Most small businesses are using artificial intelligence (AI) to save time and money, according to a 2024 study by Goldman Sachs 10,000 Small Businesses.
The study polled 239 businesses between June 25, 2024, and June 30, 2024. It found that most small businesses positively perceived artificial intelligence and were already using or planning to adopt AI technologies.
Small businesses rapidly embrace AI technologies.
The study found that 92% of small businesses had a positive perception of artificial intelligence, while more than two-thirds (69%) have implemented AI technologies in some capacity, up from 56% in 2023.
Among small businesses using artificial intelligence, 70% started last year, while those not using AI plan to adopt the technology in the next five years.
“AI, like any other emerging technology, is scary at first but will soon become ubiquitous,” said Robert Kennedy III 10,000 Small Businesses Faculty Member.
“Businesses are already seeing AI being integrated into nearly every digital tool they use. Business owners need to ask themselves how best to leverage these tools for effectiveness and efficiency.”
Key areas where AI technology has witnessed widespread use include marketing content generation (78%), improving productivity (68%), and personnel development and training (30%).
The top three AI tools that small businesses are leveraging to save time and money include OpenAI’s ChatGPT (87%), Intuit’s QuickBooks (26%), and Google’s Gemini (24%).
Similarly, unlike most enterprise solutions that would require breaking the bank, most AI technologies leveraged by small businesses are quite affordable. According to the study, a third (33%) of small businesses pay nothing to use these AI technologies, while nearly half (46%) pay 500% or less, and only 20% pay above $500.
However, AI use is not without challenges for small businesses. More than eight in ten (85%) of small enterprises are concerned about the privacy of business information, while 85% are concerned about cybersecurity and 81% worry about the privacy of customer information.
Nonetheless, these concerns are not unwarranted as cybercriminals continue to devise ways to leverage AI technologies for cyber attacks. In 2023, Cyberangel reported that hackers took over 4 million Facebook accounts after tricking users into downloading fake ChatGPT Chrome extensions.
Similarly, AI technologies have suffered data breaches in the past, exposing sensitive information, and thus justifying privacy concerns.
In March 2023, ChatGPT discovered a software bug that leaked user payment data. Similarly, it leaked Samsung’s company secrets, resulting in a companywide ban. An Italian privacy watchdog has also accused ChatGPT of privacy violations related to an alleged mass collection of user data.
To avoid becoming victims of AI-related cyberattacks, small companies should conduct employee security awareness training and create a list of vetted AI tools. They should avoid uploading sensitive information, such as customer personal information and company data into AI chatbots to avoid that information leaking to the public.
Despite its potential setbacks and risks, AI technology is here to stay and will revolutionize the way we do business. In the coming years, artificial intelligence will be indispensable for businesses that wish to remain operational.
About the Author
В данной обзорной статье представлены интригующие факты, которые не оставят вас равнодушными. Мы критикуем и анализируем события, которые изменили наше восприятие мира. Узнайте, что стоит за новыми открытиями и как они могут изменить ваше восприятие реальности.
Подробнее тут