SMEs are convinced that AI will give them an edge when it comes to success
Small business owners are increasingly turning to artificial intelligence to gain a competitive advantage in the marketplace, new research shows.
A GoDaddy survey of more than 500 U.S. entrepreneurs found growing confidence in the power of generative AI tools to drive business success.
The findings indicate a positive shift in attitudes towards AI among small and medium-sized businesses. Three in four believe GenAI will give them an edge over similarly sized competitors. More than two-thirds (68%) also think AI will allow them to better compete with larger companies.
GenAI helps SMEs
Nearly three-quarters (73%) say they have already experimented with the technology, and more than a quarter (26%) are already using AI for business purposes – up from 11% the year before.
Generative AI didn’t really take off until November 2022, when ChatGPT went into public preview, but SMBs are now expanding its use cases beyond just content generation. More than two in five (44%) are now using AI to improve sales performance – twice as many as in 2023.
Amy Jennette, Senior Director of Marketing at GoDaddy, commented on the trend, saying: “We are at the dawn of the AI revolution and small businesses are already benefiting from the technology, which is truly unprecedented.”
Despite initial concerns that AI could potentially replace human jobs, the survey found that concern among SMEs was very low, with only one in ten believing GenAI could surpass them in their role, and the majority (89 %) were confident that AI would have a positive impact. impact on their business.
Jennette also highlighted the tangible benefits of deploying AI in the SMB landscape, revealing that small businesses can save more than $4,000 and 300 hours of work annually, underscoring the potential cost-saving benefits of productivity tools that leverage artificial intelligence.