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The study also found that entrepreneurs who use AI report a reduction in operating costs ( 27 %) and in the need for additional hiring ( 22 %) at a time when recruitment and retention remain major challenges to growth .

Pierre Cléroux , VP Research and Chief economist , BDC , revealed the study findings at ALL IN , an event dedicated to Canadian AI . The report provides a comprehensive analysis of AI adoption among Canadian entrepreneurs and offers practical advice for small businesses to better adopt or expand use of AI technology .

Key findings :

Unintentional AI use : Initially , only 39 % of surveyed entrepreneurs believed they were using AI . However , when presented with a list of AI-powered tools , this number jumped to 66 %, indicating that many were unaware of the AI capabilities embedded in their existing tools .

Big impact on operational costs and hiring : Small businesses are using AI to automate repetitive tasks , improve efficiency and manage operations more effectively . As a result , 27 % of business owners reported a reduction in operating costs and 22 % of businesses reported a reduced need for hiring additional employees .

Real benefits : A staggering 97 % of SMEs using AI reported tangible benefits from using AI , including increased efficiency , reduced costs , higher sales , improved customer service and better management of sales , production or inventory .

Larger businesses lead , but younger businesses are more agile : Larger businesses ( 100 + employees ) have a higher AI adoption rate ( 86 %) compared to smaller businesses ( 60 %). This is attributed to their greater resources and ability to leverage economies of scale . Unsurprisingly , younger businesses ( less than five-years-old ) are more likely to adopt AI ( 78 %) than their older counterparts ( more than 25-years-old ), which have an adoption rate of 48 %.

AI TOOLS HAVE ALLOWED US TO DO SOME THINGS MORE EFFICIENTLY AND COST- EFFECTIVELY .

Cléroux said : “ Our study highlights a significant knowledge gap , with many entrepreneurs unaware of the AI tools they are already using . By demonstrating the quickest win for the smallest business , our report makes it clear that implementing AI is a good investment .”

This is why the report presents real entrepreneur testimonials to illustrate , concretely , how investing in AI technology can pay off :

Back in the late 1990s , as companies started to see the value of putting their information online , Marty Fisher built his first website . He soon had enough demand to launch a digital agency , Sherpa Marketing , which he grew by keeping an eye on technology ’ s role in marketing and evolving with it . This expertise led to Sherpa ’ s merger with McKim Communications Group ( MCG ) in 2021 . They rebranded as The Show and Tell Agency in 2023 , with co-CEOs . “ We ’ re often among the first to acquire new digital expertise , which has given us a competitive edge ,” Fisher said . “ AI tools have allowed us to do some things more efficiently and cost-effectively . We invite everyone to try the tools , but it ’ s voluntary . Those who do , share their experience with the team at a lunch-and-learn .” �

Intelligent SME . tech

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