AI Strategies and Tools for Your Small Business Growth
Start Your Business with a Plan
What is Traditional AI vs. Generative AI?
Artificial intelligence (AI) has advanced, making it accessible to businesses of all sizes. While AI has been around since the 1950s, it's only recently that small businesses have tapped into its potential. Nowadays, AI is relevant across various sectors, with 23% of small businesses already employing it for tasks like marketing and customer engagement, and an additional 39% planning to do the same.
1 in 4 small businesses already using artificial intelligence.
As you venture into AI integration for your business, you'll come across terms like "generative AI" and "traditional AI." Let's delve into what these AI types can achieve and how to decide which one suits your business needs.
Traditional AI Explained:
Traditional AI, also known as Weak AI or Narrow AI, specializes in executing predefined tasks using fixed algorithms and rules. These AI systems excel in singular or limited tasks, such as chess playing, disease diagnosis, or language translation. However, they lack responsiveness and innovation.
Examples of traditional AI include voice assistants like Siri or Alexa, recommendation algorithms on Netflix or Amazon, and Google's search algorithm. While they perform specific tasks admirably, they don't generate new content. Traditional AI's effectiveness depends on the quality of the training data, making it less capable of optimizing your business processes.
How Traditional AI Functions
Traditional AI learns from extensive datasets of labeled data, recognizing patterns to make predictions or generate outcomes. Some instances of traditional AI include:
- Expert Systems: Mimicking human expertise in a particular field, e.g., disease diagnosis or technical troubleshooting.
- Decision Trees: Utilizing predefined rules to make decisions, e.g., loan approval or product recommendations.
- Natural Language Processing (NLP): Understanding and generating human language for search engines, chatbots, and machine translation systems.
Although traditional AI remains prevalent, generative AI is rapidly becoming the preferred choice for business owners across various industries.
Generative AI Unveiled:
Generative AI represents the next stage in AI evolution. Also referred to as Strong AI or Creative AI, it can produce diverse content, including text, video, and images. Notable examples include ChatGPT, Bard, and DALL-E. The critical distinction between traditional and generative AI lies in the latter's ability to create something entirely new.
Generative AI models learn from extensive existing content, identifying patterns based on probability distributions. When given a prompt, they generate outputs that align with these patterns.
AI Power: 10 AI Tools to Boost Your Business
Here are 10 AI tools for small businesses looking to increase productivity and profitability. Use these tools for more efficiency and better results and therefore invest successfully in your business growth.
- Versatile chatbot by OpenAI.
- Assists in writing, email suggestions, SEO analysis, math, HR policies, and more.
- Explore OpenAI's Dall-E 2 for image creation using text commands.
Learn more about ChatGPT.
2. Microsoft Copilot
- Leverages ChatGPT's functionality, soon integrated with Office.
- Analyzes spreadsheets, creates templates, updates presentations, and more.
- Aids in Teams meetings.
Learn more about Microsoft Copilot.
3. Google Bard/Duet
- Bard rivals ChatGPT, Duet to power Google's apps.
- Gmail already utilizes Bard for email assistance and grammar checks.
- Expected release within the next months.
Learn more about Google Bard.
4. Crayon AI
- AI-based image generator similar to Dall-E.
- Creates art, photos, and graphics from text descriptions.
- Ideal for website and promotional content.
Learn more about Crayon AI.
- Generates content from web data.
- Creates stories, articles, and blogs.
- Establishes thought leadership and creates social posts.
Learn more about Heywire.ai.
- Summarizes lengthy videos into key points.
- Ideal for absorbing information efficiently.
- Saves time for multitasking business owners.
Learn more about Eightify.
- AI-driven transcription service.
- Converts audio and video recordings into text.
- Affordable and reliable.
Learn more about Temi.
- Generates professional forms quickly.
- Ideal for job applications, quotations, and requests.
- User-friendly natural language interface.
Learn more about Feathery.
- Prepares job interviewees with AI-guided mock interviews.
- Customizes questions based on job and industry.
- Enhances speaking skills.
Learn more about Interview.ai.
10. Opus Clip
- Breaks down long videos into shorter, shareable clips.
- Suitable for social media and email campaigns.
- Maximizes video content impact.
Learn more about Opus Clip.