Small businesses open to AI and automation but worry about evolving tech, Visa research finds

Small businesses are open to using artificial intelligence (AI) tools to boost their competitiveness and efficiency but have concerns about their ability to keep pace with evolving technology, according to new research from credit card giant Visa.

Visa revealed the seventh edition of its Global Back to Business Study on Tuesday, which included a focus on the sentiments of small and medium businesses (SMBs). It found that 91% of SMBs say that they’re at least somewhat likely to consider AI services like ChatGPT in addition to automation in the next 12 months to help elevate their business against competitors.

Even as SMBs overwhelmingly expressed a willingness to consider AI tools, a significant number expressed some apprehensions about their ability to evolve their businesses by keeping up with changes in technology and consumer preferences.

Two-thirds of the SMBs surveyed, or 67%, said they’re not confident their business can tackle the task of staying up to date with trends in technology and consumers’ tastes, with just 33% saying they’re completely confident in their ability to do so.