A 357 small business study conducted by Amárach Research states that the most common applications of AI are simple tasks (66%) and automation of data analysis (44pc).
Adoptions are high in professional services and finance, and companies report growing enthusiasm for AI's potential to improve accuracy, speed up processes and, most importantly, reduce costs.
However, the report states that AI adoption remains primarily at the surface level, with the majority of small and medium-sized enterprises using AI for basic features such as content generation and reporting rather than innovation, product development or key decisions.
According to the report's respondents, the main barriers to a deeper sense of AI integration are the lack of expertise, time constraints and a lack of concise business strategies.
SFA Director David Broderick said:
90 Seconds Today's News – Tuesday, August 5th
“Studies show that SMEs are interested and interested, but AI adoption remains shallow among SMEs as it is largely limited to content generation and simple data analytics rather than innovation, product development and decision-making.
“Therefore, many companies have not yet fully investigated their potential.”
The SFA is urging the government to unlock the National Trade Fund (NTF) to support high-skills in digital and AI capabilities.
Broderick also called for a Grow Digital voucher scheme and enhanced access to R&D tax credits to encourage more businesses to challenge more advanced AI capabilities.
Three-quarters of respondents reported that they have plans to implement more AI or implement more AI, except in the retail sector, which produces the most companies that do not show interest in the use of AI.
As AI continues to change the global economic landscape, SFA warns that Ireland's small business sector should not be left behind and must work in conjunction with governments and training institutions.
