AI Integration in SMBs: Balancing Fear and FOMO

LONDON, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Artificial Intelligence (AI) is transforming industries, with small and medium sized businesses (SMBs) feeling the pressure. Builder.ai, the AI-powered composable software platform that allows every business to become digitally powered, today announces that they surveyed SMBs in the U.K. and U.S. where the key findings show that nearly 71% of SMBs in both the U.K and U.S. are already investing in AI, with around 56% expecting it to enhance their efficiency. However, there is a division: while 40% say they fear missing out if they don’t act quickly, nearly 20% worry about adopting the technology too soon and 54% of SMBs are more cautious when it comes to early adoption.

SMBs and the AI Unknowns

SMBs are navigating challenges with AI. In the U.K., top concerns are cost (35%), lack of skilled staff (32%), and integration issues (29%), while in the U.S., tech failure (29%), employee resistance (28%), and high costs (27%) lead. Sectors like retail, healthcare, and manufacturing are especially wary, with 42% of retail SMBs expressing fear over AI’s “unknown future.”

While many recognise the potential benefits of AI, apprehension remains widespread in both the U.K. and U.S. with 30% citing “its unknown future” as a major concern. When broken down by sector, 42% of retail, catering and leisure, 30% of healthcare and 29% of manufacturing and utilities SMBs say AI’s unknown future has them most fearful about emerging technologies.         

Skills Gap and Resource Shortages

Across both countries, 25% of SMBs cite a lack of skilled staff as a major barrier. Over 40% in both the U.K. and U.S. say they believe they need an AI expert but are unsure where to start. Many lack mobile apps, and among those who do, 79% found development challenging.

“I've observed that our SMB customers are cautiously optimistic about AI adoption and while they know it’s essential to staying competitive and accelerate their digital transformation, they’re held back by fears around costs, skills, and integration. They often struggle with knowing where to begin or how to secure the necessary resources,” said Sachin Dev Duggal, Founder and Chief Wizard at Builder.ai. “AI shouldn’t be exclusive to big corporations. SMBs need, expect and deserve the same technological edge especially as it allows them to punch above their weight, and our mission at builder.ai is to bridge that gap – providing accessible AI-powered/infused solutions that align with their ambitions, needs and goals.”

SMBs Investing Despite Concerns

Despite the fears SMBs are trying to embrace AI, with key drivers including improving efficiency, cutting costs and staying competitive. Although there is fear surrounding the cost of AI solutions, nearly three quarters are investing in AI today, with most SMBs surveyed (54%) in both the U.K. and U.S. expecting to increase investment over the next year.

Builder.ai is empowering SMBs to bridge these gaps by enabling quick, affordable app development. By decomposing software into reusable Lego-like features and combining them with cutting-edge AI and a patented software assembly line, Builder.ai has demonstrated global success helping businesses of all sizes transition to a software-first approach effortlessly.  

For more information, please visit www.builder.ai

Research Methodology

The research was conducted by Opinion Matters, among a sample of 1,507 employees in SMEs in the US and UK. The data was collected between 10-12th September 2024. Opinion Matters abides by and employs members of the Market Research Society and follows the MRS code of conduct and ESOMAR principles. Opinion Matters is also a member of the British Polling Council.

About Builder.ai

Builder.ai® is an AI-powered composable software platform for every idea and company globally. The AI-powered assembly line integrates Lego-like reusable features with Building Blocks™ automation to minimise human effort, leverages a verified network of experts to significantly extend development capabilities, and produces apps with a nearly zero failure rate at a fraction of the cost and time of traditional software development.

Led by serial entrepreneur Sachin Dev Duggal, Builder.ai is reshaping the construction and operation of software with a suite of products and services, including BUILDER STUDIO, BUILDER CLOUD, BUILDER NOW, and STUDIO STORE. Builder.ai was featured on the 2023 Fast Company list of Most Innovative Companies, received the “Hottest AI Startup” and 2022’s “Hottest Scale-Up” awards at the Europas for Europe's successful tech startups, and won the Best COVID-19 Innovation for Recovery at CogX. It was also named 'Visionary' in the 2021 Gartner® Magic Quadrant™ for Multi-experience Development Platforms. Builder.ai is headquartered in London, with employees and hubs in Delhi NCR, Singapore, Los Angeles, Salt Lake City, Sophia Antipolis, and Dubai. For more information, visit Builder.ai.

Media Contact: Stephanie.lowenthal@builder.ai

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8098364b-e6ab-4081-be7d-16c0bc716d32

source: Builder.ai