Many small companies have started to find new and creative ways to save time and money using artificial intelligence.
A survey from 2024 found 69% of small businesses are using AI, up from 56% in 2023, according to Goldman Sachs 10,000 Small Businesses. The Goldman Sachs program helps “small business owners grow their businesses, create jobs and offers business education, financial support, and networking opportunities,” according to their website.
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Asahi Pompey is the Global Head of Corporate Engagement and Chair of the Urban Investment Group at the Urban Investment Group at Goldman Sachs. Pompey said AI offers two main benefits.
“Category 1 is saving small business owners time. You and I know that time is everything to a small business owner. And the second category is saving them money. Our small business owners pay themselves last and so saving money is critical,” Pompey said.
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Pompey said more examples are IT technology companies that use AI to code for their customers, or marketing agencies that use AI to write content for their blogs or websites, and HR small businesses who use AI to screen applications for positions to save time. Pompey added AI can identify duplicate charges, bookkeeping and inventory management.
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Andy Downard is the CEO of Thriftly, a thrift store startup in Denver. He said his store opened at the beginning of February.
Downard said he created an AI-powered scanner that can tag inventory in as little as two minutes, whereas it would usually take 20 minutes.
“The ability to price based on brand, location, size, color, like AI unlocks those doors for us,” he said.
Downard said sorting through all the donations of pants, tops and shoes can be a challenge.
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“Hours and hours and hours worth of pricing. What are the shortcuts where we can do it faster, but at the same time have a machine, a computer with AI behind it, really providing meaningful assistance with the pricing?” he said.
Downard said the new AI-powered scanner technology he created is able to, in one scan, read the item’s category, brand and size. Then, the device can compare what similar items are selling for before coming up with a price for the item. The printer will then print out the right price and size that the AI device decides. Downard said it takes a matter of minutes to train employees on how to use the device.
Downard said his team has been using his new AI device for only a few weeks, but they’re already seeing inventory payoffs.
“A typical thrift store, they are producing between 40 and 70 pieces per hour. We think we take that number over 100,” Downard said.
The thrift store start-up owner says since the scanner helps work move along faster, he is able to pay even his entry-level employees above minimum wage.
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