- Survey by Cox Business reveals 2 out of 3 small business employees see AI as enhancing or preserving jobs.
- Majority of small business owners and employees express comfort and understanding in utilizing AI tools.
- AI reported to positively impact customer experience, with plans to further integrate AI into various customer engagement channels.
- Two-thirds of small business owners invested in AI last year, with over half planning increased investments in 2024.
- Challenges in AI implementation noted, with majority of responsibility falling on small business owners.
Main AI News:
In a landscape rife with headlines heralding AI as a harbinger of human redundancy, a recent survey by Cox Business reveals a contrasting sentiment among small business stakeholders. Rather than viewing artificial intelligence as a usurper of jobs, the majority perceive it as a catalyst for fortifying and expanding their teams.
Conducted among small business proprietors and employees, the survey aimed to glean insights into their utilization and attitudes toward AI within their work environments. Results indicate that 52% of small business proprietors affirm AI’s role in augmenting or preserving their workforce, a sentiment echoed by 65% of employees.
Fostering Enhanced Customer Engagement
Both small business owners and employees express confidence in their understanding of AI’s functionalities and exhibit a willingness to incorporate these tools into their operations:
- 85% of owners express moderate to high comfort levels in utilizing AI tools within their business.
- Likewise, 75% of employees indicate a similar comfort level with AI tools in their professional milieu.
Furthermore, findings underscore the positive impact of AI on customer experience, with 53% of small business owners reporting its efficacy in 2023. Anticipating continued momentum, many plan to leverage AI across various facets of customer engagement this year:
- 36% intend to utilize AI for online order product/service recommendations.
- 35% plan to deploy AI for facilitating online order placement.
- Similarly, 35% aim to integrate AI into website live chatbot functionalities.
- Lastly, 33% envision leveraging AI to enhance customer service call experiences.
A Catalyst for Business Expansion
Reflecting a growing trend, two-thirds of small business owners made investments in AI for their enterprises last year, with 53% intending to ramp up AI investments in 2024.
Mark Greatrex, President of Cox Communications, remarks, “The data unequivocally demonstrates the embrace of AI among small and medium-sized businesses. Leveraging AI to bolster productivity and enrich customer experiences empowers entrepreneurs to propel their ventures to greater heights of success. Through our generative AI endeavors at RapidScale, we facilitate expedited realization of these benefits.”
Navigating Implementation Challenges
Presently, 75% of small business owners shoulder the responsibility for AI implementation and operations within their organizations. Despite assertions that last year’s IT labor shortage had minimal impact, 42% of owners admit to experiencing repercussions, including decreased revenue. Additionally, 43% of employees recount adverse effects, including heightened job demands, increased workplace stress, and extended work hours.
Jeff Breaux, Executive Vice President of Cox Business, acknowledges the challenges faced by SMBs in navigating AI implementation, stating, “For SMBs grappling with limited technological resources, the prospect of developing AI models tailored to their operations can be daunting. However, through the expertise of RapidScale engineers, we aim to democratize access to Generative AI and offer guidance on optimal deployment strategies. From crafting robust data infrastructures to refining machine learning models, we endeavor to make Generative AI a viable growth catalyst for a broader spectrum of businesses.”
Conclusion:
The findings underscore a shift in perception regarding AI within small business circles, from a threat to job security to a strategic tool for workforce augmentation and customer experience enhancement. With a significant portion of small businesses already investing in AI and planning further expansions, the market can anticipate continued growth and integration of AI technologies into diverse business operations. However, challenges in implementation and operationalization persist, necessitating support and guidance for small businesses navigating the AI landscape.
