BLOG BY MEMBER
Driving Growth through Digital Transformation and AI
Mich Wallis - University of Bath
The School of Management’s current Help to Grow: Management cohort has just completed Module 2, the critical topic of digital transformation with Entrepreneur and Director of MSc in Entrepreneurship, Bruno Oliveira. This session explored where participants stand on their journey, the challenges they face in leveraging technology to innovate, and how tools, particularly AI, can accelerate business growth.
Why does AI Matter for Small Businesses?
Research from over 50 sources highlights that AI is no longer a luxury, it’s a growth enabler. Small businesses using AI report:
-
Efficiency Gains: Automating tasks like invoicing and scheduling frees time for strategic work.
-
Enhanced Customer Service: AI-powered chatbots deliver 24/7 support without extra staffing.
-
Smarter Marketing: Generative AI creates professional content quickly and cost-effectively.
-
Data-Driven Decisions: AI analytics help forecast demand and optimize pricing
“It’s the knowledge and the confidence that is holding us back.” Rosie, cohort 7.
The Challenges
Adoption isn’t without hurdles. Common barriers include:
-
Skills Gaps: Limited in-house expertise slows implementation.
-
Cost Concerns: Upfront investment and integration remain significant.
-
Data Privacy Risks: Ensuring accuracy and security is critical.
-
Cultural Resistance: Fear of job loss and unclear ROI can hinder progress.