GOBankingRates | Mark Cuban’s AI Advice: How Small Businesses Can Use It to Beat The Competition
By J. Arky
Business entrepreneur Mark Cuban recently addressed an SXSW conference in Austin, Texas, telling the crowd that when it comes to any industry, AI is merely a tool of the trade, not the overall magical solution, according to TechCrunch.
That includes small businesses, which usually struggle to get their footing in the early years, though with Cuban’s advice, might be able to harness AI to beat their competitors.
GOBankingRates reached out to business experts to see if they agreed with Cuban’s advice and found out how small businesses can use AI to edge out their competitors.
Expanding Resources
“AI can be a valuable tool for small businesses, particularly those with limited resources,” explained CEO of Abrigo, Jay Blandford. “In addition to serving small businesses, many community banks and credit unions are small businesses themselves.”
Blandford pointed to survey data from Abrigo, which revealed that among banks and credit unions with fewer than 500 employees, 19% are excited about AI, while 76% are either excited or open but cautious.
“This suggests that most of these small businesses are receptive to using AI,” Blandford concluded.
Streamlining Processes
In the opinion of Alexandre Fossier, an affiliate specialist and investor at iGamingNuts, one of the biggest advantages AI brings is streamlining financial operations such as automated bookkeeping, expenses tracking, and forecasting revenue trends, cutting down on cost and errors in the process.
“I agree with Mark Cuban: AI is a tool, not the answer!” Fossier commented. “It won’t do the work for you, but if you use it properly, it can streamline many aspects. The companies that embrace AI to streamline operations, manage money better, and reach customers in smarter ways are the ones that will stay ahead.”
Time Management
One of the most, if not the most, valuable resource that any small business owner has is time. How can you get ahead with your brand or business with a limited staff or doing it solo? AI might be the key element to solving that problem.
“Automated customer service tools like chatbots can handle questions instantly, freeing up time for actual human interactions where they matter,” Fossier explained. “AI-driven inventory management can help businesses avoid overstocking or running out of products at the worst possible time. These small wins add up fast, especially in industries where margins are tight and competition is fierce.”
Business Of The Future
While some small businesses might be using tactics of the past to keep up the present, AI can help progressive small business owners see the road ahead, predicting bumps along the way, as well as growth opportunities that their competition cannot see.
“These tools allow small businesses to be nimble while keeping costs low and gain access to ongoing financial intelligence without having to invest significant time, freeing up owners to work on their business,” described Abhishek Bhasin, head of product at Uplinq.
To leverage AI effectively, Bhasin noted that “…the underlying data (sales, customers, inventory etc.) needs to be managed effectively. Small business owners must also ensure they have a clear understanding of the problem and an end goal before they look to deploy AI solutions.”
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To see the full article, visit GOBankingRates, “Mark Cuban’s AI Advice: How Small Businesses Can Use It to Beat The Competition.”
