Today, global small business platform Xero released new data. The new research surveyed over 3,000 small business owners from Australia, Canada, New Zealand, Singapore, the United Kingdom and the United States on what they are thinking, feeling and doing about AI.
The key research findings on SMEs and AI include:
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Four in five small businesses are concerned AI development and adoption is outpacing regulation.
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Data privacy violations (41%) and sensitive information disclosure (41%) are the biggest ethical challenges perceived by small business, followed by worker displacement (38%).
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Half of small businesses believe AI will be more helpful and have a positive impact on their people, processes and workflows, compared to 20% who said it is more harmful.
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69% of small businesses said they have seen drawbacks when using generative AI in their business.
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43% feel that training and resources on different types of AI and its impact on their business or industry is necessary for their business.
