New research from HubSpot has claimed small and medium-sized enterprises are exploring new and innovative ways of adapting to evolving customer needs, and AI could be threatening human jobs if companies continue on their current path.
The company's report claims artificial intelligence has now surpassed traditional hiring practices as the primary strategy for business growth.
The figures come from around 1,500 business leaders, the majority (70%) of whom belong to SMEs and startups.
SMEs are more interested in AI than anything else
This time 18 months ago, most businesses had not even thought about artificial intelligence, but following the public preview launch of generative AI chatbot ChatGPT in later 2022, the world has been awash with AI tools all bidding to improve worker productivity and efficiency.
With budgets continuing to be tight and companies under increasing pressure to reach certain goals, including ESG goals, artificial intelligence promises to be a lifeline for many SMEs.
Three in five (59%) business leaders now see streaming processes with AI and automations as a top priority in 2024.
However, artificial intelligence isn’t without its challenges – more than two-thirds (70%) believe that the introduction of AI requires their business to reinvent itself. A common sentiment reflected in other recent studies as the importance of a solid data foundation becomes increasingly apparent as a necessity for effective AI rollout.
This year, more than half (57%) of business leaders believe that they need to shift from reacting to growth by hiring more employees, to scaring with AI and automation.
HubSpot also noted that better collaboration is required to get the most out of AI, for example between marketing, sales and customer service teams. The study warns that failure to implement the right AI tools could leave SMEs behind as others continue on an upward trajectory enabled by the technology.
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