With tools like ChatGPT, small businesses can compete with large companies. Renowned Harvard Business School professor advises small companies to take advantage of AI and grow their business with technology.
“Machines alone will not replace people, but people with machines will replace people who don’t use machines,” said Harvard Business School professor Karim Lakhani during a recent discussion. The specialist has been studying the impact of technology on business for 30 years and is convinced that AI can be the key to the development of small companies. How should it look?
AI as a way to develop small businesses - ChatGPT will help to break through?
Lakhani was a guest at the CNBC Small Business Playbook event. Already at the beginning of the lecture, he urged entrepreneurs to use the tools of artificial intelligence, even for a trial. Many of them offer free or low cost versions.
The expert highlighted three systems here - ChatGPT + with a monthly subscription of $ 20, free Bing Chat AI from Microsoft and Poe - a combine that gives access to various AI tools (free version or subscription for $ 20 per month). According to the speaker, experimenting with these platforms can bring companies many benefits, from business inspiration through lowering the cost of doing business to entering a new market.
As an example, he cited a group of family-owned businesses in California that are gardening and building fences. These businesses are run by immigrants in the US, and their common business limiting problem is the language barrier. They decided to use ChatGPT as a translator, which allowed them to get new clients.
Similarly, small producers or artisans can enter the international market. Sales offers can be automatically translated by artificial intelligence into various languages. According to Lakhani, in the past it was necessary to use the services of translators, which were often quite expensive.
How can AI help small entrepreneurs?
The professor argued that artificial intelligence can help companies in three fundamental aspects on which the success of any business depends. It is scaling the business, expanding the scope of business and constantly improving the offer as new knowledge is acquired.
AI can help entrepreneurs, for example. reach a new customer base, expand the offer with new types of products, diversify sales or adapt to unexpected conditions that may arise in the market.
Lakhani also emphasized that the capabilities of artificial intelligence should be taken to some extent in favor of inventory. It is true that these instruments can now be subjected to so-called hallucinations, i.e. presenting “facts” that never existed. However, the expert argues that the potential profit is so great that the use of AI is still advisable. Even if AI is a “difficult partner”.
Source: Wprost
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