More than half of current AI users say it will save them up to $2K per month
DALLAS, TX / ACCESSWIRE / May 22, 2024 / Small business adoption of AI will soon see a big rise. While only 39 percent of small businesses are currently using AI, that percentage is expected to jump to 51 percent by the end of 2025, according to new survey data from small business software platform Thryv® (NASDAQ:THRY). There is good reason for the anticipated uptick. In quantifying the benefits of AI tools, more than half of responding AI users expect to save between $500-$2,000, and up to 20 hours, monthly. Thryv conducted the survey of 500+ small business owners in April of 2024.
The Benefits of AI
Small business owners appreciate how AI can impact how they operate:
- 73 percent said it will offload repetitive tasks
- 67 percent said it will give them personal time back
- 58 percent said it will help with resource constraints
"Small business owners literally can't do it all, so while they can be more cautious when it comes to adopting new technologies, Thryv's survey indicates a lot of them expect to benefit from the promise of AI," said Grant Freeman, president of Thryv. "For many, it's already delivering significant time savings, particularly when it comes to the content creation capabilities of generative AI."
AI vs. Employees
Small businesses employ nearly half of all U.S. employees according to the SBA's Office of Advocacy. Thryv's survey indicates that AI will not immediately upend this dynamic. Only a third of respondents think AI will make their business less reliant on employees.
When asked if they needed to add a new resource to their business, and either a person or AI software could perform the task equally well, small business owners are evenly divided: 36 percent would prefer to purchase AI software; 34 percent would prefer to hire a new employee; and 30 percent would prefer whichever option is the least expensive.
Impact of Age and Size
Age matters when it comes to AI adoption. Less than a third of small business owners aged 60+ are using AI; and almost half in this age group do not plan to use AI for their business. Forty-three percent of those small business owners using AI are in the 21-49 age range.
Usage of AI increases as the size of the business increases.
- 47 percent of businesses with 10+ employees use AI
- 40 percent of businesses with 5-9 employees use AI
- 27 percent of businesses with 1-4 employees use AI
AI Pros and Cons
While there is clearly momentum for AI adoption, almost a third of respondents believe using it could have unintended consequences. For Jermaine Stanley, founder of Stanley Consulting Group, that translates into the potential for unconscious bias. "AI has been a game changer for content creation. I no longer battle writer's block and the time I gain back is considerable. But, as a DEI consultant, I believe we need to be diligent about how we leverage data, so we don't unwittingly exclude any populations. DEI is designed to benefit all, rather than one or two demographics."
A Wait and See Approach
Of those SMBs not currently planning to use AI in the future, more than half want to see how it impacts other small businesses before they adopt it. In terms of overall small business objections, a third say "it's too new," and "I don't know what I would use it for." A quarter say they "don't trust AI."
"For many AI holdouts, trust and purpose are at issue," said Freeman. "We're finding, however, a small business platform like Thryv's, that embeds AI features right into their workflow, makes it easier for small businesses to make that digital transition. It lightens the lift, particularly for those businesses without a staff. AI's impact is transformative and we want to make sure that, no matter how small the business, they can confidently and easily embrace it."
AI Applications on the Thryv Small Business Platform
Small businesses can leverage Thryv's platform to experience AI-driven benefits, including enhancements to the Social Media Management tool that allow them to harness the generative power of AI for social media caption creation and Advertising Recommendations for streamlined digital advertising.
Review the survey report here. To learn more about how Thryv is incorporating AI into its leading small business platform, visit www.thryv.com.
Survey Methodology
Data was collected from 530 respondents between April 8 and April 11, 2024. Respondents are decision-makers for their business and are aged 21 or older. Respondents have been in business for one year or more, have 1 to 100 employees, and report revenue ranging from $100k to $24.9 million.
About Thryv
Thryv Holdings, Inc. (NASDAQ:THRY) is the provider of the leading do-it-all small business software platform that empowers small businesses to modernize how they work. It offers small business owners everything they need to communicate effectively, manage their day-to-day operations, and grow - all in one place - giving up to 20 hours back in their week. Thryv's customizable platform features three centers: Thryv Command Center, a freemium central communications hub, Business Center℠ and Marketing Center℠. Over 300,000 businesses globally use Thryv to connect with local customers and take care of everything they do, start to finish. For more information, visit thryv.com.
Media Contact:
Julie Murphy
Thryv, Inc.
617.967.5426
[email protected]
Investor Contact:
Cameron Lessard
Thryv, Inc.
214.773.7022
[email protected]
SOURCE: Thryv