A growing majority of small companies is of the opinion that the use of artificial intelligence (AI) is crucial to remain competitive, according to a new survey conducted by Reimagine Main Street in collaboration with PayPal.
The study, which included nearly 1,000 small companies with an annual income between $ 25,000 and $ 5 million, showed that 82% of the respondents are of the opinion that AI is essential to compete in the current market. In addition, 25% of the respondents have already integrated AI in their daily activities, while more than half are actively investigating their implementation.
“Owners of small companies are already working AI,” said Tammy Halevy, executive director of Reimagine Main Street. “But they need tools that are easy to use, secure and built for how they actually run their business.”
The study categorizes small companies in three segments: ‘active users’ who currently use AI, ‘explorers’ who test or investigate AI, and ‘non-users’ who have no plans to use AI.
Among active users, AI is used for commercial automation, financial prediction, predictive income analysis and aids for customer insight. 77%, for example, see marketing and customer involvement as the best areas where AI would have the biggest impact. Moreover, 84% are open to automating marketing content and support 59% information questions for customer service.
Security and costs remain barriers for many explorers. About 38% mentioned problems with data privacy, 37% of listed resource restrictions, and 34% said they do not yet see a clear use case or return on investment. 74% said, however, that they would take over AI if there were a clearer ROI, and 73% wild tools that are easier to use.
“AI is not just about saving time. It is about transforming fundamentally how small companies are competing,” said Rhett Buttle, president of the Public Private Strategies Institute. “They are looking for strategic benefits that improve decisions and help them to stay first.”
Michelle Gill, general manager of small companies and financial services at PayPal, repeated that sentiment and noted that PayPal is developing AI tools to support small companies in areas such as personalization, fulfillment and discoveryability.
In general, 66% of the owners of small companies surveyed said that AI is crucial to remain competitive, where many of the potential of AI with references to improve the resilience of business during economic decline. Among those who use AI, 63% said it helps them to endure heavy financial circumstances.
Image: PayPal
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