artificial intelligence (AI) was the preserve of tech giants and global corporations and that it required an army of data scientists and data engineers. AI for its implementation. AI seemed abstract compared to other revolutionary technologies that could be seen and felt. But behind the scenes, companies were already integrating AI into technology in industries like accounting to automate repetitive tasks.
Fast forward and the seemingly magical interactions with ChatGPT, Gemini, Claude, and other conversational AI tools have brought AI to the forefront. There is now a common understanding that AI is accessible to everyone. So the question now is how can we enable SMEs to truly exploit this advancement in AI capabilities? Not only to automate the routine, but to truly transform their businesses and, as we like to say, elevate human work.
The challenge for small and medium-sized businesses (SMEs) is not whether AI is right for them, but understanding what the tools can do, who they should trust, and how to use them safely.
According to TheresAnAiforThat.com, there are currently around 13,000 AI tools for 14,000 unique tasks, and that number is growing. This can lead to a paradoxical choice as SMEs seek to ride the AI wave.
If decision-makers don’t want to be left behind, they need to focus on skills training, rely on trusted advisors, and identify and understand the right tools – developed by trusted companies – that will help strengthen the efficiency and agility. necessary for sustainable growth.
A change in mindset to solve problems
When you approach a problem in the same way for so long, it can be easy to think that there are no alternative methods, even if the existing methods don’t hit the mark. If SMEs want to leverage AI to transform their business, a mindset shift is necessary.
This means forgetting what they think is possible with technology today and starting to ask, “What are my business’s biggest challenges?” » ; work from there. Whatever the problem or opportunity, chances are there is an AI tool that can help. Removing this mental barrier can help businesses discover new ways to overcome long-standing obstacles to success.
Take cash flow forecasting for example. Unreliable cash flow forecasts are a recurring challenge for accounting teams and, therefore, the entire business, regardless of its size. But this can particularly disadvantage SMEs, in terms of their ability to invest and develop. For example, 41% of small businesses admit to often turning down growth opportunities because they are unsure of their cash flow.
Develop understanding
This change in attitude is part of a broader educational component that is vital if SMEs are to capitalize on the AI wave.
There is certainly a desire to introduce automation and AI: 91% of companies see it as a way to stand out from the competition. But the sheer number of AI tools and the speed with which they have arrived has created a Wild West environment that can be overwhelming. Especially when SMB decision-makers are busy overseeing all elements of a business and therefore don’t necessarily have the time to dedicate to looking under the hood of every AI tool on the market.
Recent research has shown that only one in five IT decision makers fully understand how to leverage artificial intelligence. Given that AI comes with an aura of complexity in how it works, it is understandable that some decision makers simply choose to stick with what they know because they feel overwhelmed or overwhelmed when it it’s about integrating such solutions into their teams.
This is why the role of trusted advisors is so important. Consultants, developers and technology providers must take it upon themselves to help SMEs and their employees better understand the intricacies (and capabilities) of AI and how it can support their work.
The second part of the educational component aims to help companies understand that AI is here to elevate rather than replace employees. By taking on repetitive administrative tasks, AI allows employees to focus on more strategic work. For example, with AI handling supplier invoice processing, employees can focus on managing the supplier relationship. Explaining this hierarchy between AI and employees is an important step in ensuring that the business can enjoy productivity gains without worrying about whether AI is doing its job safely and confidently.
Working with trusted advisors with experience in this area can help SMEs navigate a complex landscape, alleviate anxiety about the unknown, and ensure they make informed decisions that align with their unique needs and goals.
Fit for purpose
Of course, if AI tools are to have optimal impact on the business, they must be chosen for the task at hand. This means selecting and investing in solutions that are fit for purpose. Especially in accounting, where accuracy and confidence in results are paramount and data can be complicated to digest.
This does not mean that every tool used by an SMB must be 100% bespoke and purpose-built (a costly process). “Out of the box” solutions can be very effective in getting the job done to a high standard. What matters, in a world where a multitude of AI tools are available to SMEs, are the credentials of those who provide the ready-to-use tools.
This means opting for solutions from trusted experts who have a proven track record of investing time and resources in creating their AI solutions. And having trained the solutions on the type of tasks and data they will encounter in the real world of SME accounting.
A thoughtful approach
The potential for AI to transform SMEs is immense, but realizing this potential requires a thoughtful approach. SMEs must prioritize identifying and implementing AI tools that match their unique challenges and goals, and shift their mindset to embrace innovative solutions.
This is where trusted advisors play a crucial role. Not only can they guide businesses through the complexities of AI, but they can also ensure that they invest in purpose-built solutions that deliver safe, accurate and reliable results. Equipped with these AI solutions, SMEs will not only streamline their operations and improve efficiency, but they will also increase trust and unlock new growth opportunities – invaluable returns for business leaders facing the challenges and uncertainties of ‘Today.
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