11/26/2024
In the two years since OpenAI's ChatGPT initiated the generative AI boom, artificial intelligence has rapidly matured and is being adopted by both large and small businesses. A recent survey by Verizon Business and Morning Consult highlights that nearly 40% of small businesses now use AI, more than double the number from a year ago. Various industries, including entertainment, food and beverage, and hospitality, are increasingly integrating AI into operations. These small businesses are leveraging AI for diverse tasks, with almost a third applying it to marketing, social media, data analysis, customer service, and supply chain management. The adaptability of AI means that no one solution is dominant, but businesses across sectors are finding numerous ways to integrate the technology.
Small business owners recognize the potential benefits of AI, with 67% citing time savings, 65% seeing the possibility for new revenue streams, and 57% noting how AI can relieve the pressure of staffing shortages. Despite the growing interest, concerns remain, particularly around integration and cybersecurity, with over 60% of respondents expressing worries in these areas. However, two-thirds of small businesses are actively exploring AI solutions, signaling a broader future adoption. As familiarity with the technology grows, the fear of associated risks, such as cybersecurity threats, is expected to decrease, allowing more businesses to focus on the opportunities AI provides.
Key Points
- 40% of small businesses now use AI, doubling from last year.
- AI is used in various sectors like entertainment, food, and hospitality.
- Key AI applications include marketing, data analysis, and supply chain management.
- 67% of small business owners believe AI saves time; 65% think it can generate new revenue.
- Integration and cybersecurity concerns persist, but exploration of AI is increasing.
