How Business Owners Can Use AI To Save Time and Money

Sponsored by BMOHas the moment to leverage artificial intelligence (AI) arrived? AI is not just for large enterprises. A growing number of small to medium-sized businesses are using automation for back-office functions so that they can do what they do best — engage personally with customers.A 2023 U.S. Chamber of Commerce survey reports that nearly a quarter of businesses are using AI in some capacity and have seen an increase in profits, yet 77 percent of respondents said they didn’t know enough about AI and its risks and benefits to begin using it. Wondering what tasks you can surrender to AI versus what you can keep doing the traditional way? Outsourcing the repetitive, simplistic tasks to AI can save you time and money and help redirect your energy toward the relationship-building and expert services your customers value.Useful ways AI can optimize your business operationsAccountingThompson-Reuters surveyed large and small accounting firms and found that while only about 15 percent are using AI now, 51 percent plan to start using it within the next year. AI is suitable for taking over work that includes payroll management, billing, financial forecasting, and tax preparation. And AI is faster and more accurate than humans for...