New HubSpot research finds that small and medium-sized businesses are exploring new and innovative ways to adapt to changing customer needs, and AI could threaten human employment if companies continue on their current path.
According to the research, artificial intelligence has now surpassed traditional hiring practices as the top strategy for business growth.
The figures come from approximately 1,500 business leaders, the majority (70%) of which belong to SMEs and startups.
SMEs are more interested in AI than anything else
This time, most companies wouldn’t have even thought about artificial intelligence 18 months ago, but following the public preview launch of the generative AI chatbot ChatGPT later in 2022, the world has been awash with AI tools all trying to boost the productivity and efficiency of improve employees.
As budgets remain tight and companies are under increasing pressure to achieve certain goals, including ESG goals, artificial intelligence promises to be a lifeline for many SMBs.
Three in five (59%) business leaders now see streaming processes with AI and automation as a top priority in 2024.
However, artificial intelligence is not without its challenges, with more than two-thirds (70%) believing that the introduction of AI will require their business to reinvent itself. A common sentiment reflected in other recent studies, as the importance of a solid data base becomes increasingly apparent as a necessity for effective AI rollout.
This year, more than half (57%) of business leaders believe they will need to move from responding to growth by hiring more employees to shying away from AI and automation.
HubSpot also noted that to get the most out of AI, better collaboration is needed, for example between marketing, sales and customer service teams. The study warns that the inability to implement the right AI tools could leave SMBs behind as others continue on an upward trajectory enabled by the technology.