The intersection of AI and SMBs is rich with opportunities for growth, efficiency, and personalized customer experiences, highlighting the urgency for SMBs to embrace AI technology.


Copyright: – “AI and Business Development: How AI Can Drive Growth for SMBs”


SwissCognitive_Logo_RGBThe year 2023 can aptly be summed up as a year of exploration, with the remarkable debut and early applications of generative artificial intelligence (AI). As this technology continues to rapidly advance, 2024 marks a significant turning point for people and businesses alike, moving beyond the concept of AI and its influence to determining how they can adopt it for the long haul in impactful ways.

For small and medium-sized businesses (SMBs) specifically, this means assessing the technology’s true impact—and SMB owners have already begun to scratch the surface. According to a recent Visa survey, 90% of Generation Z and millennial SMB owners, 91% of Generation X SMB owners, and 70% of baby boomer SMB owners are aware of AI and have gained an understanding of its potential business applications.

While AI can be incredibly valuable for SMBs, it can also raise valid questions and concerns. These challenges potentially stem from the complexity of the AI landscape, coupled with the limited resources and technical expertise that are commonly pervasive within smaller companies.

The survey also revealed a notable gap in the adoption of AI among SMBs. While many expressed positive sentiments, only 26% of SMB leaders have used AI tools like ChatGPT for personal and business purposes, with 45% yet to embrace its potential benefits. Navigating these intricacies can pose a significant barrier to AI implementation for SMBs, which are likely to gain more from the technology than their larger counterparts.

Three ways business can drive growth with AI

AI is reshaping every industry and transforming how businesses operate at an unprecedented rate. Amidst these rapid advances, SMBs stand as the backbone of world economies, making their AI journey particularly valuable to drive growth and efficiency. AI adoption can be a catalyst for streamlining operations, meeting customer demands, and improving productivity. After all, SMBs aren’t strangers to being tasked with doing more with less.

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According to the survey, 44% of SMB leaders think AI will be most impactful in customer support or operations, 43% in marketing or accounting, 37% in financial management, 33% in sales, 29% in human resources regarding current employees, and 27% in recruiting and hiring.[…]

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