87% of Businesses Plan to Invest in AI in 2023

The economy seemed like it was on the brink of collapse just a year ago, but in spite of the fact that this is the case, business owners seem to be a much more optimistic mood nowadays. It turns out that 75% of the owners of mid sized businesses are expecting their revenues to go up over the course of the year. This opens up new opportunities for them to invest in technologies, with AI in particular coming to the fore.

With all of that having been said and now out of the way, it is important to note that digital strategies are rapidly becoming the name of the game so to speak. 48% say that this will reduce the amount of time required to get things done, 43% are expecting that this will boost customer satisfaction, and 41% feel like this can aid them in maintaining an appropriate level of organization.

What’s, the vast majority of medium sized businesses, or 71% to be precise, stated that digital channels will become their primary mode of communication. 87% of these businesses that are adopting a digital first strategy plan to use the extra revenue they are expecting to dive into AI because of the fact that this is the sort of thing that could potentially end up expanding their enterprises.

45% are of the opinion that investing in AI at this interval will make it easier to stand apart from competitors than might have been the case otherwise. 43% are also hoping that this will iron out some of the kinks that they experience while working on payroll and the like.

The AI revolution is fully underway with all things having been considered and taken into account. Businesses that are right in the middle of the spectrum finally have the resources that they need to strike while the iron is hot, and it will be interesting to see where things go from here on out. 90% of these companies are also trying to get further financing which will no doubt make it even easier for them to invest in AI tech.

H/T: Bank of America / 2023 Mid-Sized Business Owner Report

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