Skilled Labor Shortage Spurs Small Business Owners to Embrace AI
How can AI alleviate your workforce challenges during labor shortages?
Summary of the original article at the bottom of this page.
So Canadians have it tough right now.
On top of a daunted real estate industry (20% of national GDP, 1.3 million jobs).
And an even more crippling interest rates...
Small business owners are now faced with the growing dilemma of a skilled labor shortage.
There are a lot of people in Canada, and it seems even more are on the way.
But there is a particular lack in expertise and high value skills amongst our population.
This is In addition to the constant brain drain that we experience.
Canada has the lowest productivity per capita of any developed nation.
And this makes it very difficult for business owners to find highly skilled professionals to join their workforce.
While we do have many people that are still able to work in low skill environments, this leaves a big gap for middle of the way tasks that are too complicated for most, and to which business owners have very little time to dedicate themselves to.
Some examples below:
Data Analysis and Reporting: Analyzing complex data sets, generating insights, and creating detailed reports often require analytical skills beyond what low-skilled workers possess.
Market Research: Conducting in-depth market research, competitor analysis, and trend forecasting can be time-intensive but crucial for informed decision-making.
Financial Analysis: Performing financial modeling, budgeting, and financial forecasting necessitates expertise in accounting and finance, which may not be within the skillset of low-skilled workers.
Strategic Planning: Developing long-term business strategies, setting goals, and defining growth paths typically involves a deep understanding of the industry and market dynamics.
Digital Marketing Campaigns: Crafting and managing comprehensive digital marketing strategies, including SEO, PPC advertising, and social media marketing, requires specialized skills and constant optimization.
Content Creation: Creating high-quality content for marketing, blog posts, or social media often involves writing, graphic design, and multimedia skills that may not be readily available.
IT Infrastructure Management: Maintaining and securing a company's IT infrastructure, including networks and servers, can be complex and require specialized knowledge.
Customer Relationship Management (CRM): Managing and optimizing CRM systems for effective customer engagement, retention, and data analysis is critical but time-consuming.
Legal and Compliance Tasks: Ensuring compliance with regulations, contracts, and intellectual property rights demands legal expertise that business owners may not have.
Supply Chain Optimization: Efficiently managing the supply chain, including inventory control, logistics, and vendor relationships, can be intricate and time-sensitive.
Human Resources Management: Handling employee recruitment, training, performance evaluations, and compliance with labor laws can be a full-time job on its own.
Quality Control and Assurance: Ensuring the quality and consistency of products or services often requires specialized knowledge and processes.
Business Development: Identifying new growth opportunities, partnerships, and market expansion strategies requires strategic thinking and industry expertise.
Customer Support and Escalation: Handling complex customer inquiries, complaints, and escalations may require experienced professionals to maintain customer satisfaction.
Project Management: Overseeing complex projects, coordinating tasks, and ensuring timely delivery may require dedicated project managers.
Business owners often face a trade-off between handling these tasks themselves or outsourcing them to experts, depending on their available resources and priorities.
Interestingly, most if not all of these tasks can be managed, or even completed by artificial intelligence.
Most specifically are those tasks that require analysis or communication.
That's what I love about artificial intelligence, you can rely on its capability for virtually any question or contemplation that you might have.
I would even go as far as to say that AI is more capable at handling these tasks than humans could ever be.
I consult my AI assistants quite often throughout the day.
Like *A LOT*.
They outthink me on a regular basis - at an absolutely frightening pace.
I love it.
I would say their intellectual capability is superior to mine in every way.
But I suppose that being able to experience this life in the flesh... is what it really is all about.
I have the privilege to ponder the more philosophical relationships of my existence.
As they remain confined to my text messages and laptop monitor.
The difference between AI and ourselves is vast, but closing rapidly, though.
Before we have bots walking the streets to pick up our garbage, and plant trees to clean the air that *we breathe, consider using AI to assist your business in completing some of these tasks.
We may be in a labor shortage.
Some might even say a recession.
But we certainly have the productive means to power through it.
Shoot me a message to start the conversation on AI for your team.
Or message PeakBot - he's way smarter than I am.
Until next time.
Alex, Peak Demand
TEXT +1 (647) 691-0082 to chat with our AI assistant 'PeakBot'.
or
Email to [email protected] chat with our AI assistant 'PeakBot'.
A summary of the article is included below.
Original Article: Microsoft study: Small businesses intrigued by AI and the opportunities it brings
Link to Microsoft Post: https://blogs.windows.com/windowsexperience/2023/06/21/microsoft-study-small-businesses-intrigued-by-ai-and-the-opportunities-it-brings/
Summary: Microsoft conducted an internal study titled the "Small Business State of Mind" report in May 2023, focusing on small businesses and their perceptions of artificial intelligence (AI). Small businesses, which make up 99% of all businesses in the U.S., are facing challenges such as inflation and data security concerns. The study revealed that while small business owners are intrigued by AI and its potential benefits, many still lack knowledge about its practical applications. However, they express a strong interest in learning more about how AI can be applied to their businesses to help them grow and succeed.
Key Takeaways:
Small Business Challenges: Small businesses, especially in the face of economic challenges and data security risks, are struggling to manage their operations effectively. Inflation is a growing concern, with 65% of small business owners citing it as the biggest threat to their businesses.
Overwhelmed Owners: Small business owners often find themselves overwhelmed with day-to-day tasks, leaving little time for innovation and growth. Communicating with customers, managing budgets, and administrative tasks consume a significant portion of their time.
AI's Potential: Small business owners recognize AI's potential to be a game-changer for their businesses. Nearly half believe that AI could be a valuable asset, especially for tasks like analyzing customer data, automating repetitive tasks, and improving advertising campaigns.
AI Knowledge Gap: While there is optimism about AI, many small business owners admit they have limited knowledge about how to use AI for their work-related tasks. Only 10% feel confident in their ability to use AI, while 67% acknowledge knowing little to nothing about AI in general.
Interest in Learning: Despite the knowledge gap, there is a strong desire among small business owners to learn more about AI. Approximately 79% express interest in understanding how AI can be applied to their businesses.
Microsoft's Support: Microsoft aims to support small businesses by providing resources and solutions to help them harness the power of AI. They encourage small business owners to explore free resources and products within Microsoft's offerings to become AI-ready and improve efficiency.
Overall, the study highlights the importance of AI for small businesses in addressing their challenges and fostering growth, but it also underscores the need for education and support to bridge the AI knowledge gap among small business owners
