Interest in artificial intelligence (AI) and its potential to glean business insights and realize productivity gains is nearly universal, but many small and medium-sized enterprises (SMEs) are not in a position to take advantage of this technology.
Research by data experts ZenRows into how small and medium-sized businesses currently track market and competitor data has highlighted a mountain that many have yet to climb.
The company’s research conducted by 3Gem revealed that although 89% of SMBs believe that their competitors are using AI tools to be more effective, just under half of SMBs do not regularly collect competitor and market data.
The scale of the challenge facing channel partners selling AI to small business customers is compounded by the fact that channel partners who collect market data share their methods. Almost three-quarters use spreadsheets to store information, and more than half create written documents.
A common theme with AI is the gap between the desire to use the technology and the reality on the ground, and it’s no different in the small business market.
“This research clearly shows that there is a disconnect between small business owners’ intentions and their everyday actions,” said Ander Rodriguez, co-founder of ZenRows. “The fact that many people do not regularly track their markets and competitors, even though they believe they do, suggests that they feel overwhelmed and are in a ‘head-over-heels’ state of mind.The vast majority of those collecting this information are still using relatively static methods such as spreadsheets to store and access it, suggesting that the new information age promised by AI is still far away for most people.”
The pressure on users is not only in terms of the adoption of AI technology, but also in terms of their ability to understand it. ZenRows has found that many users struggle with complexity and setting a consistent outline for data engineers to follow. Despite some bad experiences, the majority of those questioned agreed that business intelligence is worth the money.
“It is clear that there is a desire among small and medium-sized businesses to have access to better information to make smarter business decisions, but it appears that many have been severely disappointed in their attempts to date,” Rodriguez said.
A partner who can work closely with vendors and customers to close the education gap. [around AI and data] I’ll rush towards the open door
Ander Rodriguez, ZenRows
“While it is true that vendors and consultants can better guide these smaller, less tech-savvy organizations through the complexities of online data, it is also important for small business owners to explore the new opportunities opening up to them, especially as AI becomes increasingly accessible and dramatically levels the playing field,” he added.
Rodriguez said that from a channel perspective, the findings outline the current state of the small and medium-sized business market, and it is clear that many companies would benefit from partner support in designing and deploying AI data systems.
“These findings present a unique opportunity for channel partners as they expose a lack of education in the market when it comes to collecting and understanding competitive data, while also demonstrating recognition of its value,” he said.
“Partners who can work closely with vendors and customers to close the education gap will open doors,” he added.
