One in three South Africans have more than one source of income, according to the UNISA Household Financial Wellness Index. This trend, catalysed by the normalisation of working from home and economic uncertainties, is not just a means for extra income. It is a gateway to what could potentially be full-scale businesses, contributing significantly to job creation and economic growth.

The journey of entrepreneurship, particularly in managing side hustles, is riddled with challenges, however. The tedious and time-consuming tasks of administration, such as invoicing and tax compliance, can be overwhelming. Additionally, balancing a side hustle with a regular job demands exceptional time management skills.

This is where artificial intelligence (AI) now enters the scene as a game-changer. 

AI comes a-callin’

The rapid evolution of AI in entrepreneurship is reshaping business operations and problem-solving across industries. In South Africa, the AI market is expected to reach a staggering R55-billion in 2024, signifying its growing importance and impact on the GDP.

Despite initial apprehension regarding AI replacing human jobs, it is crucial to recognise the immense potential AI holds in enhancing operational efficiency and output quality. Harvard Business Review outlines three key ways AI supports businesses: automating processes, offering data-driven insights, and enhancing customer engagement. These benefits, while tailored for larger enterprises, are equally applicable to side hustles.

AI tools like Otter.ai provide real-time transcription for meetings, ensuring comprehensive capture of discussions and implementation of notes. Invoicing software powered by AI, such as Aavenir, simplifies financial administration by tracking payments across various projects. While ChatGPT, a popular AI tool, should be used cautiously, it is invaluable for drafting templates and sparking creative ideas.

For gig workers, understanding market demands and client preferences is crucial. Tools like Hootsuite offer valuable data analytics for social media managers, enabling informed content and platform strategies.

AI-driven email software and SEO optimization tools (such as iContact, Tableau, and Clearscope) facilitate efficient client communication and enhance online visibility, attracting the right audience for your services.

Incorporating AI tools into your entrepreneurial journey is an opportunity not to be missed. It is a chance to free up valuable time, focus on producing higher-quality work, and achieve the elusive balance between your day job and your side hustle.

Read More: South African university students use AI to help them understand – not to avoid work

So how do you start? Do not let the complexities of managing a side hustle deter you. Begin by researching and identifying AI tools that cater to your specific business needs. This could include software for automating administrative tasks, analysing market trends, or improving customer engagement.

Implement AI solutions to manage time-consuming tasks like scheduling, invoicing, and email management. This will free up more time for you to focus on core business activities. It is critical to use AI-driven analytics tools to gather and interpret market data. This will help you understand industry trends, customer preferences, and competitive dynamics, enabling you to make informed business decisions.

In terms of doing daily business, leverage AI-powered chatbots or CRM (Customer Relationship Management) systems to provide personalised service to your clients. This will improve client satisfaction and loyalty.

When it comes to marketing, use AI tools for marketing automation, such as targeted advertising, content creation, and SEO (Search Engine Optimisation). This will help you reach your audience more effectively and grow your customer base.

And who needs a CFO in a small business? Apply AI for financial forecasting and budgeting. This will aid in better financial planning and resource allocation.

My best advice is to stay updated with the latest AI advancements and continuously adapt these technologies to suit your evolving business needs. This will keep you ahead in the competitive market and ensure that your use of AI adheres to legal and ethical standards, especially regarding data privacy and security.

This guest column was written by Kerushan Govender, founder and CEO of Blacfox. Blacfox is a marketing strategy consultancy focussed primarily on the tech sector serving some of the world’s largest brands like Microsoft, SAP, VMware, and LexisNexis. Kerushan Govender on LinkedIn.

As global developments in AI, like OpenAI’s DALL-E 2 and conversational agents like ChatGPT, continue to shape the future, our continent stands ready not just to adapt but to lead.

And do not think the concept is high-minded or unattainable. It has immediate potential in the device sitting on your desk or in the palm of your hand.

Gadgets, once considered mere tools, have evolved into intelligent companions, thanks to the infusion of AI. Whether it is smartphones adapting to user habits, smart speakers processing voice commands, or fitness trackers analysing health metrics in real-time, AI is at the heart of these advancements, making gadgets more intuitive and user-centric.

The future beckons

The integration of AI into gadgets has unlocked a realm of possibilities. Modern smartphones, equipped with AI, can recognise scenes, adjust settings in real-time, and even enhance images post-capture, all autonomously. Similarly, in the world of wearables, AI-driven algorithms analyse sleep patterns, heart rate variability, and stress levels, providing insights that were once the domain of specialised medical equipment.

But before I get too carried away, and as gadgets become smarter, concerns about privacy, data security, and over-reliance on technology come to the fore. The onus now lies on tech developers and policymakers alike to ensure the dance, remains in harmony with the best interests of humanity.

But it is those interests that can be best served in Africa. A new McKinsey Global survey says global AI adoption is surging, doubling from its commencement in 2017 and the continent is not just a follower in this narrative.

With its exponentially growing youth demographic, burgeoning middle class, and escalating mobile and internet penetration, there is convincing evidence that the continent could soon be a torchbearer in AI innovation and application.

For instance, AI’s imprint on healthcare in Africa is transformative. Companies like Eden Care from Rwanda, which is streamlining health insurance processes, and Zuri Health in Kenya, which extends healthcare access to remote regions, show how Africa is harnessing AI for the greater good.

And AI’s potential does not merely orbit around healthcare. Pioneering startups across the continent are leveraging AI to tailor-make solutions for unique African challenges.

Forecasts suggest that AI expenditure on the continent will jump from $3bn in 2023 to $6.4bn by 2026.

What to do about AI

So, look, there it is. The bandwagon is ready and waiting for you to climb on. But what do you need?

Companies need to partner with local talent, understand grassroots challenges, and develop solutions in collaboration with communities. Building robust data infrastructure will be paramount.

Then recognise that one-size-fits-all solutions will not suffice. Develop AI models that cater to Africa’s unique socio-economic and cultural landscape.

To my earlier point about ethics, develop AI responsibly and ensure that it does not perpetuate biases or inequalities. Address ethical concerns head-on and ensure transparency in AI processes.

So, to corporations, governments, startups, and individuals—this is the pivotal moment. Engage with AI, funnel investments, stimulate innovation, and in unity, craft an AI-led era where Africa does not just adapt but paves the way.

This guest column was written by Kerushan Govender, founder and CEO of Blacfox. Blacfox is a marketing strategy consultancy focussed primarily on the tech sector serving some of the world’s largest brands like Microsoft, SAP, VMware, and LexisNexis. Kerushan Govender on LinkedIn.