SMBs Ready to Scale and Compete with Automation and AI, Reveals New Research
Small and medium-sized businesses (SMBs) are embracing the power of automation and artificial intelligence (AI) to expand their operations and effectively compete in today’s business landscape, according to new research released by airSlate, a leader in document workflow automation solutions.
The research, presented in a report titled Tech-forward and thriving: How SMBs are primed to embrace automation and supercharge productivity, highlights how the adoption of automation technology is shaping strategies, growth trajectories, and competitive capabilities for SMBs against larger, more resource-rich peers.
The survey, which included responses from over 1,000 SMBs in the United States, conducted by Propeller Insights on behalf of airSlate, emphasizes the importance of investing in the right business technology solutions and streamlining tech stacks to enhance productivity. Although SMBs are exploring various tech solutions, the research reveals that business productivity solutions are their top priority. Consequently, document workflow automation and e-signature tools have become crucial investments.
With over 99% of businesses in the U.S. categorized as SMBs, finding a competitive advantage is essential. This vast cohort of SMBs has an extraordinary opportunity to shape the future of automation, and they are actively seeking purpose-built and cost-effective tech solutions to optimize their operations. When making buying decisions, ease of use and affordability are major considerations. In fact, more than half of the survey respondents are considering switching from their current document automation solutions in search of better value. Their focus is on quality rather than quantity, and they aim to streamline their technology stacks.
The research by airSlate uncovered several key insights:
1. SMBs prioritize business productivity solutions such as document workflow automation and e-signature tools.
2. There is a significant shift from traditional wet signatures to digital signatures, with two-thirds of respondents already utilizing digital signatures in their business operations. This demonstrates a growing trend and increased trust in digital signatures as secure and safe methods of signing documents electronically.
3. Customer relationship management (CRM) solutions have gained importance among SMBs, with 97% of respondents viewing them as crucial. This represents a recent development, as CRMs were previously seen as primarily beneficial for enterprises with ample resources.
The majority of SMBs are optimistic about the benefits of automation, particularly in terms of time and cost savings. Interestingly, less than 15% of survey respondents expressed concerns about job displacement, highlighting their belief in the continued importance of human interaction. Furthermore, 66.1% of respondents expressed a desire for a four-day workweek, citing improved work-life balance as the top benefit. Other advantages include increased productivity, cost savings, and enhanced talent recruitment and retention.
Finance and sales teams are currently the two verticals that consider document automation and e-signature solutions most important for their success. In fact, 44% of finance teams and 41% of sales teams surveyed see these tools as critical.
Although low-code/no-code tools for document automation are gaining popularity, over half of SMBs have yet to explore their benefits. Adoption typically occurs through collaboration with external technology partners or internal citizen developers.
airSlate offers a suite of no-code products designed to streamline document workflows and democratize access to automation. These products include airSlate Workflow, airSlate SignNow, pdfFiller, DocHub, US Legal Forms, Document Automation Hub, and signNow API. Additionally, airSlate Academy provides free courses to support mastery of automation.
The research conducted by airSlate provides valuable insights into how SMBs can leverage automation and AI to scale their businesses and compete effectively. By prioritizing business productivity solutions, embracing digital signatures, and investing in CRM solutions, SMBs can enhance their operations and drive growth in today’s digital age.
