Embracing AI Tech: Pathway to success for New Zealand SMEs

Published 8 August 2024 | 2 min read

Chasing innovation

In the dynamic world of business, it often feels like other companies are perpetually two steps ahead. For small to medium businesses (SMBs) in New Zealand, this constant chase to keep up with the latest technological advancements can be daunting. Failing to innovate is not just a missed opportunity; it poses a significant risk to long-term success.

Customers increasingly demand tech-savvy services, and employees seek workplaces that foster development and utilise modern tools. Without embracing technology, businesses risk falling behind, losing both their competitive edge and their talented workforce.

Falling behind

Top businesses in New Zealand are already harnessing the power of artificial intelligence (AI) and other cutting-edge technologies to drive innovation. These companies are evolving, adopting new software and tech developments to stay ahead.

Here's a few of the AI organisations and their Large Language Models (LLMs) impacting businesses at the moment:

• Open AI (ChatGPT)
• Anthropic (Claude)
• Google DeepMind (Gemini)
• Meta AI (Llama)
• Cohere (Command)

However, many SMBs remain hesitant to adopt AI, largely due to concerns over data privacy and the misuse of open platforms.

While these concerns are valid, a short-term focus on avoiding AI can hinder growth and development. As larger companies forge ahead, smaller businesses that shy away from technological adoption risk widening the competitive gap.

Technological Mastery

So, why is it crucial for business leaders to stay abreast of evolving tech trends?

The answer lies in the potential for innovation and informed decision-making. By encouraging staff to learn about emerging technologies and regularly sharing these insights in meetings, businesses can unlock creative solutions and strategies.

This practice not only fosters a culture of continuous learning and development but also positions the company to make proactive, rather than reactive, decisions. Engaging with new tech can lead to breakthroughs that enhance efficiency, improve services, and ultimately drive long-term success.

Embracing change

While the journey to integrating new technology can be fraught with challenges, the potential benefits far outweigh the risks. Businesses that actively engage with new technologies often experience increased efficiency, better customer satisfaction, and enhanced staff development.

For instance, AI can automate mundane tasks, freeing up employees to focus on more strategic initiatives. It can also provide deeper insights into customer behaviour, enabling more personalised services. These advantages contribute to a more dynamic and competitive business, better equipped to adapt to future changes.

Charting a path forward

To navigate the technological landscape successfully, SMBs should adopt a structured approach. Here are some steps to achieve this:

• Education and training: Invest in regular training sessions for staff to understand and leverage new technologies relevant to their roles. Encourage continuous learning and provide resources for skill development.
• Strategic planning: Develop a technology adoption roadmap. Identify key areas where technology can enhance operations and set clear, achievable goals for implementation.
• Pilot projects: Start with small-scale pilot projects to test new technologies. This allows businesses to experiment and learn without committing extensive resources upfront.
• Collaboration and feedback: Foster a culture of collaboration. Regularly solicit feedback from employees on tech initiatives and encourage them to share their insights and ideas.
• Data security measures: Address data privacy concerns by implementing robust security protocols. Ensure that any AI tools or platforms used comply with local and international data protection regulations.

Viewing technology not as a mere obligation but as a powerful enabler, we can transform challenges into opportunities. Embracing innovation fosters a culture of growth, enhances operational efficiency, and secures a competitive edge in the market. With the right approach, technology can be the catalyst that propels us toward a successful and sustainable future.