Artificial intelligence’s (AI) ability to automate tasks, accelerate procedures and analyse vast amounts of data is now well established. Yet despite evidence that businesses and professionals are positive about its potential, many companies have yet to adopt it.
IBM’s latest Global AI Adoption Index found that 42% of enterprise-scale companies surveyed were actively using AI. But a similar number, 40%, said they were still at the exploration or experimentation stages, with skill gaps and data complexity the main roadblocks to progress.
‘Curiosity about AI is turning into real action as businesses look beyond the hype’
It’s not just global companies who are proving hesitant to invest in AI; smaller businesses have been equally reluctant.
Strategic move
Mark Kelly is founder of AI Ireland, a non-profit community offering a range of services designed to enhance AI literacy and support businesses. He believes that the tide is now turning and that modest budgets need no longer be barriers to adoption. He senses ‘a new buzz’ around AI in Ireland, especially among SMEs.
‘Our findings have shown 70% of SME business owners are experimenting with AI tools like ChatGPT and Microsoft Copilot,’ he says. ‘Curiosity about AI is turning into real action as businesses look beyond the hype to see how AI can fit into their daily operations.’
First steps in AI
The following checklist can help you to make the most of AI in your business:
- Identify the areas where AI could be implemented, and then begin testing.
- Carry out an audit of data sources to identify what needs to be edited, organised or integrated so that everything is reliable and accessible for AI applications.
- Trial a small scale, non-client-facing project with clearly defined success criteria, such as an internal newsletter or staff survey.
- Demonstrate AI’s value to staff and stakeholders before wider implementation; everyone needs to be on board.
Today’s tech solutions have evolved, Kelly explains, and are now viable for a wider range of users. ‘In the past, AI was too complex or costly for small-scale operations,’ he says, noting that there are a range of off–the-shelf products that small firms and sole traders can use.
Help at hand
There are several sources of support for SMEs looking to make a start with AI. CeADAR, Ireland’s Centre for Applied AI, which works with businesses on the road to adoption, particularly SMEs, has launched two free-to-use AI tools designed to support the financial services sector incorporate generative AI.
FinTalk provides specialist datasets designed to improve AI’s understanding of financial topics and aid in the development of more informed and contextually aware financial chatbots or assistants. FinanceConnect, meanwhile, is a chat model tailored for finance and economic discussions.
Make AI work for you
There are a range of ways that AI can support business activities, including:
- financial analysis – detecting patterns and anomalies
- predictive analytics – anticipating what customers might buy based on past behaviour and interaction
- personalised marketing – developing marketing campaigns, special offers or product suggestions tailored to customers’ specific interests
- sales forecasting – flagging up potential leads and suggest pricing strategies based on current market demand and competitor analysis
- chatbots/voicebots – dealing with routine customer calls, routing complex queries to human team members
- process automation – automating repetitive tasks such as invoicing or routine client correspondence
- predictive maintenance – monitoring equipment and machinery before breakdowns occur, reducing downtime
- energy control – identifying energy savings and supporting sustainable workplace practices.
There is also support for micro and scaling SMEs from the ICS Technology Gateway, which is co-funded by government and the EU. Practical input includes software design for applications, and expertise is offered throughout the entire lifecycle of development processes. The service can also advise on small business grants.
Game changer
‘AI tools can level the playing field, offering solutions that automate administrative tasks, optimise resource allocation, and enhance customer engagement,’ Kelly says. ‘With the advent of software-as-a-service platforms AI has become more accessible, requiring less investment in infrastructure and expertise. Adoption is not only feasible but also highly beneficial for small entities looking to innovate and grow.’
‘For accountants big and small, AI is nothing short of a revolution’
Turning to accountancy practices in particular, Kelly is equally upbeat. ‘For accountants big and small, AI is nothing short of a revolution,’ he says. ‘It’s automating the nitty-gritty of bookkeeping and financial analysis, making operations smoother and more precise.’
Ultimately, Kelly believes, ‘AI’s knack for predicting financial trends is a game changer for proactive planning. For the accounting world, and Irish businesses in general, stepping into AI is not just smart; it’s a strategic move for growth in a digital-first world.’
More information
Read AB’s special edition on AI and ACCA’s quick guide to AI
Visit ACCA’s AI hub
Look at the government’s AI standards and roadmap
