Some of these factors are economic and geopolitical, but some are much more manageable - often relating to the technological. Almost all firms are now heavily digitally dependent. Even a very traditional business such as a hairdresser may have digital marketing, an online presence, and online/mobile booking functionality as part of its toolkit. Others use SaaS platforms for everything from purchasing to payroll. It’s these kinds of firms that are driving change across whole sectors, with less mature SMEs needing to match their competitors, suppliers and users' digital maturity to share in the benefits.

The most recent DocuSign Digital Maturity Report, found that nearly half (43%) of businesses consider themselves ‘digital-first’. That said, less than a third (31%) expected investment in digital modernisation and transformation initiatives to rise in the coming year. That might not be so bad if firms had completed their digital transformations, but the same data showed that workers claimed they wasted 12 hours each week on low-value, repetitive tasks. It seems clear that many firms have a way to go before fully digitally maturing. Now, with AI rapidly disrupting business services, it’s the right time to raise that maturity.

Navigating through an AI future

AI is the next digital iteration and will help SMEs navigate adversities such as financial volatility and the increased risks from fraud, deepfakes, and hacks - also part-driven by AI, unfortunately. AI acts as both the poacher and the gamekeeper, contributing to some problems, but also solving both these and others. Those that implement it will beat the pack, better able to continue to deploy their unique skills, creativity, and personalisation with various admin and logistics tasks done better and quicker by technology. Those that don’t get on board will be overtaken.

Here are a few areas where AI will make the biggest impact for small businesses.

Timesaving. Any digital solutions should save time compared to manual processes, but where automation and AI really boost a small business’ effectiveness will be in guiding, empowering, and even creating, so that the people make better use of their time, energy, and brainpower.

Security and safety. Both for cybersecurity and for keeping to other regulations - from data privacy to workplace safety in the physical world, where AI could conceivably scan rooms via cameras to flag concerns.

Customer and employee experience. Admin, logistics, and toil can be removed. These are not the parts of the job that most people enjoy, and they aren’t the best use of the education, empathy, and creativity many roles utilise in creating value. Developing better experiences for employees pays off in retention, efficiency and productivity. The importance of a great customer experience, of course, cannot be overstated.

So, whether deployed to gain an edge or simply not to fall behind, AI tools are likely to have an outsized impact on SMEs. With AI empowering them, small business teams can make the most of their time, build relationships, and make bigger deals with fewer distractions.

Making use of AI right now

Automate: Many small businesses receive their orders weekly. If customers or suppliers are wasting time with paper forms, they’re wasting your time and money. Printing, posting, and waiting for a handwritten signature is archaic. Work around absent staff and get to completion quicker with rules that automatically push agreements onwards.

eSignatures: Our user data shows that when they go digital, 82% of agreements are completed in one day, with the average signing time reduced by over 80% compared to paper signing. That means money into the bank quicker, and less uncertainty.

Faster payments and accounts: Small businesses can be made to wait at least thirty days for payment, if not far, far longer - and that’s if they aren’t obliged to chase it up. Automating processes can move requests and payments into the right places with greater security and compliance than humans can always bring to bear.

Integration: Chaining the workflows between your business solutions stops silos and breakdowns, speeding all manner of admin to quicker resolutions. For example, the eSignature solution can talk to accounting and CRM platforms, going from prospecting to a customer purchase quicker, with less manual labour for sales and accounting.

Trust your customers: One of the downsides to AI will be the fraud and cybercrime it supercharges. But already there are AI-powered solutions that help to verify customer, supplier, or user identities are real. Use online identity verification tools that protect agreements and customer experience by managing identification seamlessly. No deepfakes allowed that could steal money and time away.

All in all, digital maturity, and the AI wave, creates greater resilience and productivity - ultimately saving time, pain, and money across all sorts of business risks.

Avoiding the AI downsides

As mentioned, AI also comes with risks - chiefly coming from the outside in, as generative AI tools are soon to supercharge ransomware-as-a-service. Life online will become even more risky once all kinds of criminals can unleash new waves of very authentic-looking spam and phishing messages - voice, video, and email.

Step one is to be digitally mature, with up-to-date tools supporting well-trained staff in their roles. Step two is to incorporate AI best practices, led by respected sources, like the UK Government’s new draft guidance - although SMEs may appreciate simpler expert sources designed for immediate business implementation. Step three is to use those AI tools with responsibility and care, so that the business’ own data is securely looked after.

Wrap it all up as your 2024 gift

A set of resilient digital tools and services allows small businesses to be bigger than their headcount. Where SMEs can offer improved customer experiences and engagement they will experience lessened customer churn and greater profits. Digitisation is the first step to broadening services, personalising customer offerings, and generally becoming the most efficient and productive version of the organisation.

One thing is for sure, following the pandemic, supply chain disruption, mass resignations, and global instability - reliance for SMEs is an essential part of their make-up. Digital resilience is the way SMEs will continue to grow.