98% of small firms are using AI tools to 'punch above their weight'

Artificial intelligence (AI) is transforming the way many businesses advance technology in the workplace. Case in point: Open AI's ChatGPT now has more than 1 million business users. And some smaller businesses are finding real value in AI implementation. 

The US Chamber of Commerce conducted a nationwide survey of US small businesses which reveals that 98% of small firms use at least one technology platform enabled by AI. Also, 40% are using generative AI (gen AI) tools, nearly double from last year's 23%. 

Also: What is digital transformation? Everything you need to know about how technology is changing business

"AI allows small businesses -- who many times do not have the staff or resources of their competitors -- to punch above their weight," explained Jordan Crenshaw, senior vice president of the US Chamber's Technology Engagement Center. "It's encouraging to see small businesses embrace technology and express optimism for the future as these platforms serve as a catalyst for innovation and resilience."

The survey examines the role that technology platforms play in helping small businesses compete in the marketplace. Piloted in 2022, this nationwide survey explores the various "types and applications of technology used by small businesses" to delineate which have had the most impact over time.

The survey's latest edition focuses on the rapid emergence of AI and the technology's deployment by small businesses. The results extrapolated from the survey found that "91% of businesses actively using AI say it will help their business grow in the future, and 81% of small businesses plan to increase their use of technology platforms."

According to the report, "technology use is linked to growth among small businesses." Many small businesses that deployed technology platforms (such as productivity tools, digital payment, and accounting software) are "more likely to have experienced growth in sales and profits over the past year as well as an increase in their workforce."

Furthermore, the survey notes, businesses that become better versed in multiple tech platforms are realizing growth ahead of lower-tech firms.

Also: Your doctor might be using AI to answer your questions - here's how that works

"While we see year-over-year improvement in the share of small businesses that are growing across the three key performance indicators of sales, profits, and employment, for the third year in a row companies that are utilizing a wide range of technologies are more likely to be growing than their non-tech-enabled peers," the report states.

"When implemented thoughtfully, AI can drive major efficiencies, AI won't replace human work but will augment and lift it," said Amanda Reineke, CEO of Notice Ninja, a digital compliance company.