The recent report by PYMNTS Intelligence, “New Report: SMBs Race to Critical Mass on AI Usage,” reveals a stark divide in how small and medium-sized businesses (SMBs) approach growth strategies, with a notable difference in AI adoption. While SMBs with higher revenues tend to focus on innovation and expansion, those with lower revenues opt for cost-cutting measures. However, the report highlights that artificial intelligence (AI) can be a game-changer for both camps, as 96% of SMBs that have tried AI tools see it as an effective method to streamline tasks.
The report’s findings suggest that SMBs with increasing revenues are more likely to use AI, with 51% of them already implementing the technology, compared to only 19% of those in cost-cutting mode. Notably, SMBs are using AI to automate daily tasks, improve the quality and reliability of business processes, and even identify areas for cost reduction. This raises an important question: are SMBs that are cutting costs missing out on the benefits of AI?
