Businesses are employing artificial intelligence (AI) in a variety of ways to improve efficiencies, save time and decrease costs. With continued advancements, AI is quickly becoming a precious resource for companies across industries. To better understand how businesses use AI, Forbes Advisor surveyed 600 business owners using or planning to incorporate AI in business. The results revealed AI’s impact on areas such as cybersecurity, fraud management, content production and customer support, including the use of top chatbots.
Key Takeaways
- Over half of business owners use artificial intelligence for cybersecurity and fraud management.
- One in four business owners are concerned about AI affecting website traffic.
- Almost all (97%) business owners believe ChatGPT will help their business.
One in three businesses plan to use ChatGPT to write website content, while 44% plan to use ChatGPT to write content in other languages. - Nearly half (46%) of business owners use AI to craft internal communications.
- Over 40% are concerned about an over-dependence on technology due to AI use.
- Nearly two-thirds(64%) of business owners believe AI will improve customer relationships.
How Businesses Are Using Artificial Intelligence
Businesses are turning to AI to a greater degree to improve and perfect their operations. According to the Forbes Advisor survey, businesses are using AI across a wide range of areas. The most popular applications include customer service, with 56% of respondents using AI for this purpose, and cybersecurity and fraud management, adopted by 51% of businesses.
Other notable uses of AI are customer relationship management (46%), digital personal assistants (47%), inventory management (40%) and content production (35%). Businesses also leverage AI for product recommendations (33%), accounting (30%), supply chain operations (30%), recruitment and talent sourcing (26%) and audience segmentation (24%).
Businesses Are Using AI To Improve the Customer Experience
AI is playing a significant role in enhancing customer experiences across touchpoints. According to the Forbes Advisor survey, 73% of businesses use or plan to use AI-powered chatbots for instant messaging. Moreover, 61% of companies use AI to optimize emails, while 55% deploy AI for personalized services, such as product recommendations.
Businesses also leverage AI for long-form written content, such as website copy (42%) and personalized advertising (46%). AI has made inroads into phone-call handling, as 36% of respondents use or plan to use AI in this domain, and 49% utilize AI for text message optimization. With AI increasingly integrated into diverse customer interaction channels, the overall customer experience is becoming more efficient and personalized.
Business Processes Artificial Intelligence Is Improving
AI is allowing companies to become more nimble and productive. According to the Forbes Advisor survey, AI is used or planned for use in various aspects of business management. A significant number of businesses (53%) apply AI to improve production processes, while 51% adopt AI for process automation and 52% utilize it for search engine optimization tasks such as keyword research.
Companies are also leveraging AI for data aggregation (40%), idea generation (38%) and minimizing safety risks (38%). In addition, AI is being used to streamline internal communications, plans, presentations and reports (46%). Businesses employ AI for writing code (31%) and website copy (29%) as well.
The Majority of Business Owners Expect AI Will Have a Positive Impact on Their Business
Most business owners think artificial intelligence will benefit their businesses. A substantial number of respondents (64%) anticipate AI will improve customer relationships and increase productivity, while 60% expect AI to drive sales growth.
AI is perceived as an asset for improving decision-making (44%), decreasing response times (53%) and avoiding mistakes (48%). Businesses also expect AI to help them save costs (59%) and streamline job processes (42%).
Concerns Business Owners Have Using Artificial Intelligence
While business owners see benefits in using AI, they also share some concerns. One such concern is the potential impact of AI on website traffic from search engines. According to the survey, 24% of respondents worry AI might affect their business’s visibility on search engines.
However, 64% do not have this concern and 12% remain unsure. This concern might be driven in part by the increasing adoption of tools like AI-driven ChatGPT, with 65% of consumers saying they plan to use ChatGPT instead of search engines. Balancing the advantages of AI with potential drawbacks will be crucial for businesses as they continue to navigate the evolving digital landscape.
Over 40% of Business Owners Are Concerned About Technology Dependence
Business owners expressed concern over technology dependence, with 43% of respondents worrying about becoming too reliant on AI. On top of that, 35% of entrepreneurs are anxious about the technical abilities needed to use AI efficiently. Furthermore, 28% of respondents are apprehensive about the potential for bias errors in AI systems.
One-Third of Businesses Are Concerned AI Will Cause Workforce Reduction
A significant concern among businesses when it comes to AI integration is the potential impact on the workforce. The data indicates that 33% of survey participants are apprehensive that AI implementation could lead to a reduction in the human workforce. This concern is mirrored by the wider public, with 77% of consumers also expressing apprehension about human job loss due to AI advancements.
One-Third of Businesses Are Concerned About Misinformation From AI
A notable concern for businesses surrounding AI integration is the potential for providing misinformation to either the business or its customers. The data reveals that 30% of respondents are concerned about AI-generated misinformation, while 24% worry that it may negatively impact customer relationships. Additionally, privacy concerns are prevalent, with 31% of businesses expressing apprehensions about data security and privacy in the age of AI.
Almost All Business Owners Think ChatGPT Will Help Their Business
The majority of business owners believe that ChatGPT will have a positive impact on their operations, with a staggering 97% identifying at least one aspect that will help their business. Among the potential benefits, 74% of respondents anticipate ChatGPT assisting in generating responses to customers through chatbots.
Additionally, businesses foresee AI streamlining communication with colleagues via email (46%), generating website copy (30%), fixing coding errors (41%), translating information (47%) and summarizing information (53%). Half of respondents believe ChatGPT will contribute to improved decision-making (50%) and enable the creation of content in different languages (44%).
Potential Positive Impacts ChatGPT Will Have on Businesses
Business owners are optimistic about how ChatGPT will improve their operations. A resounding 90% of respondents believe that ChatGPT will positively impact their businesses within the next 12 months. They attribute this positive outlook to several factors. Fifty-eight percent believe ChatGPT will create a personalized customer experience, while 70% believe that ChatGPT will help generate content quickly.
Business owners also anticipate improved decision-making (48%), enhanced credibility (47%), increased web traffic (57%) and streamlined job processes (53%).
Conclusion
AI and tools such as ChatGPT are becoming increasingly significant in the business landscape. Survey results indicate that businesses are adopting AI for a variety of applications such as customer service, customer relationship management (CRM) and cybersecurity. They are also focusing on improving customer experience through personalized services, instant messaging and tailored advertising. Additionally, AI is enhancing internal business processes such as data aggregation, process automation and SEO tasks.
While concerns exist, such as technology dependence and potential workforce reduction, most business owners foresee a positive impact from AI implementation. The anticipated benefits of ChatGPT, such as generating content quickly, personalizing customer experiences and streamlining job processes, demonstrate the transformative potential of AI in various aspects of business.