Generative AI: The Key to SMB Success in the Digital Age

Take the stress out of running your business.

Generative AI is a powerful tool that can help small and medium-sized businesses (SMBs) to drive performance and improve their relationship with larger enterprises. According to a recent study by Accenture, 97% of global executives believe that AI foundation models will enable connections across data types, dramatically changing the ways in which the tool is used. Meanwhile, 98% believe that AI foundational models will play an important role in their organisations in the next three to five years.

Generative AI is an artificial intelligence system that generates text, images, computer code, and other media from user prompts, usually typed text. While generative AI offers significant opportunities for SMBs, it also introduces new security risks such as AI-enhanced malware and AI-infused phishing and social engineering.

SMBs increasingly rely on support from larger businesses. Unfortunately, Accenture’s engagement with these enterprises and SMBs over the last 5+ years has made it clear there is a relationship mismatch between the two groups. Despite SMBs openly communicating their needs, enterprises have continuously failed to meet them. With the right strategy to address three key SMB challenges, enterprises can enable SMBs to leverage generative AI to drive performance and finally improve the enterprise and SMB relationship.

The three key SMB challenges that need to be addressed are:

1. Increasing Trust: SMBs want a tailored experience and want to work with companies that understand their perspectives and can speak their language. Enterprises fall short in this regard, contributing to diminished trust. Since the same study found that SMBs that trust enterprises spend 5-15% more on products and services, the lack of SMB trust leaves significant revenue on the table.

2. Driving Efficiency: One recent report shows that 16% of SMBs (constituting 5.6 million businesses) are at risk of failure due to low productivity. Generative AI can help SMBs to automate repetitive tasks, reduce errors, and increase productivity.

3. Unlocking Potential: SMBs have unique needs and challenges that require tailored solutions. Generative AI can help SMBs to create personalised content, improve customer experience, and drive innovation.
   

In conclusion, generative AI can be a game-changer for SMBs. By addressing the three key SMB challenges, enterprises can enable SMBs to leverage generative AI to drive performance and improve the enterprise and SMB relationship. However, it is important to keep in mind the new security risks that generative AI introduces and take appropriate measures to mitigate them.