More than half of current AI users say they save up to $2,000 per month
Dallas, May 15, 2024–(BUSINESS WIRE)–The adoption of AI in small and medium-sized businesses will soon increase significantly. Only 39% of small businesses are currently using AI, but that percentage is expected to jump to 51% by the end of 2025, according to new research data from small business software platform Thryv.® (NASDAQ:THRY). There are good reasons for the expected rise. Quantifying the benefits of AI tools, more than half of surveyed AI users expect to save between $500 and $2,000 and up to 20 hours each month. Thryv conducted a survey of over 500 small business owners in April 2024.
Advantages of AI
Small business owners appreciate how AI will impact their operations.
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73% said it reduces the burden of repetitive tasks.
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67% say their personal time will return
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58% said it would help solve resource constraints
“Small business owners literally can’t do everything, so they may be more cautious when it comes to adopting new technology, but Thryv research shows that many small business owners are excited about the potential of AI. We have shown that we look forward to benefiting from this,” said Grant Freeman, president of Thryv. Sliv. “For many people, there are already significant time savings, especially when it comes to the content creation capabilities of generative AI.”
AI vs. employees
According to the SBA Office of Advocacy, small businesses employ nearly half of all workers in the United States. Thryv's research shows that AI will not immediately upend this dynamic. Only one-third of respondents believe that AI will make businesses less dependent on their employees.
When you need to add new resources to your business and ask whether humans or AI software can perform the task equally well, small business owners are divided. 36% want to buy AI software; 36% want to buy AI software. 34% want to hire new employees. and 30% would prefer the least expensive option.
Effect of age and size
Age matters when it comes to AI adoption. Less than a third of small business owners over 60 are using AI. And almost half of this age group have no plans to use AI in their business. His 43% of small business owners using AI are in the age group of 21 to 49 years old.
As your business grows, so will your use of AI.
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47% of companies with 10 or more employees use AI
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40% of companies with 5-9 employees use AI
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27% of companies with 1-4 employees are using AI
Advantages and disadvantages of AI
While the momentum for AI adoption is clear, nearly one-third of respondents believe that using AI may have unintended consequences. For Jermaine Stanley, founder of Stanley Consulting Group, that means the possibility of unconscious bias. “AI has revolutionized content creation. I no longer suffer from writer's block and have gained back a lot of time. But as a DEI consultant, I'm not sure how to leverage data. We believe DEI is designed to benefit all populations, not just one or two demographics.”
wait-and-see approach
More than half of small businesses that currently have no plans to use AI in the future want to see how AI will impact other small businesses before implementing it. In terms of opposition among small and medium-sized businesses, one-third said it was “too new'' and “I don't know what it will be used for.'' A quarter of respondents said they do not trust AI.
“For many of the AI resistance groups, trust and purpose are at issue,” Freeman said. “However, small business platforms like Thryv embed AI capabilities directly into their workflows, making the digital transition easier for small businesses. This eases the burden, especially for businesses without staff. Impact is transformative, and we want to make it easy for businesses, no matter how small, to embrace it with confidence.”
AI applications on the Thryv Small Business platform
Small and medium-sized businesses can leverage Thryv's platform to experience AI-driven benefits. This includes enhancements to social media management tools to harness the generative power of AI for social media captioning and ad recommendations for streamlined digital advertising.
Check out the research report here. To learn more about how Thryv is incorporating AI into its leading small business platform, visit www.thryv.com.
Research method
Data was collected from 530 respondents between April 8 and April 11, 2024. Respondents are business decision makers and are 21 years of age or older. Respondents reported that they had been in business for more than a year, had between 1 and 100 employees, and reported revenues ranging from $100,000 to $24.9 million.
About the sleeve
Thryv Holdings, Inc. (NASDAQ:THRY) is a leading small business software platform provider that helps small businesses modernize the way they work. Small business owners can spend up to 20 hours a week with everything they need in one place to communicate effectively, manage daily operations, and grow. Thryv's customizable platform features three of his centers: Thryv Command Center, a freemium central communications hub, Business Center℠, and Marketing Center℠. More than 300,000 businesses around the world use Thryv to connect with local customers and handle everything from start to finish. For more information, visit thryv.com.
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contact address
Media contact:
julie murphy
Thrive Co., Ltd.
617.967.5426
julie.murphy@thryv.com
Investor contact information:
Cameron Lessard
Thrive Co., Ltd.
214.773.7022
Cameron.lessard@thryv.com
