New research by DailyAI.com shows just how valuable AI may be to small businesses. According to a recent report, Small Business Now: An AI Awakening, 91% of small businesses that adopted AI are finding it to make their business more successful. The research suggests the main reason for this success comes down to two main factors: that it saves small businesses time and money.
Key finding:
- 33% of small businesses saved over 40 minutes a week after adopting AI
- 37% of respondents would use the time saved by AI to plan what’s next for their business
- 58% of small businesses have saved at least $1,000 from implementing AI
Luke Eales, Founder of DailyAI.com commented “What’s interesting is that for many small and medium business owners there is almost this initial reluctance to adopt artificial intelligence for fear of not being able to do it on the same scale or with the same budget as some of their larger competitors. Yet more than a quarter of businesses that have since adopted AI believe that they are now more competitive with these big companies as a result”
One of the main benefits identified from AI’s adoption is its ability to save SMBs time
- 33% of SMBs have saved themselves over 40 minutes a week, equal to 34.6 hours annually.
- Based on a normal working day of 8 hours, AI can save SMBs 4.35 working days a year.
- Another 39% of SMBs have saved between 26 – 40 minutes per week which equates to almost 3 working days per year.
How could SMBs make use of their saved time?
- More than a third of all business owners reported that they would use the bonus time to plan what’s next for their business.
- 3 in 10 would spend this time fine-tuning their marketing strategy.
- Similarly 3 in 10 prioritise improving their products or services.
- A quarter would interact with customers more.
- 1 in 10 would use it to get involved in charitable pursuits and give back to their local community.
It’s not just time that can be saved – SMBs can also enjoy reduced costs
- More than half (58%) of all SMBs expect to save at least $1,000 in the next 12 months as a result of implementing automation or artificial intelligence.
- More than a quarter of SMBs (28%) believe that their savings could exceed a staggering $5,000 per year.
Other benefits SMB’s experienced as a result of AI adoption
- 44% of businesses with between 10-49 employees believe they have made fewer errors since taking up AI.
- 29% of businesses with 50+ employees got to know their customers better.
- 26% of businesses with 50+ employees believe they are more competitive with bigger companies.
- 38% of businesses with 50+ employees believe they have grown their company faster.
Source: DailyAI.com
