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Jun 25, 2024 375

61% of Small Businesses Use AI to Automate Daily Tasks

#global

"PYMNTS Intelligence’s recently-released “New Report: SMBs Race to Critical Mass on AI Usage found there is a sharp divide in how small and medium-sized businesses (SMBs) tackle growth strategies."

PYMNTS Intelligence’s recently released report, “SMBs Race to Critical Mass on AI Usage,” found a sharp divide in how small and medium-sized businesses (SMBs) tackle growth strategies. According to the report, SMBs with revenues exceeding $150,000 annually are more likely to plan innovation and expansion strategies to drive growth. Conversely, SMBs generating less than $150,000 annually or experiencing declining revenues tend to focus on cost-cutting measures to spur growth.

The report, based on surveys with over 510 SMBs, determined that regardless of whether SMBs use innovation strategies or cost-cutting measures to achieve growth, one method can aid both camps: artificial intelligence (AI). PYMNTS Intelligence found that 96% of SMBs that have tried AI tools see them as effective for streamlining tasks. Data shows that businesses most at risk and those already implementing cost-cutting strategies may benefit the most by deploying AI to automate even mundane tasks.

The data indicates a clear division in how SMBs currently use AI. Businesses with increasing revenues and those generating more than $1 million annually are twice as likely to use AI compared to those with stable or declining revenues. Among SMBs with increasing revenues, 51% now use AI, whereas only 19% of SMBs in cost-cutting mode report using AI. The common theme across most businesses using AI is the automation of daily tasks and improving the quality and reliability of business processes. Nearly 61% of SMBs deploying AI use it for automating daily tasks, while 53% use it to enhance process quality and reliability. Additionally, 46% leverage AI to improve the quality or reliability of their products or services. Notably, over one-quarter of SMBs that currently use AI deploy it to identify expenses that can be decreased or eliminated.