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Middle Market Quick to Recognize the Promise of AI Technologies, but Implementation Can Be Fraught with Challenges: RSM SurveyCHICAGO, May 2, 2024 /PRNewswire/ -- A new survey from RSM US LLP ("RSM") — the leading provider of assurance, tax and consulting services for the middle market — reveals most middle market organizations are adopting AI (78%) and generative AI (77%). However, 54% of those using generative AI find its deployment more challenging than anticipated. A strong majority (89%) of executive respondents to the survey — which targeted businesses with annual revenues of $10 million to $1 billion — report their organizations plan to boost their budgets around AI technologies and nearly three quarters of respondents (74%) are focusing their dollars squarely on generative AI. The top goals for generative AI use include improved quality control (58%), enhanced customer service (51%), automation of repetitive tasks (45%) and increased employee productivity and creativity (45%). "AI and generative AI are making significant impacts to our industry — perhaps more than any previous technology," said Sergio de la Fe, enterprise digital leader and partner with RSM US LLP. "Our survey underscores the necessity for middle market organizations to develop a comprehensive AI strategy that encompasses the entire value chain. Considering the complexity of AI technologies, it's no surprise that roughly two-thirds (67%) of middle market leaders surveyed recognize the need for external assistance to fully capitalize on the advantages of their selected AI solutions." Interestingly, among those respondents whose businesses plan to refrain from generative AI use for now, 46% cite concerns around data security, 44% note perceived dificulty with operational integration and 39% report a lack of understanding or knowledge about generative AI tools. Other key findings from RSM's middle market AI technology research include:
Implementing and scaling AI technologies comes with a variety of challenges the middle market needs to navigate. These can include:
Methodology About RSM US LLP RSM US LLP is the U.S. member of RSM International, a global network of independent assurance, tax and consulting firms with 64,000 people in 120 countries. For more information, visit rsmus.com, like us on Facebook, follow us on X and/or connect with us on LinkedIn.
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