Many small businesses are still figuring out how to best leverage generative artificial intelligence (AI).
But as The New York Times reported on Sunday, generative AI (GenAI) is becoming a “game changer” for some small business owners, helping them with chores like writing code, editing copy and figuring out legal intricacies — ultimately helping them get their companies off the ground faster.
The technology is “like a set of stilts that help you get through obstacles, through a minefield,” said Steven Bright, founder of Skittons, a company that makes colorful covers for gloves. “It helps you get from A to B quicker.”
As the NYT noted, there's little data yet on how much startups are using AI, or whether the technology is helping them start hiring or monetize, but research suggests that startups are at least more likely to try out the technology.
But the report cited a working paper published in April by the National Bureau of Economic Research showing that AI use is more prevalent among startups. The paper's authors argued that generative AI may be more attractive to startups because it is a “general-purpose” technology and therefore less costly to use.
A recent survey by PYMNTS Intelligence found that 96% of small and medium-sized businesses (SMBs) using AI tools, though not necessarily generative AI, see it as an effective way to streamline tasks.
“In fact, our data shows that the companies most at risk and those already adopting cost-cutting strategies are also the ones that stand to benefit most from adopting AI to automate even mundane tasks,” PYMNTS wrote in June.
“The data shows clear differences in how SMEs are currently using this technology. Companies with growing revenue or those making more than $1 million per year are two times more likely to use AI than companies with stable or declining revenue.”
In related news, PYMNTS wrote an article last week about the growing trend of job seekers using AI to create resumes and how companies are trying to curb the practice.
“We've put in place a process where we use AI to weed out applicants who apply in bulk,” Kara Ayers, senior vice president of global talent acquisition at Explore Technologies, told PYMNTS. “We have applicants type in a specific keyword or phrase at the end of the job posting and then have them place that word or phrase in a specific spot on their application.”
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Read more: AI, artificial intelligence, B2B, B2B payments, commercial payments, GenAI, Generative AI, National Bureau of Economic Research, news, PYMNTS News, small business, SMB, trending news, B2B trending news
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