Tech Tycoon, Mark Cuban Calls Upon Small Businesses to Learn About AI

AI for small businesses has emerged as a game-changing technology for companies looking to optimize their operations and improve customer experience (CX): systems that can perform complex tasks typically requiring human intelligence, such as speech recognition, decision-making, and content creation. AI, including platforms such as ChatGPT, has become a vital tool for organizations of all kinds due to its ability to automate processes and personalize experiences. AI provides three key benefits to small firms in terms of improving customer service, strengthening marketing and sales, and driving expansion. With the emergence of small business and AI, many tech companies are adopting the trend and keeping them up to date with the latest technology. Mark Cuban, the tech billionaire, has advised businesses of all sizes to learn about artificial intelligence to avoid falling behind.

“I don’t care how big or small you are, you have to learn about AI,” Cuban remarked recently at the Mackinac Policy Conference, according to Fortune. “In the world, there are two types of companies: those who are great at AI and everyone else,” the “Shark Tank” investor and Dallas Mavericks owner continued.

Following the debut of OpenAI’s human-like chatbot, ChatGPT, artificial intelligence has taken the globe by storm in recent months. Investors have increased their stakes in companies that they believe would gain the most from the AI boom, such as Microsoft, Apple, Nvidia, and Oracle.

While elite investors have predicted that AI will boost productivity, others, like Ray Dalio and Elon Musk, have cautioned that failure to govern the technology may result in chaos or calamity. According to Fortune, Cuban, who has previously criticized AI by claiming that it will exacerbate disinformation, has advocated for businesses to adopt the technology to better their daily operations.

“I don’t care if you’re a one-man or woman show, or if you have 1,000, 2,000, or 5,000 employees, you have to understand how artificial intelligence is going to impact your business operations,” Cuban added.

The Impact of AI on Small Business!

• By using the appropriate AI technology, your company may be able to: save time and money by automating and optimizing regular procedures and activities.
• Improve operational efficiencies and productivity.
• Create faster business choices based on cognitive technology outputs.
• Prevent errors and ‘human error’ if AI systems are correctly set up.
• Utilize insight to forecast client preferences and create a more tailored experience.
• Sift through massive amounts of data to produce excellent leads and expand your consumer base.
• Raise income by discovering and capitalizing on sales opportunities.
• Increase knowledge by facilitating analysis and providing wise advice and help.

Working with AI

When implemented correctly, AI may produce a magical ‘whole greater than the sum of the part’s experience in which humans and AI collaborate to achieve tasks faster and with less effort. Using that collaboration enables businesses of all sizes to create new and improved experiences, eliminate manual labor, and give useful information at a hyper-personalized level. Consider the numerous decisions made in your company daily. In many circumstances, AI may assist in making the process easier, quicker, and more informed.

For example, if you’re using Xero to manage paper bills and invoices, AI is silently working for you every time you submit a new document- owing to clever form filling and credit note identification. Even when you’re busy reconciling your bank statements, AI is sifting through your contacts and accounts to find the finest matches.

These tools hunt for patterns and trends in the data streaming via the Xero platform. Even better, every time you point up a mistake by changing a suggested account or correcting the extracted receipt amount you’re providing crucial information to help the AI improve.

Consider a current business difficulty when determining whether AI is suited for your company. If you can figure out the answer to the problem in a few seconds and if five other humans would likely come to the same conclusion then AI is likely to perform a fair job of answering that question or finishing that work for you.

The Future of AI

What applications may artificial intelligence have in the future? It’s difficult to predict how technology will evolve, but most experts believe that “commonsense” jobs will become even easier for computers to complete. As a result, robots will become incredibly useful in daily life.

“AI is starting to make previously unthinkable things possible, such as driverless cars,” stated Russell Glenister, CEO and creator of Curation Zone. “Access to training data and fast GPUs, both of which are key enablers, are required for driverless cars to become a reality.” A massive quantity of reliable data is necessary to train autonomous automobiles, and speed is critical to the training process. Processors were too sluggish five years ago, but the development of GPUs made it all feasible. According to experts, AI has a long way to go before it is ready to enter the mainstream and provide demonstrable benefits on a broad scale.