Weekly AI and Tech News for Small Business
The Microsoft Copilot app is displayed on a smartphone. (Photo by Jonathan Raa/NurPhoto via Getty Images)
Here are five key developments in technology from this week and what they mean for your small business.
The Copilot Productivity Paradox
A recent UK government study on Microsoft Copilot revealed some interesting contradictions. While user satisfaction was high—with 74% of users feeling satisfied and 80% finding it useful in daily work—the study found no clear evidence of productivity gains. Participants reported saving an average of two hours on tasks like drafting documents and summarizing research. However, the time saved was offset by the need for extra verification and other inefficiencies, highlighting a major hurdle for current AI tools: trust.
Why it matters: This finding isn't surprising. As with any new technology, there's a learning and trust-building curve. The time users spend double-checking AI-generated work currently negates the time saved by the AI itself. However, as these tools become more reliable over the next few years, businesses will lean on them more heavily, leading to significant productivity boosts and a transformation in many job roles. The key takeaway for now is to experiment, but with a healthy dose of human oversight. For more details, you can read the report covered by TechRepublic.
OpenAI Unlocks ChatGPT Projects for Free Users
OpenAI is now making its "Projects" feature available to all free users of ChatGPT. This tool allows users to organize chats into distinct folders, apply custom instructions for each project, and limit which files the AI can access. This update also increases file upload limits across all tiers. By offering a taste of its advanced organizational tools, OpenAI encourages free users to explore more structured uses for the AI and potentially upgrade to a paid plan.
Why it matters: Projects can be a useful way for teams to centralize all communications, notes, and research for a specific task or client. With this feature now available for free, it's a great opportunity for your team to test whether this workflow fits your company culture without any financial commitment. Explore the new features as reported by Engadget.
AI Transforms Call Centers, But Humans Remain Key
Artificial Intelligence is making significant inroads in the call center industry. Chatbots and virtual assistants are now commonly used to handle routine inquiries, search databases, and automate standard workflows, freeing up human agents to focus on more complex and sensitive customer issues. However, this has led to concerns about job displacement. Major companies like Bank of America have found a balance; their AI assistant "Erica" handles what it can and seamlessly passes more complex queries to a live agent. This hybrid model is becoming the new standard.
Why it matters: The future of customer service isn't about replacing humans with AI, but about optimizing the collaboration between them. Smart platforms will use AI to handle low-level questions while providing human agents with real-time data and prompts to resolve complex problems faster. The best customer service experiences will likely offer users the choice of interacting with a human or a bot from the start, as detailed in a report from the Associated Press.
How Stored Payments Can Boost Small Business Sales
Research from Visa highlights a critical issue for small and medium-sized businesses (SMBs): lost sales due to friction in the payment process. According to the data, customers are twice as likely to encounter payment issues at an SMB compared to a large retailer, often due to manual data entry. This friction can lead to abandoned carts and lost revenue.
Why it matters: The solution is to make the checkout process as seamless as possible. Implementing features like stored payment credentials (card-on-file), biometric authentication, and Buy Now, Pay Later (BNPL) options can significantly reduce friction and encourage repeat business. Partnering with third-party payment providers can give your SMB access to these advanced tools, helping you compete more effectively with larger retailers. Learn more about the findings on PYMNTS.
Agent CRM Streamlines Insurance Workflows
In a move set to impact the insurance industry, Agent CRM has launched Data Bridge, a browser extension that connects its CRM directly with all major Medicare enrollment platforms. This tool eliminates the need for manual data entry by allowing agents to transfer client information between systems with just a few clicks, saving significant time and reducing errors.
Why it matters: The financial services and insurance industries are prime candidates for AI-driven automation due to their heavy reliance on compliance and paperwork. This development is a perfect example of how targeted technology can solve a specific, time-consuming problem within an industry. As covered by PRWeb, tools that bridge gaps between essential platforms will become increasingly valuable.
