AI is poised to become an invaluable resource in the world of business as more companies harness the technology to streamline operations, improve efficiencies, and cut costs.
A survey conducted by Forbes Advisor reveals that 97% of business owners believe that AI will positively impact their operations, with many already using or planning to incorporate AI in various aspects of their businesses.
More specifically, a large majority of business owners (74%) said they expect ChatGPT will help them in generating responses to customers through chatbots.
In addition, many businesses see promise in the usefulness of AI, such as streamlining email communications with colleagues (46%), generating website copy (30%), fixing coding errors (41%), translating information (47%), and summarizing information (53%).
Half of the respondents also shared their belief that ChatGPT could contribute to improved decision-making (50%) and enable the creation of content in different languages (44%).
One tool that business owners have high hopes for is OpenAI’s ChatGPT, an AI-driven chatbot platform.
Almost all business owners surveyed believe that ChatGPT will positively impact their operations, with many expecting it to streamline communication with colleagues via email, generate website copy, fix coding errors, and enable the creation of content in different languages.
AI is Already Used Across These Areas
The survey, which polled 600 American business owners, found that AI is being used across a wide range of areas, including customer service, cybersecurity, fraud management, customer relationship management, inventory management, content production, accounting, supply chain operations, recruitment, and audience segmentation.
AI is also being used to enhance the customer experience across all touchpoints.
Approximately 73% of businesses use or plan to use AI-powered chatbots for instant messaging, 61% use AI to optimize emails, and 55% deploy AI for personalized services such as product recommendations.
Moreover, AI is being used for website copy (42%) and personalized advertising (46%).
The majority of business owners surveyed anticipate that AI will improve customer relationships, increase productivity, drive sales growth, and aid decision-making.
Around 53% of businesses apply AI to improve production processes, while 51% adopt AI for process automation and 52% utilize it for search engine optimization tasks such as keyword research.
Also, AI is being used to minimize safety risks (38%), streamline internal communications, plans, presentations, and reports (46%), and write code (31%) and website copy (29%).
AI Adoption Also Sparks Numerous Concerns Among Business Owners
Despite all the benefits, business owners also share some concerns about the technology.
Approximately 43% of business owners worry about becoming too reliant on AI, while 35% of entrepreneurs are anxious about the technical abilities needed to use AI efficiently.
Moreover, 28% of respondents are apprehensive about the potential for bias errors in AI systems, while 30% worry about AI-generated misinformation.
Additionally, privacy concerns are prevalent, with 31% of businesses expressing apprehensions about data security and privacy in the age of AI.
Likewise, a separate study by Forbes reveals that consumers are most concerned about the use of AI tools to write product descriptions, and product reviews, answer questions, and fill job applications, among others.
Another significant concern among businesses regarding AI implementation is the potential impact on the workforce.
The study indicates that 33% of survey participants are apprehensive that AI implementation could lead to a reduction in the human workforce.
However, most business owners anticipate AI will have a positive impact on their businesses. For instance, 74% of respondents anticipate chatbots to assist in generating responses to customers, while 70% believe that AI will help generate content quickly.
AI Adoption Continues to Find Momentum
It is worth noting that AI adoption has been continually on the rise over the past couple of years as the technology becomes more powerful.
According to a 2022 Statista survey conducted among professionals in the US, around 37% of those working in advertisement or marketing had used AI to assist with work-related tasks.
Healthcare, however, had the lowest rate of AI usage with only 15% of those asked having used it at work.
Another Statista survey reveals that AI adoption among different age groups is almost the same, with little difference.
According to the survey, 29% of respondents belonging to Gen Z used generative AI tools in 2022. Moreover, 28% of Gen X and 27% of millennials respondents used such tools, respectively.
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