In the second annual “Small Business State of Mind” study by Microsoft, small business owners believe that artificial intelligence could be a major asset in supporting their companies as they grow.
The survey, which polled 1,000 U.S. SMB owners with up to 24 employees, found that 47 percent of respondents believe “investing in AI technology could be a game changer for their business.” Moreover, 88 percent of SMB owners who consider themselves AI experts consider the technology to be “a valuable asset.”
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Like similar reports which have found that apprehension remains an inevitability when it comes to new and emerging technologies, Microsoft’s report shows that 67 percent of people feel they know “little to nothing about AI in general.” Common rationale behind the lack of education includes financial costs and a lack of understanding of AI technology such as where to start and the skill/training to best apply.
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The authors of the “Small Business State of Mind” report also referenced a recent Microsoft study, which discovered that founders who are early adaptors are four times more likely to be confident in their business to progress and achieve their business objectives.
By becoming more knowledgeable about AI technology, SMB owners can fully understand the benefits and apply it to their businesses. Seventy-nine percent of people said they are interested in learning how to apply this technology to their business.
More than half of SMB owners have said that their businesses could benefit from AI solutions “to create more efficient business operations.” Some of the most prominent areas of interest include analyzing customer data and trends and automating tasks such as order tracking and customer service.
More than 71 percent of Generation Z respondents told the company that they see the potential that AI solutions have to offer, citing creating ad campaigns as a key area in which their businesses could benefit.
With the uncertainty around the current economic climate, Microsoft encourages SMBs to explore different technologies and resources to help them grow, cut costs and improve efficiency.
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