It's Your Business: Some of the ways Artificial Intelligence can help Hoosier businesses

Steve Bryant
2 min read
0

Artificial Intelligence (AI) is a popular topic these days. I’ve been watching the news and reading several articles about it and it’s a scary topic. It is also an exciting one because it is difficult to understand what it is all about and how it impacts our daily lives.

Steve Bryant
Steve Bryant

I decided to open a Chat GPT account and try it out for this article. After creating a login/password, I asked what AI can do for entrepreneurs and it is amazing what it generated in terms of information. The program stated that AI is rapidly changing the way businesses operate and entrepreneurs can benefit greatly from incorporating AI into their business from multiple angles. Automation of repetitive processes is a clear area where the technology can have a big impact due to the power of the tools and software available today. Data entry, invoicing, customer service and social media management can all be improved by AI.

More It's Your Business: Private, public and nonprofit collaboration needed for economic vitality

AI-powered chatbots can help with customer inquiries and support. AI can also analyze customer data from supply chain and inventory management to identify areas where businesses can reduce waste, minimize costs and improve delivery times. It can inform marketing and sales strategies. It can help entrepreneurs identify new business ideas and opportunities. It can generate data about trends impacting new products and services, helping predict customer demand for goods and services. AI can help analyze financial data to improve cost savings and help entrepreneurs better manage their finances and make informed decisions about investments and expansions.

AI is a confusing technology, but it can be a new tool to help small businesses better compete in the global economy, it can also improve efficiencies, making your business thrive and improving customer engagement. We will be paying attention to AI, how it can help Hoosier businesses and asking Chat GPT more questions on many topics. If you’re interested in trying it out, you can access the website at https://openai.com/blog/chatgpt.

If you have a new business idea and would like to explore it further, we have a three-course Certificate in Entrepreneurship at Ivy Tech with classes starting this fall. Visit the Bloomington campus to learn more or connect with Sueann Graham, Entrepreneurship Program Chair, at sgraham116@ivytech.edu. Ivy Tech also has free summer classes for high school students who want to explore potential future careers, including business, entrepreneurship, and more. For details, visit ivytech.edu/freesummer.

Steve Bryant is executive director of the Gayle and Bill Cook Center for Entrepreneurship at Ivy Tech Community College-Bloomington and regional director of the South Central Small Business Development Center.

This article originally appeared on The Herald-Times: Column: AI-powered tech will change how Hoosiers do small business

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