The AI Era: Why SMEs are Falling Behind

Last updated 31st July 2024

While AI is undoubtedly captivating and holds promise for many, a substantial portion of businesses, particularly SMEs, show reluctance toward its adoption. Although it is wise to conduct thorough research when considering emerging technologies, businesses that procrastinate for too long risk falling behind and losing their competitive edge.

Why SMEs are reluctant to adopt AI:

Lack of understanding: Many business owners do not fully understand AI, its benefits and how it could be used effectively in their business. They also have concerns about the complexity of AI and worry that their employees are not properly trained to use it.
Out-of-date technology: A number of technical requirements are essential for running AI tools. These typically include strengthening your security measures and running on up-to-date operating systems. According to Statcounter, only 25% of Windows users are operating on Windows 11 which is a requirement for running Microsoft 365 Copilot – highlighting that most businesses are not currently ready for the AI era.
Cost concerns: Implementing AI systems can be expensive, both in terms of acquiring the technology and training employees. SMEs, in particular, may have limited budgets for such investments.
Data security: Handling large amounts of data is a crucial aspect of AI, and this raises concerns about data privacy and security breaches.
Fear of job displacement: There’s a fear that AI could replace human jobs, particularly in repetitive and routine tasks. This can lead to resistance from employees and management.

The benefits of AI for SMEs:

AI can empower SMEs by enhancing efficiency, reducing costs, improving customer experiences, and providing valuable insights. As AI technology continues to advance, its benefits for SMEs are likely to grow even further, making it a valuable investment for business growth and sustainability.

Improved efficiency: AI automates repetitive and time-consuming tasks, allowing SMEs to allocate their resources more efficiently. This can include data entry, customer support, and data analysis.

Cost reduction: By automating tasks, AI can reduce costs and the potential for human error. This can lead to significant cost savings for SMEs.

Enhanced customer service: AI-powered chatbots and virtual assistants can provide 24/7 customer support, improving customer satisfaction and loyalty.

Data analysis: AI can analyse large datasets quickly, providing valuable insights for decision-making. SMEs can better understand customer preferences, market trends, and operational inefficiencies.

Competitive advantage: SMEs that adopt AI early gain a competitive edge. They can offer innovative products and services, respond to market changes swiftly, and stay ahead of competitors.

Faster decision-making: AI algorithms process information rapidly, aiding in quicker decision-making. This agility is crucial in today’s fast-paced business environment.

Employee productivity: AI can assist employees by automating routine tasks, allowing them to focus on more strategic and creative aspects of their roles. By automating routine tasks, AI holds the potential to enhance employee job satisfaction, thereby aiding in the attraction and retention of top talent.

Introducing Copilot for Microsoft 365

Businesses worldwide depend on Microsoft and have confidence in their product offerings. Consequently, the introduction of Copilot for Microsoft 365 is expected to pique the interest of and encourage adoption within the SME community. Copilot for Microsoft 365 is built using Microsoft’s comprehensive approach: Security + Compliance + Privacy + Responsible AI.

Described as the most powerful productivity tool on the planet, Copilot integrates seamlessly within the Microsoft 365 suite of services. Its core mission is to assist users in trimming down the hours spent on monotonous, repetitive tasks, ultimately liberating valuable time for fostering creativity, boosting productivity, and elevating skills.

What are the technical requirements for Copilot for Microsoft 365?

In order to utilise Copilot for Microsoft 365, businesses must ensure that they meet specific technical criteria and that certain features within their IT environment are enabled. This includes having the appropriate licenses and permissions in place so that Copilot for Microsoft 365 only generates responses based on information that users have been granted explicit permission to access.

Download our recent webinar where we delve deeper into the specific technical requirements your business must meet in order to leverage the capabilities of Copilot for Microsoft 365.

When is Copilot for Microsoft 365 being released?

As of 16th January 2024, Copilot for Microsoft 365 has been available as an add-on to Microsoft 365 customers. A qualifying Microsoft 365 subscription is required to purchase Copilot which is priced at $30.00 (£23.00) user/month with an annual subscription.

How can I check if my business is ready for Microsoft 365 Copilot?

Enabling Copilot without conducting a preliminary readiness assessment could result in Copilot for Microsoft 365 not working properly. This could inadvertently grant users unexpected access to sensitive data within Copilot, resulting in security and privacy issues.

Our Copilot for Microsoft 365 Readiness Assessment is an evaluation of your organisation’s readiness to adopt Microsoft’s new AI solution for 365, Copilot for Microsoft 365. This will enable you to take full advantage of Copilot’s capabilities. If you require further information, please speak to us or contact your Air IT Account Manager.

[button text=”Request your Readiness Assessment” URL=”https://info.air-it.co.uk/microsoft-365-copilot-assessment” Type=”primary” Size=””]