The Microsoft Copilot app is being displayed on a smartphone, with the Microsoft logo visible in the background, in this photo illustration taken in Brussels, Belgium, on December 30, 2023. (Photo by Jonathan Raa/NurPhoto via Getty Images)
NurPhoto via Getty Images
Here are five things in tech that happened this week and how they affect your small business. Did you miss them?
This Week in Small Business Technology News
Small Business Technology News #1 – Microsoft Copilot study: UK government finds no evidence of productivity gains.
A UK study that examined Microsoft Copilot returned mixed results. Conducted by the Department for Business and Trade between October-December 2024, Copilot was tested in Word, Outlook, Teams, Excel, PowerPoint, and a standalone app. User satisfaction was high with 74 percent of users saying they were satisfied or very satisfied; 80 percent found Copilot to be very useful in daily work. An average of two hours was saved on tasks such as drafting and summarizing research. Despite high satisfaction, the study found no clear productivity gains. Tasks were easier, but extra verification and inefficiencies canceled out time savings. The findings echo broader concerns that AI tools may not yet deliver on their productivity promises. (Source: TechRepublic)
Why this is important for your small business:
This is not only unsurprising, but not a big concern. It makes sense. Whatever time people are spending using AI is offset by them actually verifying what AI did because no one yet trusts AI. And for good reason. But this will change over the next few years and like all major technologies from the airplane to the telephone people and businesses will soon not only trust the results of their AI applications but lean on them more to perform important tasks. That’s when productivity will not only explode, but many jobs will be lost.
Small Business Technology News #2 – OpenAI rolls out ChatGPT Projects to free users.
OpenAI has made its Projects feature available to free users of ChatGPT. Projects act like folders for organizing chats by topic, but they also allow custom instructions for how ChatGPT responds and limits on what files or info it can access. This update also includes an increase on the number of files that can be uploaded – up to 5 for free users; 25 for Plus subscribers; 40 for Pro subscribers. All users can now customize project icons and colors. This move encourages free users to upgrade by giving them a taste of advanced tools – with limits. Projects are now available on the web and Android app, with iOS support coming soon. (Source: Engadget)
Why this is important for your small business:
I use ChatGPT projects regularly with mixed results. Sometimes the interface is confusing. But most of the time it serves as a good place to keep all communications, chats, notes, etc. in one place for a team to share. Now that it’s being made available at no charge for some users I expect to see its usage grow. If your company is using ChatGPT this is a good time for your teams to test out the use of projects and whether or not it’s right for your culture.
Small Business Technology News #3 – AI shakes up the call center industry, but some tasks are still better left to the humans.
Artificial Intelligence tools (chatbots, virtual assistants, etc.) are increasingly being used in call centers. These tools are helping with handling routine inquiries, searching through large databases, and automating standard workflows (e.g. verifying accounts, answering common questions). With AI, questions are answered faster, and agents are freed up from tedious tasks so they can focus on more complex or high-sensitivity issues. The flip side is concern about employee replacement as many have lost work – with some predicting “half of all call center jobs” will disappear in the next decade. Large companies like Bank of America – whose AI assistant “Erica” has been fielding customer calls since 2018 – recognized the necessity of human involvement. Any questions that Erica can’t answer is directly sent to a live agent. This shift will prompt companies to determine how to best combine humans and AI with the goal of optimization. (Source: Associated Press)
Why this is important for your small business:
Again, this is not so hard to predict. Low level questions that don’t need humans will be answered by bots. More complicated queries will need human involvement. Smart customer service platforms will give users the choice of whether they want to talk to a bot or human right off the bat. Good customer service platforms will also use AI to listen in on conversations and provide human agents with data and prompts to quickly answer questions and resolve problems.
Small Business Technology News #4 – Visa finds stored credentials boost small business sales.
Visa has conducted research that shows small businesses (SMBs) lose sales due to payment processing errors and manual data entry – which create friction and drive customers away. The data also showed that 41 percent of SMBs reported payment errors during recent transactions. Customers are twice as likely to face payment issues at SMBs compared to large retailers. Visa senior director Jacob Muff said, “More than one-third of online shoppers manually enter their payment information when purchasing from SMBs. And that does create friction.” (Source: PYMNTS)
Why this is important for your small business:
According to the research the solutions include having stored payment credentials (card-on-file) to reduce friction and encourage repeat purchases. Biometric authentication and Buy Now, Pay Later (BNPL) options also improve checkout experiences. Visa recommends SMBs partner with third-party providers to access advanced payment tools without the heavy technical burden. This levels the playing field with larger competitors.
Small Business Technology News #5 – Agent CRM becomes the first insurance CRM to connect with all enrollment platforms.
Agent CRM has launched Data Bridge, a browser extension that connects its CRM directly to all major Medicare enrollment platforms – a first in the insurance industry. The company says that with just two clicks, agents can transfer client data from Agent CRM into platforms like: Sunfire, Connecture, MyMedicareBot, MedicareCENTER, HealthSherpa, and more. Data Bridge eliminates manual data entry, saving agents hours of repetitive work. (Source: PRWeb)
Why this is important for your small business:
Financial services and their industry are – in my view – on the forefront of AI impact. That’s because, whether it’s a bank or its insurance, there’s compliance and paperwork involved, a perfect environment for this kind of technology.
Each week I round up five small business technology news stories and explain why they’re important for your small business. If you have any interesting stories, please post to my X account @genemarks