Despite challenges, small businesses in the US are embracing artificial intelligence (AI) to enhance their operations. A recent study reveals progress and ongoing obstacles faced by entrepreneurs.
Small businesses across the United States are actively implementing artificial intelligence (AI) to improve their operations, with over half (52%) having already adopted AI in some form. This notable progress is highlighted in a recent study by Morning Consult for Visa, which surveyed small business decision-makers.
However, the path to AI adoption is not without its obstacles. Nearly half (47%) of respondents cited learning how to use AI tools as a primary barrier to implementation. Other challenges include navigating options (36%), lack of knowledge on where and how to begin (34%), ensuring compatibility (31%), and privacy and security concerns (26%).
AI Adoption: Small Businesses Making Headway Amid Challenges
"There is a recognition that AI and the advancement of technology are important in small business," said Denise Press, Visa's head of small business for North America. "There was an equal weight of, 'I don't know how to get started' and not knowing how to get started and not being experts in AI and/or new technology."
For small businesses unsure of how to initiate their AI journey, Press recommends exploring lower-risk areas, such as using chatbots to enhance communication. AI can also assist with drafting press releases and other written content, freeing up time for small business owners.
AI Adoption: Small Businesses Making Headway Amid Challenges
The study identified marketing as the most compelling business area for using AI among non-adopters (49%). As small businesses become more comfortable with AI in low-risk scenarios, they can gradually expand its use to other areas, such as business development, accounting, and customer service.
Partnering with industry vendors and experts can provide valuable insights into the practical applications of AI. "Look for key partners and vendors in that small business's industry," advised Press. "There are vendors that specialize in working with a variety of industries, and those vendors are often larger organizations like Visa, so they're already looking to incorporate AI."
AI Adoption: Small Businesses Making Headway Amid Challenges
Among businesses that have already adopted AI, 53% strongly agreed that automation enabled decision-makers to dedicate more time to strategic operations. The study also revealed a general optimism among all small businesses, including non-adopters, that AI will have a positive impact on their business (65%).
"Small businesses should be optimistic, they should be open to AI. It is absolutely going to impact the way that we do business as a whole and the way that we already do business as consumers today," emphasized Press. "AI should not be a scary word. It should be a word that excites small businesses that they can use to thrive."
AI Adoption: Small Businesses Making Headway Amid Challenges
