Zeroing In on Private Business Owners and Artificial Intelligence

November 21, 2024
How are private business owners navigating the rapid rise and development of artificial intelligence? Using data from our second annual Private Business Owner Survey, this infographic sheds light on owners’ adoption of the latest technology.
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When asked about their top three challenges, private business owners identified:

  • Economic instability and inflation
  • The rise of AI
  • The political environment of the U.S.

AI regulation is top of mind for many owners.

Business owners are split as to whether there should be more AI regulation.

  • 51% think AI regulations should stay the same
  • 46% think the U.S. should enact more AI regulations
  • 3% think there should be fewer AI regulations

Yet 99% are currently using AI for business purposes, including:

  • Automating processes
  • Supply chain and inventory management
  • Marketing/content creation
  • Security and fraud prevention
  • Customer service
  • Data and predictive analytics
  • Recruitment and retention

AI adoption will continue to grow, with business owners expecting to use AI in the following areas in the next 12 months:

  • Supply chain and inventory management
  • Marketing/content creation
  • Data and predictive analytics
  • Customer service
  • Automating processes
  • Security and fraud prevention
  • Recruitment and retention

Sources: Brown Brothers Harriman. Second Annual Private Business Owner Survey. October 1, 2024.

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