AI Research Source: How Small Businesses Are Embracing Generative AI

AI Research Source

AI is happening now. 40% of small businesses are using Generative AI in 2024 up from 23% in 2023 according to the Federal Reserve. It’s becoming a must-have tool. It’s used for customizing content, predicting market trends and even streamlining hiring to name a few things. AI can be a secret weapon for leveling up with the big companies.

Small businesses are using OpenAI’s Deep Research AI tool for competitor analysis, industry insights and market trends. Digital marketing is evolving with AI driven tools like chatbots and video content creation. These AI tools are helping small businesses thrive.

You don’t immediately think of the Federal Reserve as a source for AI research. But there are at least two Federal Reserve Banks that publish high-quality research and reports on AI adoption, including the Federal Reserve Banks of St. Louis and San Francisco.

For example, the Federal Reserve Bank of St. Louis recently published a report titled “The Rapid Adoption of Generative AI,” which presents the results of a nationally representative survey of AI adoption in the US. The report found that generative AI adoption has been rapid and widespread, with 39% of adults aged 18-64 having used generative AI in the past year.

Similarly, the Federal Reserve Bank of San Francisco has also published several reports and articles on AI adoption, including a recent article that explores the potential impact of AI on the economy. For example, the report “Small Businesses at the Frontier of the Generative AI Economy” talks about the companies using AI for back-office tasks like data management and marketing. They plan to use AI in the future working with customers on tasks such as sales calls and recruiting.

Here are the links to the research papers and blogs produced by two of the Federal Reserve Banks:

• Federal Reserve Bank of San Francisco
• Federal Reserve of St. Louis