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Nearly half of companies don't understand how AI can help them

(Image credit: Image Credit: Geralt / Pixabay)

Most businesses are using artificial intelligence (AI) in one form of another, despite many not being aware of it. 

Polling 250 business owners for its latest report, Esme Loans found 73 per cent of businesses which claimed they didn’t use AI, and 29 per cent of those that said they were scared and reluctant to use the tech, were actually using it already.

Esme gave the respondents a long list of tools, which included the likes of Gmail or voice assistant devices and, from the results, concluded that they use at least one AI-powered tool.

When asked how they’d use AI, most organisations mentioned data analytics, marketing and bookkeeping. Some mentioned productivity improvements.

Esme Loans concluded that organisations are generally not fully aware of the potential of AI technology. Almost half (43 per cent) don’t understand how AI can benefit their business.

Still, most are looking at it for the future. Four in ten will be investing in the tech within five years, while almost 10 per cent plan to do so within a year. Younger business owners seem more inclined towards such tech, as well.

While some workers praise artificial intelligence, saying it would rid them of boring, repetitive tasks and make room for more responsible work, others are fearful AI would leave them jobless.