Small and medium businesses (SMBs) are keenly interested in AI, with 74% expressing interest in keeping up with AI trends, per SMB Group data. SMBs are exploring generative AI, with 55% already exploring it and 20% planning to do so soon. Overall, SMBs believe that AI offers more benefits than drawbacks, with better decision-making and data analysis being the top benefits. The main drawbacks are concerns about data security, privacy, and unintended negative consequences.
A Gallup survey found that 79% of Americans have little or no trust in businesses using AI responsibly. Only 21% of respondents said they trusted businesses with AI “a lot” or “some.” Trust in AI was consistently low across different population subgroups. The survey also revealed that 22% of respondents were worried about technology making their jobs obsolete, representing a rise compared to previous years.
According to recent polls, public opinion on AI worsens as exposure increases. A Harris and Mitre Corporation survey found that the percentage of Americans who believe AI is “safe and secure” has decreased. Additionally, a Pew survey revealed that most Americans are more concerned than excited about using AI daily, with these numbers worsening over time.
MIT Sloan Management Review and Boston Consulting Group survey, third-party AI tools are responsible for over 55% of AI-related failures in organizations. These failures can lead to reputational damage, financial losses, and loss of consumer trust. The study highlights the need for organizations to adapt their risk management programs and thoroughly evaluate third-party AI tools to ensure responsible AI deployment.
With a large percentage of SMBs looking at AI, ignoring the trend will impact competitiveness. The opportunity is in helping integrate the technology into business, overcoming that skepticism with solutions. Businesses and advisors have a chance to pioneer responsible AI practices that not only satisfy organizational goals but also rebuild public trust.
We’re moving rather quickly through the hype cycle. This backlash is to be expected, particularly with a technology with this much potential impact. The MIT study shouldn’t be a surprise – the effects are pretty typical, and frankly, it’s always third parties, right? But wait until the next story….