The annual survey of entrepreneurs and small businesses in India for insights into their outlook on artificial intelligence and business growth by GoDaddy revealed that 94 per cent of respondents view implementing AI as key for positive outcomes in business.
The Global Entrepreneurship Survey said the top three compelling reasons for investing in AI tools were a positive impact on customer service by 53 per cent of respondents followed by potential for increased efficiency by 41 per cent and improved decision-making through data-driven insights by 40 per cent.
Moreover, key areas in business where AI could benefit according to 65 per cent of respondents were marketing, business planning & strategy by 61 per cent, and customer experience by 52 per cent.
The survey was conducted in January this year with 505 respondents in India.
Overall, the survey said that 97 per cent of small business owners believed that digitalization has noticeably improved their work processes.
“AI is a valuable asset in targeting the right audience, measuring campaign effectiveness, and making informed business improvements among other benefits. With a spirit of innovation and an eye on the future, Indian small businesses are poised to unlock growth opportunities,” said Apurva Palnitkar, Senior Director Marketing, GoDaddy India.
However, concerns still loomed about implementing AI by small businesses. Lack of awareness about available solutions (50 per cent), lack of understanding of the benefits (45 per cent), potential costs (43 per cent) and lack of time to implement these tools (29 per cent) were the key areas of concern.
“As Indian entrepreneurs embrace the potential of AI to boost their businesses, GoDaddy’s survey results underscore their aspirations for digital transformation and future growth. In India, 87 per cent of respondents expect their business to grow in the next three to five years, with 40 per cent expecting their business to grow at least 50 per cent in that timeframe,” the survey said.