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Small businesses across the U.S. are embracing artificial intelligence (AI) as a powerful tool to enhance efficiency, revenue and workforce development, a new survey from Paychex shows.
While concerns about data accuracy, security and privacy persist, survey responses from over 500 business owners and more than 500 HR leaders found that 72% of small businesses have a positive outlook on the technology.
Of the survey respondents using AI today, 66% report increased productivity, and many cite cost savings (44%), revenue growth (40%), improved recruiting (35%), higher employee satisfaction (34%) and improved customer acquisition (34%) as key benefits.
The study also revealed that 82% of respondents view AI as helpful to their business and 76% anticipate it will have a moderate to significant impact in the next five years.
“AI allows a business to punch way above its weight,” said Beaumont Vance, Paychex senior vice president of data, analytics and AI. “It’s a particularly great equalizer for small- and medium-sized businesses in an increasingly competitive landscape. Understanding and embracing AI’s full potential can boost efficiency, enhance decision-making, and deliver tangible ROI.”
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