The UK has a rich history of technological research and advancement. Beginning with Alan Turning’s first leaps in the world of computer learning, the UK has always been somewhere that leads at the forefront of new and emerging technologies and AI should be no different.

However, this isn’t just an are for the conglomerates and large-scale concerns. Small businesses have an important role to play in the rapidly growing field of Artificial Intelligence. Here, we’ll examine how smaller businesses can play a leading role in a field that is only set to grow and grow.

Barriers

As AI and its related applications have expanded beyond all measure, so too has the computing power, data needs, and costs associated with pushing the discipline ahead.

A recent report from Digital Catapult talked to just over ten percent of UK start-ups involved in AI and machine learning, and found that more than half of them need more computational power in order to grow. However, many smaller firms are struggling to access this need because of prohibitive costs. This means that the talent and ideas are there, but the investment for many firms is lagging behind. 

The need for talent is also an ongoing concern for many SMEs. With the rise in AI has come the need for employees with the right skills. Big and small firms are left to fight over talent originating from a limited pool, with bigger companies able to offer more in terms of renumeration and investment in work environments.

Solutions

While this might all sound insurmountable, there are plenty of options for the smaller enterprise when it comes to embracing and pushing forward the AI sector.

Smaller firms need access to powerful computational tools and resources, and big names are starting to take notice. Digital Catapult has teamed up with companies like Nvidia, SpiNNaker and Google Cloud to offer smaller businesses the insight and hardware needed to push their AI processes forward. Offering both a space for experimentation, learning and the actual tools of greater computational power, the plan is to give smaller companies with big ideas a space to learn and flourish. 

The government is also taking a keen interest in the field. They recently announced  a £300 million fund for investment into businesses in the AI sector. Looking to exploit the UK’s knowledge and reputation for technology development, the government clearly thinks the UK can become a world leader in the field. 

Whilst there are barriers to small businesses in AI development and deployment, there are also huge opportunities. Tech giants and the government see the potential and it is only a matter of time before barriers come down under the weight of the benefits. 

The world is a big place and there are innumerable businesses all looking to find and secure their markets. When corporations have huge sums to invest in technology and outreach to customers, it can feel like there’s no place for the smaller organisation.

But this doesn’t have to be the case. There are many ways that small and medium-sized businesses can compete on the biggest stage – if they embrace and use technology to its fullest extent.

We’ll look at some ways your SME can harness these possibilities and cultivate a global outlook.

Mobile is Key

It’s obvious to all that mobile is now the pre-eminent platform for most tasks in life. This is especially true when it comes to the modern consumer’s shopping habits. Yet, many smaller businesses don’t plan and implement any kind of mobile strategy.

This means, at the very least, ensuring all business sites are mobile-optimised. If a potential customer must wait for a slow site to load, they will simply go elsewhere. On a deeper level, there is nothing stopping smaller firms from embracing the use of apps. A well-designed app for researching and buying products is not the exclusive preserve of big business. Integration of Augmented Reality, for example, can place products in a user’s home before they buy.

Digital Advertising

It’s no longer enough to sprinkle a few keywords and product names on a site and expect it to appear anywhere near the top of a search engine ranking. Targeted solutions like Schema – a way for search engines to more accurately find search results for users – are the future. Understanding and using these new methodologies is the forefront of SEO along with practises such as local search optimisation, mobile and voice search.

Smarter Working

The old model of doing business is firmly out of style. Today, there are ways to streamline almost any task and redirect efforts to more pressing areas. Workers do not need to be in the office to contribute fully. Additionally, smaller businesses are in the enviable position of being able to make quick, strategic changes to everything from how they handle pay roll to marketing. The tools are there to streamline, hand off and prioritise tasks which, in turn, enables businesses to turn their attention to the areas that need focus.

Social Media

One of the best things about social media is that it represents a potential audience of billions for a business. And what’s more, a fresh and authentic approach can pay real dividends when it comes to engaging new or existing customers. Aside from traditional advertising on social media platforms like Facebook, venues like Instagram and Twitter can build a real connection between customers and businesses. It all depends on the time you invest and how much you care. If you take the time to cultivate a quality presence, the rewards are there. 

The collapse of Carillion, a major British multinational facilities management and construction services company, has highlighted some major downfalls within the UK construction industry and has even led to a report being published by Constructing Excellence, revealing that 43% of construction firms prioritise immediate financial goals over organisational resilience.

So, what else have these reports revealed about the financial situation of construction firms and what steps can be taken to improve it in terms of building better financial models?

The findings

The reports revealed that senior business managers and executives within the construction industry highlighted a number of financial issues as being detrimental to their business goals, including inadequate budgets, insufficient senior management focus on resilience and a lack of skills or knowledge related to ensuring business continuity could be achieved.

At present, the construction industry is a major player within the UK economy, contributing £138bn in value added to the UK economy and employing 3.1 million people, which equates to 9% of the total UK workforce.

With the uncertainty of the UK economy still a present issue, what can leaders within the construction industry do to remain on top?

Embrace the benefits of new technology

Providing staff with new technology will ensure that the industry remains dynamic and will also help with boosting productivity and efficiency. For example, 3D BIM modelling can help with project planning and also material acquisition.

Listen to your staff’s needs when it comes to training

If you want to improve your company’s credentials, it’s important that you listen to the people that are working for you and adjust your training accordingly.

Manage your client’s expectations 

With large construction projects, it’s inevitable that there are going to be setbacks and areas of tasks that don’t go exactly according to plan. Because of this, it’s important that you set realistic timeframes and expectations with stakeholders before going ahead with a project.

Planning is everything

It might sound fairly obvious and rudimentary, but effective planning is crucial to businesses that are operating within the construction industry. A good place to start with planning improvements would be to look retrospectively at other projects that you have completed and consider what could have gone better in terms of planning. 

When it comes to boosting growth and productivity, technology is a vital tool that SMEs need to make the most of.

While the benefits of technology for businesses are obvious, many SMEs are slightly slower on the uptake of new developments in tech, perhaps because they lack some of the confidence and funding that larger corporations have at their disposal.

If you’re an SME owner, read on to find out how embracing different types of technology can help your business flourish.

Boosting collaboration and creativity

As a small company, idea sharing and working in a communal way is one the best things that you can do in terms of coming up with new and dynamic ideas for your business. Luckily, there are a number of software tools you can use that make this a lot easier.

Programs such as Basecamp and Zoho allow you to discuss and share tasks amongst your employees in one place, meaning that you can upload work or ideas and everyone can get stuck into them at once. These types of software tools also make project management much easier as you can assign and delegate work, create to dos and tick of tasks once they have been completed.

Improving your digital marketing

Ensuring that your digital marketing campaigns are up- to scratch and pertinent to your audience is vitally important as an SME. They will ensure that consumers continue to engage with you because they are excited by the content that you are putting out there for them to enjoy.

A survey by Animoto revealed that 64% of consumers said that watching a marketing video on Facebook influenced their purchasing decisions, so why not consider using technology to create your own video content that can be used to promote your brand or a new product and service that you are offering?

If you don’t have any experience doing this, don’t worry. You could always just start small and use free video editing apps on your phone to play around with effects are visuals. Once you find your feet you can move on to using more advanced software tools, such as Adobe Premiere. 

Helping with bookkeeping and accounting

It may seem like a dull part of what is involved in running a small business, but how can you expect to grow if you don’t have your finances in order?

Make use of software tools such as QuickBooks and Freshbooks, which will ensure that your accounts are in order and helps with invoicing and payroll.