The hype round synthetic intelligence (AI) is making small companies really feel that its growth and adoption is shifting at lightning velocity.
In truth, our new analysis exhibits that 80% of small enterprise house owners globally are involved that the quick tempo and nature of AI is leaving regulation within the mud. They advised us they need governments to do extra, given the potential massive impression to industries and the workforce.
We launched our Future Focus analysis on AI at Xerocon Sydney this 12 months, taking an in-depth take a look at how 3,000 small enterprise house owners from throughout Australia, Canada, New Zealand, Singapore, the UK and the USA really feel about AI and the potential impression on their enterprise.
We additionally introduced quite a few new, thrilling AI-powered options and generative AI experiments at this 12 months’s occasion. You’ll be able to study extra about these enhancements in our product wrap from Xerocon Sydney 2023.
Blended emotions in analysis findings
So, what did the analysis inform us? In a nutshell — small companies have blended emotions about AI. They’re curious and excited, however there’s additionally concern about moral implications and information privateness.
Nearly a 3rd (32%) of small companies are intrigued about AI, whereas others are feeling anxious (31%) and excited (30%). Half of small companies consider AI will probably be extra useful and have a optimistic impression on their individuals, processes and workflows, in comparison with 20% who stated they consider it is going to be extra dangerous.
We additionally discovered that delicate data disclosure (41%) and information privateness violations (41%) have been thought-about to be the largest moral challenges regarding AI use of their enterprise. Some (38%) respondents have been additionally involved concerning the moral challenges round employee displacement that might be attributable to AI utilisation.
Curiosity outweighs considerations
Even with these moral considerations within the body, and with AI instruments changing into extra simply accessible, small enterprise house owners nonetheless need to be proactive and keep forward of the curve. We discovered that globally, 32% of companies are experimenting with AI instruments, and 21% are investing in them. The outcomes additionally confirmed:
one in 5 small companies have been dedicating extra sources to AI
greater than half (51%) stated they trusted AI instruments with identifiable buyer data
45% of respondents stated they might belief AI instruments with delicate business data
The challenges of utilizing AI
Whereas AI has piqued the curiosity of small enterprise house owners, we’ve additionally discovered that it’s not the highest precedence for small companies simply but. Solely 8% of respondents ranked adopting or investing in AI as their primary precedence over the following 12 months.
When it comes to the small companies which might be already utilizing AI, 69% are reporting some drawbacks, and 23% have seen elevated safety or privateness points since utilizing generative AI instruments. These drawbacks included:
elevated biases or inaccuracies in content material (18%)
decreased worker morale (18%)
decreased effectivity attributable to time overseeing the standard management of AI content material (16%)
diminished headcount (14%)
Whereas diminished headcount could be seen as a downside, it will probably additionally assist small enterprise house owners to be extra environment friendly and save on prices. Although 59% of small enterprise house owners stated they don’t see their hiring plans altering over the following three years, a 3rd (31%) stated they plan to rent fewer individuals.
A reminder to make use of information accountability
The curiosity in generative and predictive AI is understandably driving curiosity amongst small companies. But when exploration of this know-how results in sharing private identifiable data, that might put their shoppers’ information in danger.
As a result of we all know how necessary defending delicate information is, Xero has had, for a few years now, accountable information use commitments that information us as a enterprise, and assist us assist our prospects as they navigate their very own information use.
New AI information for accountants and bookkeepers
As an accountant or bookkeeper, you might be typically a trusted advisor to your shoppers with regards to new know-how and the way it may be used to assist their enterprise. So, we’ve revealed the Future Focus: AI Information for Accountants and Bookkeepers that will help you navigate the potential impression of AI in your observe and shoppers.
We invite you to take a while to learn via this information, and take into account the alternatives and dangers that AI can open up to your observe. You can even go to our Future Focus playlist on YouTube, to study extra from consultants about AI and different rising applied sciences.
