The buzz around artificial intelligence has increased in 2024, all thanks to OpenAI’s ChatGPT. Far from being just a social media trend and buzzword for tech founders, we have seen that Boston entrepreneurs and small businesses are adopting AI because of its benefits.
Boston has seen a reported investment of $2.3 billion in several deals, so AI’s growing role in Boston’s business landscape is not unexpected. In this article, we explore all the latest trends in AI for Boston businesses, including the challenges, opportunities, and impact that artificial intelligence offers.
Emerging AI Trends in Boston
The use of AI for businesses in Boston is a growing trend. Local businesses are finding newer, more effective ways to integrate AI into everyday business practices. In fact, only Silicon Valley and New York outrank the Boston area for AI-related funding since 2019.
This investment in AI by tech companies in Boston has led to several emerging trends, applications, and technologies that Boston entrepreneurs and businesses are adopting. In Greater Boston, Gina Anderson, a realtor based in Wellesley, says, “AI is a wonderful resource.”
Her company, MGS Group Real Estate, and hundreds of other real estate businesses use AI to market materials accurately and faster while generating listings. With chatbots, Boston entrepreneurs can offer fast customer service as customers can make inquiries, lodge complaints, and get fast replies in real time.
Additionally, if you’ve been on customer service calls lately, you might notice that some organizations have evolved into using advanced voice-recognition programs to promote self-service.
AI's Impact on Operational Efficiency and Customer Experience
As AI for business is quickly becoming mainstream, you have the option to either get on board or be left behind. Look at some notable ways AI can improve business processes and customer interactions:
Increased Productivity With Applied AI and Machine Learning: Applied AI and machine learning enhance operational efficiency by improving customer interaction while personalizing the customer experience after extrapolating from previous behavior and interactions.
No Time Wasted on Automatable Tasks: With hyper-automation and super applications, Boston entrepreneurs can identify, assess, and automate several business processes, avoid repetitive tasks, and boost efficiency.
Streamlined Financial Experience: The financial framework that AI and blockchain technology provide can offer your business better transparency, security, safe lending options, and a streamlined financial experience without third parties.
Responsible Datafication for Quality Control: Responsible datafication can help your business leverage data to identify new customers and revenue streams and improve your products and services in accordance with data protection regulations like GDPR or CCPA.
Challenges and Opportunities of AI in Boston Businesses
Here are some of the challenging realities entrepreneurs using AI for small businesses face when implementing AI and the potential solutions:
Artificial intelligence doesn't guarantee businesses immediate and direct return on investment, leaving many uncertain.
AI talent and professional experience in AI tech are scarce.
The lack of enough data (or high-quality information) needed to run AI systems and algorithms can be a challenge.
Many businesses and startups don't have the sizable investment needed to set up and implement AI tools.
Finally, complying with strict data privacy regulations can be a huge problem for many businesses using AI due to ignorance or carelessness.
Despite these challenges, these are some of the notable solutions and opportunities that abound for AI for small businesses in Boston:
With AI’s ability to learn and adapt quickly, businesses have the ultimate scaling advantage.
Integrating AI in production and business operations will improve navigation and automation, boosting safety and efficiency.
Artificial intelligence, through the use of 24/7 chatbots, will enhance the total customer experience through automation and personalization.
Machine learning algorithms adapt to customer patterns and suggest products based on their preferences.
When they adhere to data protection regulations, AI can help Boston entrepreneurs make improved data-driven decisions.
AI Adoption Strategy for Boston Businesses
AI’s present level of adoption is promising. Still, its potential means that it could better serve Boston businesses, provided better adoption strategies are put in place. Let’s look at some ways in which Boston businesses can start integrating AI into workflows.
Engage With Boston AI Communities and Networking Groups
Boston as a city offers a great network of groups and communities that focus on AI. But if you don’t seek out Boston entrepreneur networks, you won’t know. EO Boston is one of the active networking groups with communities that facilitate further AI adoption discussion and strategy.
EO Boston’s numerous Boston entrepreneur events promote mentorship, work-life balance, peer learning, networking, and growth. Our recent AI Masterclass event is a prime example of how Boston business people are wasting no time getting to know this technology better. Networks like EO Boston offer invaluable opportunities, feedback, connections, and insights into the AI landscape.
Educate and Equip Employees With Necessary AI Skills
You can also enroll staff in workshops and seminars or solicit the help of AI professionals to guide and train employees.
Seek Assistance From AI Consultancies
AI consultancies are professional firms that help startups integrate AI for efficient workflows. They have expertise in various subfields and can offer customized solutions and knowledge.
Streamline Operations and Reduce Costs
Logistics and repetitive tasks can be optimized with artificial intelligence to streamline operations and reduce costs. As a Boston entrepreneur, you stand to gain financial advantages, scalability, and lowered human resources costs when you follow this strategy.
Join a Network of AI Innovators
The tricky part of scaling and innovating is implementing and adopting your ideas into your business workflow. Take the first step toward changing your business's narrative by teaming up with business peers and Boston entrepreneurs with similar AI-backed goals. EO Boston is a sound Boston entrepreneurs network committed to knowledge and innovation in business. Get started with our EO Accelerator program today!
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