Many business owners assume artificial intelligence (AI) is only relevant for large corporations, yet modern technology is already helping smaller firms to reduce costs in subtle but powerful ways. In fact, you might already be using AI powered tools without realising it!
Below we outline just a few of the ways that AI is helping businesses to make savings, and potentially provide you with some food for thought if you’re not already taking advantage of AI.
Better supplier pricing
Software can now track pricing trends across your industry, enabling you to quickly identify when you are paying more than the market average.
For example, a commercial printer might run its purchases through a platform such as PriceChecker.ai and discover that it is paying above-average for paper stock.
With this insight, you are in a better position to approach your suppliers and renegotiate terms or, otherwise, to source alternative suppliers without compromising quality.
Smarter staff scheduling
Using historical data and seasonal patterns, planning tools such as Sling, Deputy, and Homebase, as well as staff scheduling functionalities in Xero, Sage and QuickBooks, can support you to anticipate staffing needs more accurately.
A leisure centre, for instance, might notice a significant spike in footfall during school holidays, but have more staff wanting to request annual leave.
Automated scheduling ensures the right number of staff are on shift, avoiding unnecessary overtime costs during quieter periods.
Catching expense fraud
Claim-checking systems, such as Expensify, Zoho Expense and Xero Me, automatically flag unusual patterns in staff expenses – i.e., duplicate mileage, weekend travel or other policy breaches. When identified early, this can ensure your business is not making overpayments.
Trimming software waste
Unused or underused software subscriptions often go unnoticed. Monitoring tools, such as AppVentory, can highlight where licences are not being used, helping you cut unnecessary costs without disrupting the team.
Tighter stock control
Demand forecasting tools like StockTrim, EazyStock and Katana analyse past sales, supplier timelines and seasonal behaviour, helping you to order more accurately, avoid overstocking and reduce cash tied up in excess inventory.
Many of the leading cloud accounting software vendors also provide inventory management tools as part of their offering.
The potential savings to be made by improving stock management may seem small individually, but together they can make a real impact on profitability.
In most cases, making the most of the tools at your disposal, whether by investing in new software or optimising the systems you already use, doesn’t demand large-scale change.
What it does require, however, is an initial review of your current systems and spending alongside your objectives, to understand how AI and automation can be implemented in a way that delivers results.
Looking to invest in AI and automation? Speak to our team about how it can benefit your business.
