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Small businesses are still not leveraging technology to build or boost their growth, according to a new research that surveyed two advanced economies implying that the uptake of technology by businesses in less developed economies will be more marginal.
RELATED: 44% of small business owners expect to hire fewer people due to AI tools – Survey
According to the latest data from the FreshBooks Digital-Driven Transformation report, which surveyed small business owners across the U.S. and Canada to better understand their digital readiness, only 27% of businesses are experimenting with Generative AI.
The results found that only 41% had a comprehensive digital adoption strategy, plan and/or budget for becoming more competitive (ultimately harming their business growth).
Key findings from the report:
- Only 27% of owners said they’re experimenting with Generative AI within their businesses.
- 54% have secure tech and policies in place to protect business and customer data.
- On average, owners dedicate about 20% of their working week to planning or advancing digital projects.
- On average, small business owners are allocating 17% of their annual operating budget to fund new digital projects.
Stefano Grossi, Chief Product and Technology Officer at FreshBooks emphasizes the importance of digital technologies in scaling and streamlining operations. Let me know if you’re interested in more insights. I can connect you with Stefano for an interview or share written responses to your questions.
For the full report please visit: https://www.freshbooks.com/press/data-research/digital-driven-transformation-a-practical-guide-to-digital-technology-adoption-for-small-business-success
