Small businesses are open to using artificial intelligence (AI) tools to boost their competitiveness and efficiency, but have concerns about their ability to keep pace with evolving technology, according to new research from the card giant of Visa credit.
Visa on Tuesday revealed the seventh edition of its Global Back to Business Study, which included a focus on the sentiments of small and medium-sized businesses (SMBs). It found that 91% of SMBs say they are at least somewhat likely to consider AI services like ChatGPT in addition to automation in the next 12 months to help elevate their business against competitors.
While SMBs overwhelmingly expressed a willingness to consider AI tools, a significant number expressed some apprehension about their ability to evolve their businesses while keeping up with changes in technology and consumer preferences.
Two-thirds of SMEs surveyed, or 67%, said they did not trust their business to be up to the task of keeping up with technology trends and consumer tastes, with only 33% saying who are completely confident in their ability to do so.