New research by business management platform MYOB reveals that to date only 19 per cent of Australian SMEs are using artificial intelligence (AI) tools in their business, though a further 21 per cent plan to do so in the future.
Of those SMEs already using AI, 90 per cent only began doing so in the last 12 months, 88 per cent of whom say it has helped them save time in their business and 81 per cent say it has helped increase productivity.
The report also noted that the most popular uses for AI include crafting social media and marketing posts (49 per cent), copywriting for marketing materials and media releases (34 per cent), followed by copywriting of technical documents (25 per cent) and market, trend and risk analysis (25 per cent).
Emma Fawcett, MYOB’s General Manager SME, stated that the popularity of free generative AI tools such as ChatGPT has opened the door for smaller business owners to explore AI.
“There is tremendous opportunity in all digital technology uptake for small-business owners, and this includes newer options such as AI,” Fawcett said. “The research indicates that SMEs know AI has the potential to help them, and those that have adopted it can see improvements in productivity and timesaving. However, there are still barriers to overcome, including feeling that they don’t know enough about AI or have concerns about the costs associated with implementing new systems.”
Fawcett pointed out that 44 per cent of respondents believe the use of AI will impact their industry over the next five years, suggesting that SME owners need to embrace the opportunities that are available to them, and work out how they can harness those opportunities to maximise their business efficiency.
The research also notes that 11 per cent of respondents spend more than eight hours a week on overhead tasks such as paperwork, finances and timesheets. If given the option to redirect this time to other tasks, 44 per cent would focus on growing the business, 31 per cent said they would use the time to rest, 24 per cent would innovate, 24 per cent would come up with new products or services, and 24 per cent would focus on team engagement.
“The findings suggest that business owners want to make savvy time investments, either by cultivating and growing their business, or simply by reducing the amount of time spent on repetitive tasks. AI and other forms of digital business solutions can free up time, often at no or a low cost,” Fawcett said.
“I’d encourage all small-business owners to look at what’s available in their industry, talk to other business owners about how they’re using AI, and don’t be afraid to take the plunge,” she added. “It doesn’t have to be a significant time or cash investment, but it’s worthwhile knowing what’s on offer and how it can help.”
