The talk of town, “AI” is not future! But its present!
With many businesses using this advance technology in the workplace, AI and its usage is increasing and the same is reflective in the fact that ChatGPT has more than 1 million business users.
Additionally, there are many small businesses which are finding real value in AI implementation.
Survey Reveals AI Adoption Fuels Small Business Growth
As per the results of the nationwide conducted survey amongst small businesses in US, the US Chamber of Commerce revealed that 98% of small firms use at least one technology platform enabled by AI. On the other hand, 40% of businesses are using generative AI (gen AI) tools, nearly double from last year’s 23%.
Jordan Crenshaw, senior vice president of the US Chamber’s Technology Engagement Center said that “AI allows small businesses — who many times do not have the staff or resources of their competitors — to punch above their weight”. He added that “It’s encouraging to see small businesses embrace technology and express optimism for the future as these platforms serve as a catalyst for innovation and resilience.”
Piloted in 2022, the survey aims to uncover the role that the technology plays in helping small businesses stick their necks out in the fierce battles with large businesses. This survey explores the various “types and applications of technology used by small businesses” to delineate which have had the most impact over time.
As per the results “91% of businesses actively using AI say it will help their business grow in the future, and 81% of small businesses plan to increase their use of technology platforms.”
As per the report, the use of technology is linked with growth for small businesses. Many small businesses that deployed technology platforms (such as productivity tools, digital payment, and accounting software) are “more likely to have experienced growth in sales and profits over the past year as well as an increase in their workforce.”
Going a level deeper, the businesses that use multiple tech platforms realize more growth than the small businesses that use lesser tech platforms.
The Key to Growth: Leveraging Technology
The report said that “While we see year-over-year improvement in the share of small businesses that are growing across the three key performance indicators of sales, profits, and employment, for the third year in a row companies that are utilizing a wide range of technologies are more likely to be growing than their non-tech-enabled peers”.
Amanda Reineke, CEO of Notice Ninja, a digital compliance company said that “When implemented thoughtfully, AI can drive major efficiencies, AI won’t replace human work but will augment and lift it”.
