4 Ways To Use AI and ChatGPT To Make More Money for Your Small Business
AI platforms like ChatGPT can help people create budgets, develop spending plans and make smarter investments — but it’s not just for individuals.
More and more business owners are discovering ways to implement this emerging technology to gain new customers, save time, assist their staff, streamline their operations and make more money.
Large corporations have been harnessing the power of AI for years, but now it’s accessible to small businesses on lean budgets. Here’s how entrepreneurs are squeezing dollars out of artificial intelligence.
AI Can Break Down Language and Cultural Barriers
Petar Dzaja, owner of Car Detailing Planet, concedes that he is “far from being an AI expert,” but as “a passionate user of this technology,” he’s living proof that you don’t have to be a tech wiz to profit from its potential.
“For me, AI has become a boon, eliminating language barriers that once posed a significant challenge,” said Dzaja. “As a non-native English speaker, I’ve leveraged AI technology to communicate effectively and precisely with my global customer base. It assists me in crafting clear, concise articles for my website, and on top of that, it saves me significant amounts of money. Gone are the days of hefty editor fees. Now, AI and Grammarly have become my economical, efficient editorial team.”
Aside from gaining him new customers, the technology has saved him considerable time, which in the business world is equal to money.
“AI enables me to research, write and share my expertise faster, allowing me to focus more on my core business activities,” said Dzaja. “In short, AI is a tool that propels my business forward and helps me keep a firm grip on my financial efficiency.”
AI Can Assist in Developing and Marketing New Products
As a software engineer specializing in machine learning, AI and software design, Martijn van Nieuwenhoven, publisher of Neural Network Press, has seen firsthand how business owners can profit from the technology. Among the areas where he sees the most potential is AI’s knack for product conceptualization, development and marketing.
“AI can offer assistance in brainstorming innovative product ideas, meticulously designing them and even strategizing their market launch,” said van Nieuwenhoven.
It’s not new to the arrival of ChatGPT. As early as 2020, Forbes reported that one in 10 enterprises was using at least 10 AI applications to enhance product development.
But AI can also both save and make money for businesses when it comes time to market those products. “Content creators can harness AI tools to birth scripts, content ideas and even entire blog posts — a goldmine of potential monetization,” said van Nieuwenhoven.
If Your Business Involves Data Analysis, AI Can Do It Faster and Cheaper
Finn Wheatley, lead writer at The Small Business Blog, is a risk manager and investment analyst who built a small consultancy into a seven-figure business that helps corporations expand their data capabilities and embrace machine learning.
“A substantial part of my daily routine revolves around data analysis, wading through an ocean of numbers,” said Wheatley. “The conventional route to process these voluminous data heaps would be an arduous journey of countless hours and a fair share of errors. Enter AI, and it’s akin to having an exceptionally intelligent, lightning-fast associate on the team.
“AI algorithms possess the power to decipher patterns and trends from these data peaks and foresee the next wants of customers. This time-efficient approach clears the path for personalized customer experiences and highly targeted marketing initiatives. It’s a win-win scenario. The company conserves resources and customers feel increasingly valued, which naturally boosts revenues.”
But AI’s capacity to serve goes beyond just crunching numbers.
“I’ve observed businesses transform their workflow by delegating mundane tasks to AI,” said Wheatley. “Consider an e-commerce store, for instance. It can entrust AI with responsibilities like inventory management, sales trend analysis or even customer interaction via chatbots. This shift allows the business to channel its attention toward creativity, innovation and large-scale projects. Over time, the financial savings from this change can be quite remarkable.”
AI Can Enhance Fraud Detection and Risk Management
Finally, businesses can use AI to safeguard their data, secrets, finances and customers’ personal information.
“AI systems can swiftly spot fraudulent tendencies, helping firms avoid financial losses from scams and security breaches,” said Shanal Aggarwal, chief commercial officer for the business technology provider TechAhead.
It can also add a supplementary layer of cybersecurity for businesses of all sizes.
“Think of it as an always-vigilant digital sentinel, identifying potential hazards and vulnerabilities before they escalate into serious issues,” said Wheatley. “I can vouch for how a sprinkle of foresight with AI can avert financial catastrophes in the long run.”
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