On September 19, Horn IT Solutions hosted a webinar on how businesses can leverage AI. The online discussion and talk featured several experts from Durham College’s AI Hub. The session discussed the transformative potential of artificial intelligence for small and medium-sized businesses, offering practical strategies and actionable insights for AI adoption.

What is the AI Hub at Durham College?

Durham College’s AI Hub operates as a technology studio specializing in AI solutions for businesses of all sizes. The Hub provides strategic advisory services, custom AI development, and professional training. Since 2018, the Durham Hub team has collaborated with over 150 companies and has since unlocked more than $5 million in investment.

AI’s Role in Business

Artificial intelligence is no longer a luxury reserved for large corporations. Small and medium-sized businesses can now easily leverage AI to innovate, streamline operations, and enhance customer experiences. 

Core benefits include innovation, efficiency, and personalization:

• Innovation: AI-driven analytics help SMBs predict customer behavior and adapt to market changes.
• Efficiency: Automates repetitive tasks and optimizes resource allocation.
• Personalization: Enhances customer experiences through tailored interactions and proactive service.

Emerging technologies like generative AI, robotics, and open-source tools make AI increasingly accessible to SMBs. The economic impact of AI is projected to contribute $15.7 trillion globally in the coming years

Narrow vs. General Intelligence in AI

Artificial intelligence encompasses a wide range of capabilities, and are generally divided into the following two categories:

• Artificial Narrow Intelligence: Focused on specific tasks, such as voice assistants like Siri or recommendation systems like Netflix. Narrow intelligence is what businesses primarily use today.
• Artificial General Intelligence: A future concept of human-like intelligence capable of performing any task. While Artificial General Intelligence still remains theoretical, Artificial Narrow Intelligence is accessible and practical for businesses.

What are some practical steps businesses can take for AI Adoption?

Adopting AI doesn’t have to be daunting. This is a basic overview on how to think about integrating AI into your business:

1. Assess Operations: Identify any bottlenecks or repetitive tasks that can benefit from AI automation. For example, repetitive customer service inquiries or inventory management are typical areas to target.
2. Start Small: Pilot projects are an excellent way to test AI’s effectiveness without any large upfront investments. For example, you could Implement a chatbot to handle routine customer service inquiries or adopt AI for sales forecasting.
3. Find the Right Partner: Many small businesses lack the in-house expertise to develop and deploy AI solutions. By collaborating with partners like the AI Hub can bridge this gap and provide custom development as well as ongoing support.
4. Invest in Training: Equip your team with the knowledge to work with AI effectively. This might involve workshops, online courses, or tailored training programs.
5. Leverage Available AI Tools: Platforms like Microsoft CoPilot and OpenAI’s ChatGPT are user-friendly and designed for businesses, offering capabilities such as content creation, customer interaction, and data analysis.

Real-World Applications

Vithu Thangarasam, principal investigator at the AI Hub then discussed several case studies implemented by the AI Hub. These case studies showcased how AI can optimize operations, improve customer experiences, and open up entirely new streams of revenue. 

1. Energy Management: REI Power Inc. implemented AI for database optimization and predictive alerts in cooling plants. The result? Reduced energy consumption, lower operational costs, and a smaller carbon footprint.
2. Document Classification: Granville Knowledge Management utilized natural language processing (NLP) to classify merger and acquisition documents into economic sectors. This automated system saved time and improved accuracy in data management.
3. Culinary Recommendations: Oiika Inc. developed a platform to connect home chefs with customers. AI-driven recommendation systems enhanced user experience by suggesting popular dishes and chefs, boosting engagement and customer satisfaction.

These examples highlight how AI can be tailored to specific business needs, driving tangible results across diverse industries.

Ethics and Emerging Trends in AI

As AI becomes more integrated into business operations, ethical considerations are increasingly important. Business needs to be vigilant and must address issues like:

• Data Privacy: Ensuring sensitive information is protected during AI implementation.
• Bias and Transparency: Preventing biased AI models and maintaining clear communication about how AI systems make decisions.

Looking ahead, the rise of AI as a Service offers businesses of all sizes to harness powerful tools without requiring significant infrastructure. Cloud-based platforms like Google Cloud AI and Microsoft Azure AI democratize access, making it easier and more cost-effective to integrate AI.

View the webinar on YouTube

View the entire webinar here: 

Final Thoughts

The webinar discussed how AI is a game-changer for businesses of all sizes. With the right strategy, businesses can harness AI to drive growth, streamline operations, and deliver exceptional customer experiences.  Reach out to the AI Hub for tailored guidance on AI adoption and to explore upcoming training opportunities.

For more information or to connect with the AI Hub, contact Horn IT Solutions or the AI Hub directly.