Posted by Editorial Assistant on 31 July 2024
In every era, society faces that pivotal moment where a groundbreaking concept emerges, challenging the status quo and inviting a flood of opinions. Artificial Intelligence (AI) represents one such contemporary crossroads, sparking discussions not just about technological capabilities, but about the very essence of human ingenuity and our place alongside these machines.
Amid whispers of concern that AI might usurp human roles, it's clear that AI can never match the creativity and judgement only the human mind is capable of making. While AI excels at sifting through data at breakneck speeds, it falls short on grasping the finer points of nuance, human sensitivity and empathy.
Our latest report – Redefining Intelligence: The Growth of AI Among Small Businesses – underscores that point, illustrating how AI is best utilised as an aid to human intelligence, not a replacement.
By the numbers
Our findings reveal that 20 percent of small firms are already using AI, 73 per cent have concerns about the technology. Concerns vary range from not having the knowledge to use it correctly (46 percent) to security risks (31 percent), as well as the impact of deepfakes (24 percent) and the abuse of their IP rights (20 percent.) Importantly, 12 percent fear it might reduce the long-term viability of their business.
The silver lining is that small firms, with their inherent agility, are well-positioned to adopt the benefit from new technologies more swiftly than their counterparts. In fact, 16 per cent plan to enrol on an AI course, with 8 per cent planning to invest training in their staff.
The road ahead: Skills and regulation
To fully harness AI's potential, Government regulation is needed. Our report recommends the Government makes it illegal to use deepfakes with the intent to cause commercial damage, the Law Commission carry out a conduct review into how AI relates to IP, and Ofcom's remit be broadened so it regulates cloud infrastructure in the same way as utility providers. Skills, too, are a vital part of AI adoption. There needs to be a commitment to creating a GCSE and A-Level qualification. Specific, new programmes to help make small business owners make the best possible use of AI in their business are also welcome.
Dot.com boom to AI.boom
AI promises to shape our economic landscape in ways the dot.com era merely hinted at. Ensuring small firms are not left behind in that race is crucial.
ABOUT FSB
As the UK's business support group, FSB is the voice of the UK's small businesses and the self-employed. Established over 40 years ago to help its members succeed in business, FSB is a non-profit making and non-party political organisation that's led by its members, for its members. As the UK's leading business campaigner, FSB is focused on delivering change which supports smaller businesses to grow and succeed.
FSB offers members a wide range of vital business services, including access to finance, business banking, legal advice and support along with a powerful voice in Government. Each year FSB also runs the UK's Celebrating Small Business Awards. More information is available at www.fsb.org.uk. You can follow us on twitter @fsb_policy and on Instagram @fsb_uk.
