When it comes to saving time and resources, small to midsize businesses are curious about the benefits of artificial intelligence (AI). Among the areas of interest include back office tasks such as fraud management, supply chain operations, and order processing. But lack of awareness, uncertainty and fears over cybersecurity risks are holding them back from adopting AI across their business.
There is a notable knowledge gap among business owners when it comes to AI and a shortage of available resources to equip them with the necessary tools for AI implementation. Forty percent of small to midsize businesses currently do not employ AI solutions and lack awareness of their potential benefits for their business, while just over one-third of businesses (35%) are not using AI but are aware of how they could support their business.
These challenges are counterbalanced by the potential benefits: the data from the survey reports that nearly half (45%) of the businesses that do use AI see significant time efficiencies in their day-to-day operations, allowing them to focus on core business necessities.