In an age where the definition and implications of artificial intelligence (AI) are still being unraveled by many entrepreneurs, a recent study by the Small Business and Entrepreneurship Council (SBEC) reveals a significant adoption of AI tools among small businesses, leading to substantial improvements in efficiency and saving billions of dollars every year.
According to the SBEC’s findings, nearly half (48%) of small businesses have incorporated AI tools in the last year, with another 29% having used them for between one and two years. SBEC CEO Karen Kerrigan notes, “The swift adoption of AI by small businesses is evident, and the diverse array of tools and applications available are elevating their profitability, efficiency, and competitive edge in critical times. An overwhelming 93% of these business owners acknowledge the cost-effectiveness of AI tools in fostering savings and boosting profitability.”