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Middle market is confident about AI, despite early-stage adoption challenges

June 6, 2024

Authored by Freelandt Caldwell Reilly LLP

Francesco Modesto, CPA shared this article

ARTICLE | June 06, 2024


Middle market is confident about AI, despite early-stage adoption challenges

Main Points:

1. A significant majority (78%) of middle market firms in the U.S. and Canada are using AI across their operations.
2. 77% of these companies have adopted generative AI solutions such as ChatGPT and Microsoft Copilot, primarily for IT, data analytics, and customer service.
3. Only one-fifth of businesses surveyed have achieved full integration of AI technology, with 41% saying they have partially implemented it.
4. Despite the early stages of AI adoption, 85% of respondents indicated the impact of generative AI has exceeded expectations, offering increased efficiency, improved customer service and lower costs.
5. However, 67% of firms admitted needing external support to maximize the benefits of their chosen AI solutions due to the technology's fast pace and complexity.

Quote:
"Companies in the middle market are embracing AI's potential, finding it to outperform expectations by boosting efficiency, enhancing customer service, and reducing costs. However, the journey to full integration is complex and often requires external expertise."

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