AI adoption and ad spending have seen a significant increase among Canadian businesses, according to a recent report from Float. The report indicates that 32 per cent of small to medium-sized businesses in Canada have subscribed to ChatGPT to streamline their operations, showing a more than double increase compared to a year ago.
Float’s CEO, Rob Khazzam, described the rise in artificial intelligence adoption as encouraging, suggesting that Canadian businesses are investing in innovation and tools to enhance efficiency and productivity. The report also revealed that tech companies with a ChatGPT subscription increased from 25 per cent to 50 per cent, while non-tech companies rose from 12 per cent to 26 per cent.
Despite economic uncertainties, businesses have maintained relatively flat spending throughout the year, except for advertising, which doubled. This trend reflects a willingness to invest in areas that drive growth while controlling operational expenses. Larger companies with over $1 million in revenue experienced a 37 per cent year-over-year increase in spending, indicating signs of a rebound.
Andrew Dale, senior vice-president of operations and financial products at Float, emphasized the importance of small and medium-sized businesses in Canada’s economic recovery. He highlighted the need for all sectors to invest in growth to accelerate economic progress and ensure a sustainable future for Canadians.
Frequently Asked Questions (FAQs) Related to the Above News
What is ChatGPT and how is it being used by Canadian businesses?
ChatGPT is a subscription-based artificial intelligence tool that helps businesses streamline their operations. Canadian businesses, particularly small to medium-sized ones, are using ChatGPT to enhance efficiency and productivity.
How much has the subscription rate for ChatGPT increased among Canadian businesses compared to a year ago?
The subscription rate for ChatGPT among Canadian businesses has more than doubled in the past year, with 32 per cent of small to medium-sized businesses now using the tool.
What sectors are seeing the highest increase in ChatGPT subscriptions in Canada?
The tech sector has seen a significant increase in ChatGPT subscriptions, with 50 per cent of tech companies now using the tool. However, non-tech companies have also shown growth, with 26 per cent using ChatGPT.
How have Canadian businesses managed their spending throughout the year, especially in light of economic uncertainties?
Canadian businesses have maintained relatively flat spending throughout the year, except for advertising, which has doubled. This indicates a willingness to invest in growth areas while controlling operational expenses.
What are the signs of a rebound in larger companies with over $1 million in revenue?
Larger companies with over $1 million in revenue have experienced a 37 per cent year-over-year increase in spending, suggesting signs of a rebound in their business activities.
Why is there a focus on small and medium-sized businesses in Canada's economic recovery?
Small and medium-sized businesses play a crucial role in Canada's economic recovery. Investing in growth is important to accelerate economic progress and ensure a sustainable future for Canadians, according to Andrew Dale, senior vice-president of operations and financial products at Float.
Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.
