Small business owners increase AI investment to grow customer service, marketing and sales this year
ATLANTA, May 2, 2024 /PRNewswire/ -- Despite the headlines touting AI as human replacement, most small business owners and employees surveyed by Cox Business view the technology as a tool to strengthen and grow their teams.
Cox Business surveyed small business owners and employees to better understand their usage of and sentiment on AI in the workplace. Fifty-two percent of small business owners said AI enables them to increase or retain employees, and 65% of small business employees said the same.
Enhancing customer experience
Both small business owners and employees feel they have a good grasp on what AI is and feel comfortable using the tools within their organization:
- 85% of owners are somewhat to very comfortable using AI tools in their business.
- 75% of employees are somewhat to very comfortable using AI tools in their business.
Fifty-three percent of small business owners report AI had a positive impact on customer experience in 2023, and plan to use AI to support the customer experience in several ways this year:
- 36%: Online order product/service recommendations
- 35%: Online order placement
- 35%: Website live chatbot
- 33%: Customer service calls
A boon for growing businesses
Two-thirds of small business owners invested in AI for their company last year and 53% plan to invest in AI even more in 2024.
The data clearly shows that small and medium-sized businesses are embracing AI," said Mark Greatrex, president of Cox Communications. "Leveraging AI to boost productivity and enhance the customer experience empowers entrepreneurs to take their business to the next level and prosper. With our generative AI practice at RapidScale, we are making it easier to realize the benefits faster."
Help wanted
Currently, 75% of small business owners say they are responsible for their company's AI implementation and operations. And even though more owners and employees say their company did not feel much impact from last year's IT labor shortage, 42% of owners that did see an impact, having experienced decreased revenue. The 43% of employees that saw an impact experienced:
- 43%: Added job responsibility
- 40%: Increased stress in the workplace
- 38%: Longer hours worked
"For SMBs with limited technology resources, building AI models specific to their business can be intimidating," said Jeff Breaux, executive vice president of Cox Business. "But the engineers at RapidScale can make Generative AI accessible and guide businesses on the right deployments to improve a variety of use cases. From building the optimal data resources to training the machine learning models, we can make Generative AI achievable for a wider set of businesses looking for a powerful new growth engine."
About Cox Business
The commercial division of Cox Communications, Cox Business, provides a broad commercial solutions portfolio, including advanced managed IT, cloud and fiber-based network solutions that support connected environments, unique hospitality experiences and diverse applications for nearly 370,000 businesses nationwide. For more information, please visit www.coxbusiness.com.
About RapidScale
Whether refreshing legacy IT systems or launching an app that will reach millions, RapidScale empowers your business with a complete set of private and public cloud solutions to simplify IT and unleash innovation.
From Infrastructure as a Service to AI, RapidScale brings you the best portfolio of managed services in the industry, backed by a deep bench of certified experts holding over 400 accreditations. RapidScale has helped hundreds of customers migrate to AWS and Azure while helping over 2000 customers drive the complexity and administration out of IT. RapidScale makes technology your most significant competitive advantage. For more information, visit http://www.rapidscale.net.
About the Cox Small Business 2024 Survey on AI in the Workplace
Cox Business commissioned a blind survey of 502 U.S.-based small business owners and 511 U.S.-based small business employees to uncover their understanding and usage of AI in the workplace. The survey, conducted in March 2024, revealed current and future investments in AI among small businesses, along with thoughts about how AI could affect jobs.
For more key findings, visit www.CoxBLUE.com/SmallBizSurvey.
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SOURCE Cox Communications
