No business can afford to ignore artificial intelligence or cyber security in today's digital world. Innovation expert Steph Stafford says many still underestimate how critical these two hot topics are for their survival and growth.

No longer the preserve of sprawling tech firms with vast resources at their disposal, the ever-growing potential of artificial intelligence can now be leveraged without a big budget or technical team to address everyday business challenges.

It’s worth saying here that AI isn’t a single technology but an umbrella term for a range of tools and techniques that mimic human intelligence. These include machine learning (which allows systems to learn and improve from data), natural language processing (the ability to understand and generate human language), and computer vision (interpreting and analysing visual data).

Some quick examples of how SMEs can benefit from them include using predictive analytics to forecast sales trends, enabling better stock management; AI-driven marketing tools to increase engagement and boost sales; and chatbots can automate customer support, answering queries instantly and accurately. Our own AI chatbot is revolutionising the way we support the business community – streamlining processes, delivering personalised assistance and providing 24/7 availability.

What all these have in common is that they free up time for strategic planning. And who doesn’t need more hours in the day?

AI: Start small, scale strategically

The key lies in understanding where AI can make the most impact, and taking a strategic approach to using it. One of the most significant misconceptions about AI is that it requires an all-encompassing approach, whereas some of the most impactful AI projects start small. Businesses can identify specific pain points – such as repetitive manual tasks, inefficient workflows, or customer service bottlenecks – and explore AI solutions that address those challenges effectively.

By focusing on incremental improvements, you can avoid overextending resources while still achieving meaningful outcomes. AI is not a one-size-fits-all solution. It’s about selecting technologies that address business goals while remaining scalable and cost-effective. By focusing on achievable outcomes, you’ll maximise your return on investment.

While AI offers businesses the tools to improve efficiency and drive growth, it also brings new security considerations. Integrating AI into your operations means safeguarding the sensitive data these systems interact with. Taking a proactive approach to these challenges is key to leveraging AI responsibly.

Data security: a non-negotiable for SMEs

While we receive very many enquiries about AI, data security tends to be less of a priority for many SMEs, one more thing on an already overflowing list of things to do. We’ve all seen the headlines about the rising threat to businesses from ransomware phishing attacks and data breaches, though. And the other day, I came across an article online that included the following quote from former chief executive of the National Cyber Security Centre, Ciaran Martin:

“Criminals have become more sophisticated. They research their targets. They don’t demand a million US dollars in Bitcoin from a small business because they know a small business can’t pay that. Throughout the UK and Ireland, you see the likes of small hairdressing salons being asked for £1,500. Criminals tailor the ransoms.” He went on to talk about ransomware and intellectual property theft, saying that “AI, life sciences, pharmaceutical patents all run the risk of losing precious data.” [1]

And if there was any lingering doubt about the threat being real, the UK Government’s ‘Cyber Security Breaches Survey 2024’ states that 50% of businesses reported having experienced some form of cyber security breach or attack in the previous 12 months. Half of all businesses. Yet, worryingly, the same report found that fewer companies are seeking expert guidance on cyber security [2], which obviously leaves them more vulnerable to evolving threats. 

The bottom line is that overlooking cyber security measures or relegating them to an afterthought can mean your SME is open to financial or (in the case of a data breach) reputational damage. So, what can you do?

Understand the basics of keeping your business safe 

The better news is that taking steps to keep your data secure doesn’t have to be intimidating, overly technical, or very expensive; it’s often the basics that have the biggest impact. Start by ensuring that your team is educated about risks like phishing, where employees receive fraudulent emails that trick them into sharing sensitive information. Strong, unique passwords for each account, regularly updated software, and multi-factor authentication are simple but effective methods of protection.

One of the best defences is creating a cyber security culture in your business. This involves more than just implementing tools; it’s about making sure everyone in your organisation understands and values security. Encourage regular training, and share best practices on spotting suspicious emails or using strong passwords. When every employee is alert and knowledgeable, they become part of your business’s defence network. While this might feel like yet another drain on your time, it could save your business from devastating losses down the road.

AI and data security: Don’t go it alone

Understanding where to begin with AI (which tools and applications can best help you?) and cyber security (what are your biggest vulnerabilities?) is often the biggest headache. Tapping into the knowledge and experience of industry-leading professionals will give you invaluable help in shaping your strategy and prioritising the most critical measures. 

As always, GM Business Growth Hub’s Innovation team is here to provide practical steps to help you overcome the challenges. We’ve teamed up with AI and cyber security specialists from global consulting firm EY for a workshop tailored specifically to the needs of SMEs in Greater Manchester.

These are your opportunities to benefit from internationally recognised expertise for no fee. Bookmark our Innovation Events page and sign up for our monthly newsletter to make sure you don’t miss out.  

Why did we choose EY? First, they’ve got masses of experience with businesses of all shapes and sizes to harness AI and build resilience against cyber threats. Second, they’re experts at pinpointing weaknesses and putting strong solutions in place. And third, they focus on making the biggest impact with the smallest cost.

Spaces for the workshop are limited, so I’d recommend securing your spots as soon as possible at the link below. In a world that’s moving faster than ever, be the business that’s prepared.

Notes:

[1] ‘The cyber attacks which could wipe your business out’, Belfast Telegraph (accessed 12 November 2024)
https://www.belfasttelegraph.co.uk/business/ulsterbusiness/features/the-cyber-attacks-which-could-wipe-your-business-out/a789437759.html 

[2] Cyber Security Breaches Survey 2024, UK Government  https://www.gov.uk/government/statistics/cyber-security-breaches-survey-2024/cyber-security-breaches-survey-2024