The majority of small businesses use artificial intelligence and discover that it can save time and money.
Many small businesses have started to find new creative ways to save time and money using artificial intelligence.
A 2024 survey revealed that 69% of small businesses use AI, compared to 56% in 2023, according to Goldman Sachs 10,000 small businesses. The Goldman Sachs program helps “owners of small businesses to develop their businesses, create jobs and provide commercial education, financial support and networking opportunities”, according to their website.
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Asahi Pompey is the world leader in business engagement and president of the urban investment group at the Goldman Sachs Foundation. Pompey said the AI offers two main advantages.
“Category 1 saves time for small businesses. You and I know that time is everything for a owner of a small business. And the second category saves them money. Our owners of small businesses are paid last and therefore saving money is essential,” said Pompey.
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Pompey said other examples are IT technological companies that use AI to code their customers, or marketing agencies that use AI to write content for their blogs or websites, and HR small businesses Who use AI to filter applications for positions to save time. Pompey has added the AI can identify double costs, accounting and inventory management.
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Doward said his scanner fed by AI reduces the 20 -minute to two minute inventory marking. (Kennedy Hayes / Fox News / Fox News)
Andy Downard is the CEO of Thriftly; A startup Thrift Store in Denver. Downard said his store opened in early February.
Doward said he had created a scanner fed by AI which can mark the inventory as two minutes, when it was usually taken for 20 minutes.
Some other ways that small businesses use AI include: writing content for blogs or websites and job candidates. (Kennedy Hayes / Fox News / Fox News)
“The possibility of price depending on the brand, location, size, color, like AI, unlocks these doors for us,” said Downard.
Doward said that sorting all donations of pants, highs and shoes can be a challenge.
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“The hours and hours and hours of pricing. What are the shortcuts where we can do it faster, but at the same time, have a machine, a computer with AI, really providing significant help with prices?” Doward said.
A new device powered by AI helps its thrift stores. (Kennedy Hayes / Fox News / Fox News)
Downard said the new AI had propelled scanner He created is capable, in a scan, read the category, the brand and the size of the article. Then, the device can compare what similar items are sold before offering a price for the article. The printer will then print the right price and the right size that the AI device decides. Doward said a question of a few minutes to train employees about how to use the device.
Doward said his team has been using their new AI device for only a few weeks, but that they already have seen inventory gains.
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“A typical thrift store, they produce between 40 and 70 pieces per hour. We think we take this number of more than 100,” said Downard.
The owner of the Thrift Store start-up says that the scanner helps work faster, he is able to pay even his entry-level employees above the minimum wage.