Main Street is racing to fit artificial intelligence into its business models, but most small businesses are still learning to walk before they can run.
Small business owners have already made up their mind about AI, no longer asking if they should use the technology, but rather how and when to integrate it. More than three-quarters of small business owners are already using AI to some degree, and more than 90% say it’s working, according to a survey of small business operators published by Goldman Sachs on Tuesday.
Higher efficiency and productivity are the primary selling points of AI for small businesses, and nearly seven in ten expect the technology to help grow their revenue. But while many entrepreneurs are experimenting with AI, a huge gap remains between enthusiasts and owners who are able to fully integrate AI.
The Goldman Sachs survey found that only 14% of owners have embedded AI across their core operations, meaning most small businesses have downloaded the app, but few have read the manual.
The survey polled 1,256 participants in Goldman Sachs’ small business education program between January and February, finding that many entrepreneurs are excited about AI but uncertain how to fully cash in on it. Barriers include a lack of technical expertise, difficulty navigating a crowded tools landscape, and data privacy concerns. More than 70% of respondents said they’d benefit from more training and implementation resources.
