The survey found that the majority of UK businesses (82%) are willing to adopt more AI technologies, with more than half (65%) agreeing that increased regulation of AI will hinder their competitiveness.
A new survey from Gong, a revenue intelligence platform, reveals how 500 small business leaders feel about the state of AI in their businesses and what they expect from government regulation.
Censuswide conducted a survey on behalf of Gong with 500 small business decision makers to understand their AI business practices.
This comes as the UK concludes its public consultation on the AI White Paper on 21 June 2023.
Evolving business environments and economic uncertainty have put in mind the problems that leaders need to deal with, and technology is essential in finding solutions to them.
As of today, the survey shows that growing new sales continues to be a challenge for a third (33%) of businesses. Other challenges include controlling or reducing costs (40%) and hiring new talent (37%).
AI technology already plays a role in the majority of UK businesses (89%), with more than a quarter (28%) using AI technology to increase sales and a third in marketing (33%) and to improve customer support. (28%).
Business leaders are looking for ways to get the most benefit from AI, with 30% of those surveyed saying AI adoption is critical to business growth and 40% saying AI adoption is the future of their business is essential.
Lesley Ronaldson, EMEA senior director at Gong, said: “AI technology not only impacts a company’s profitability, but it also makes employees more efficient and effective at their jobs. It’s not surprising that the top motivation (46%) of employees was to improve productivity, another top motivation as employee burnout has become a major challenge for many leaders. , was to take the pressure off the seller.”
AI regulation
AI regulation is a top concern around the world, with polarizing views on how to handle the rapidly evolving technology. Regulators are still trying to fill knowledge gaps in this area, and many are becoming more concerned about the potential risks posed by AI than the potential benefits.
The EU just voted on a landmark AI regulation law, which will be discussed with member states before it is fully approved. The law would limit certain uses of AI in law enforcement and mark certain uses of the technology as “high risk,” including use in social media algorithms and recruitment efforts.
In the UK, politicians continue to consider putting the brakes on innovation to keep regulation under control. Prime Minister Rishi Sunak is set to host an international AI summit in the fall, all the while touting the UK as an AI powerhouse.
According to Gong’s survey, despite the government’s release of the AI white paper, more than half of SMEs (52%) still want rules and regulations to be clarified or even protected by regulations (47%) in their AI ventures. Seeking.
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Scottish Government Minister for Small Business, Trade and Innovation Richard Lochhead previously expressed concern about the UK government’s ‘hands off’ approach to AI regulation, pointing to the non-statutory regulatory approach currently in place. .
Despite these regulatory concerns, 65% of SMEs surveyed believe that strict regulation of how and when companies use AI will hinder the competitiveness of UK companies.
Ronaldson continues: “Companies face the daunting challenge of growing sales in a hybrid workforce and a declining economy where traditional sales strategies are no longer supported. immeasurable.
“Staying competitive is the number one motivation for companies wanting to bring AI into the current model. It is something to consider.”
