Small business owners believe AI will benefit their businesses in the long run, according to the latest quarterly report from MetLife and the U.S. Chamber of Commerce. Small and Medium Enterprise IndexIn fact, many small business owners say they are already experimenting with AI and using it to help with certain tasks.
New data shows that small business owners are optimistic about the future of AI and believe it can save them time and money: Nearly half of small business owners surveyed say they plan to try an AI tool in the next 12 months.
Small business owners in the early stages of AI adoption
Small business owners foresee a future where AI will be an integral part of the workplace, but many are still in the early stages of adoption. According to the Small Business Index, 65% of small business owners expect AI to change future job roles, and 64% expect AI proficiency to be listed in future job postings.
Many small and medium-sized businesses are already experimenting with AI technology, such as Michael Canty, president and CEO of Alloy Precision Technologies Inc., who is incorporating the emerging technology into his operations.
“I read about 2,000 pages to learn more, tasked my senior team with developing AI practices internally, and we began using AI for lead generation, vendor identification, marketing material development and several other applications,” said Canty, a member of the U.S. Chamber of Commerce. Small and Medium Enterprise Council.
Small businesses are intrigued by how AI can help improve their business, but many companies are still in the early stages of determining how to best leverage this new technology and how to hire employees with AI skills.
Four in 10 SMBs report they have tried different AI tools to find the one that best suits their individual needs, and nearly half (49%) say they plan to adopt AI in the near future. Fewer SMBs say they have added AI skills to job ads (16%) or instituted a company-wide AI policy (15%).
David Jankowski, founder and CEO of electric vehicle charging network Francis Energy, hasn't taken any concrete steps yet to implement AI-powered solutions, but he expects AI to play a bigger role in managing his company's charging stations in the future.
Small business owners are taking proactive steps to learn about AI
All the excitement around AI has some small business owners thinking about how it can give them an edge over their peers: Three in four small businesses (74%) say having employees using AI tools could give them an edge over competitors.
Additionally, 71% of small business owners believe that hiring employees with AI skills will save them time in the long run, and 67% say it will save them money in the long run.
When it comes to learning about AI, small businesses are turning to familiar resources: Many small business owners turn to Google (82%), other business owners (72%), and AI experts (71%) to learn about AI. Others say they turn to social media (62%) to learn about AI.
Young managers recognize the great potential of AI
The Small Business Index shows that Gen Z and Millennials are more familiar with AI than small businesses owned by Gen X and Baby Boomers.
Small businesses run by Baby Boomers and older (27%) are less likely to say they have tried various AI tools than small businesses run by Gen Z/Millennials (45%) and Gen X (42%).
Over the next 12 months, 45% of small businesses run by Baby Boomers or older are more likely to say they have no plans to do anything to prepare for the introduction of AI in the workplace than small businesses run by Gen Z or Millennials (15%) or Gen X (25%).
Overall, 87% of small business owners say they are generally familiar with AI, and 38% say they are using it. very Familiar with AI.
The AI survey results are part of the Small Business Index, a quarterly MetLife and U.S. Chamber of Commerce study measuring small business owners' perceptions of their business operations, environment and expectations. For more information on this quarter's survey results, please visit From sbindex.com.
The Chamber of Commerce explored these trends in more detail in a recent survey. report How technology impacts small businesses.
About the Author
Lillian Chase
Lillian Chase is a communications intern at the U.S. Chamber of Commerce.