Smaller companies that make data a strategic priority are not only faster to adopt AI, they are also outperforming their rivals, through increased customer satisfaction, revenue, process efficiency, marketing, cost reduction, and reduced risk.
So says a new study by Amazon Web Services (AWS), which reveals SMEs have traditionally been cautious about adopting emerging technologies, and generative AI is no different. Around a third of respondents expressed skepticism or hesitancy about starting AI projects any time soon.
However, those that are highly data-driven are twice as likely to financially outperform their competitors and twice as likely to achieve positive results from data across key business outcomes as their less data-driven peers.
They also expect to see better results in the future, with two-thirds anticipating data positively impacting marketing in the next two years, compared with just 33% of less data-driven SMEs.
Similarly, AWS noted that respondents who have a mature data strategy and have made significant early strides have unlocked a potent competitive advantage.
The report stated: “Some 60% of organisations with a mature and comprehensive data strategy financially outperform their competitors. Only 24% of those still in the early stages of developing their strategy can make the same claim.
“SMEs with a high-level of data maturity can harness their data more effectively, empowering both data managers and data consumers alike. A robust data strategy is a key component of data maturity, and directly impacts an SMB’s likelihood of outperforming competitors.”
Even so, most SMEs are still taking a cautious approach, and are exploring how to leverage the technology effectively.
Nearly half the survey respondents identified security as the greatest challenge with their AI initiatives, while other big concerns include a lack of skilled staff (43%) and a general skills shortage (42%).
However, more than a third with a robust data strategy are at an advanced stage of AI maturity, compared to only 9% of those without a data strategy.
The report concluded: “Data is the differentiator for SMEs, building data maturity is worth the investment, and, for the majority, is an opportunity waiting to be capitalised on.”
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