Small Businesses Thrive with Technology Adoption, Finds U.S. Chamber of Commerce Survey
In a groundbreaking new report, the U.S. Chamber of Commerce reveals that small businesses that embrace technology, including artificial intelligence (AI), experience growth and optimism despite the challenges of a post-pandemic economy. The survey, conducted in partnership with Teneo Research, shows that small businesses that utilize technology platforms see an increase in sales, employment, and profits.
According to the report, 23 percent of small businesses surveyed are utilizing AI, and these companies saw a 12-point increase in their likelihood to see a profit increase compared to non-AI users. This highlights the positive impact that technology can have on business operations and emphasizes the importance of policymakers considering the needs of small businesses when enacting tech-related policies and regulations.
The survey also found that technology and data are essential to many small businesses, with 87 percent reporting that tech platforms have helped their businesses operate more efficiently. Additionally, small businesses that fully embrace technology see growth in sales, employment, and profits, with 79 percent of high-tech adopters reporting increased employment compared to only 62 percent of low-tech adopters.
Furthermore, technology platforms have helped small businesses cope with inflation and supply chain disruptions without passing on rising costs to consumers, with 78 percent of businesses reporting this benefit. In fact, without access to technology platforms, seven out of ten small businesses believe their survival would be at risk.
Looking to the future, 85 percent of small businesses plan to increase their use of technology in the next two to three years, with 71 percent intending to incorporate emerging and cutting-edge technologies. Notably, 39 percent of small businesses plan to add AI to their digital toolkit. However, the lack of knowledge about AI remains a major barrier, with 77 percent of small businesses indicating that they do not know enough about AI or its benefits. Addressing this education gap is crucial to unlocking the full potential of AI adoption among small businesses.
In response to the findings, the U.S. Chamber of Commerce’s Technology Engagement Center has issued a set of policy recommendations to promote technological development and adoption among small businesses. These recommendations include enacting national data privacy legislation and establishing a regulatory framework that allows for the responsible and ethical deployment of AI.
The full survey analysis and policy recommendations can be found on the U.S. Chamber of Commerce’s website. What are your thoughts on small businesses embracing technology? Can technology truly empower small businesses, or are there downsides to consider? Share your opinions in the comments section below!
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