Generative artificial intelligence (AI) is revolutionizing the way businesses interact with technology and create content. It is believed by business leaders to have the most impact on their operations in the next three years. However, for small and medium-sized businesses (SMBs) with limited resources, it is crucial to carefully consider the benefits and implications of implementing generative AI before diving in headfirst. Ben Schreiner, SMB head of business innovation at AWS, stresses the importance of conducting a thorough ROI analysis and having a well-defined business case before investing in generative AI.
Generative AI creates content based on user prompts, such as conversations, articles, videos, images, and audio. It is built on foundation models trained on large amounts of data, with different models serving various purposes. SMBs can benefit from generative AI in terms of efficiency, with popular use cases including research, content creation, and customer support. This technology has unique applications across industries, such as fraud detection in financial institutions, simulation of clinical trials in healthcare, part design in manufacturing, and language translation in media and entertainment.
When considering implementing generative AI, SMBs should work backwards from a meaningful business challenge and conduct a thorough ROI assessment to ensure the potential returns justify the investment. It is important to choose the right model type and size, as well as securely storing company data in the cloud for customization. Responsible use of AI is crucial, with considerations such as explainability, fairness, governance, privacy, security, and transparency. SMBs should stay up to date with evolving legal parameters and avoid sharing content that could infringe on copyright or IP laws.
While generative AI offers significant benefits, most SMBs are not currently using this technology. It is essential for SMB owners and decision-makers to carefully evaluate their readiness and understanding of generative AI before rushing into implementation. By working backwards from a meaningful business challenge, conducting a thorough ROI assessment, ensuring data readiness, and establishing clear policies for responsible AI usage, SMBs can successfully integrate generative AI into their operations. This technology has the potential to reshape what is possible for SMBs and should be approached with careful consideration and planning.
