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Marcum Survey: Mid-Market Businesses Increasingly Use AI

S.J. Steinhardt
Published Date:
Mar 1, 2023

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CEOs at mid-market businesses are increasingly using artificial intelligence (AI)—one quarter are already using it in some form, a survey by Marcum LLP and Hofstra University’s Frank G. Zarb School of Business has found.

Twenty-six percent of the CEOs of middle-market companies polled by the Marcum LLP-Hofstra University CEO Survey reported that their companies have begun to utilize AI tools in their business operations. Almost half, 47 percent, are exploring how these tools could be used.

One in 10 do not envision using these tools, while 16 percent are uncertain about their relevance to their businesses.

Those who are using AI are doing so in a variety of ways. The Marcum press release stated, "Companies using AI tools employ them for process improvements, business planning, and customer service" It cited responses from survey respondents, such as "financial analysis and modeling, predictive analytics and data mining"; "customer experience optimization"; "risk mitigation"; and to "better align existing data to help us plug in gaps in our dashboarding."

Survey respondents also mentioned using AI for market trend analysis, improvement in supply chain and management logistics, machine failure detection, production efficiency, process and decision-making facilitation, and refinement of  trading techniques. 

“[AI] has recently garnered increased attention for its potential to revolutionize company operations by offering increased efficiency, improved decision-making, and enhanced customer experience,” said the survey report.

The survey polled 265 CEOs of companies with revenues ranging from $5 million to $1 billion-plus in February. In addition to asking about AI, the survey solicited the CEOs’ outlooks on issues such as top leadership succession, rising customer and client expectations, economic concerns, view of the current business environment, influences on business planning, and demographics.

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