Middle market embraces artificial intelligence, but obstacles remain
Learn how peers are utilizing AI technology and where opportunities may exist
Artificial intelligence (AI) tools and applications have rapidly transformed how businesses operate. With advances in technology and pressure to innovate, middle market companies want to move fast with AI solutions to develop a competitive advantage. However, while many organizations have already seen a positive impact from AI solutions, the strategy is not without challenges and risks.
With its immense potential to increase efficiency, insight and the user experience across many key business functions, the majority of middle market businesses report utilizing AI in new RSM research. According to findings in the RSM Middle Market AI Survey 2024: U.S. and Canada, 78% of executives at midsized companies use AI formally or informally, while 77% have adopted generative AI solutions. Use cases for generative AI are broad, led by quality control and customer service.
A few of the report’s key findings:
78%
of middle market executives reported either formally or informally using AI.
77%
of respondents are formally or informally using generative AI within their operations.
85%
of respondents either somewhat or completely agreed that generative AI has had more of a positive impact than anticipated.
54%
of executives who use generative AI said it has been harder to implement than suggested.
67%
report they need outside help to get the most out of their generative AI solutions.
The RSM survey aggregated the responses of 510 executives across a range of middle market companies within varied industries in the U.S. and Canada. It was conducted by Big Village Insights for RSM from Feb. 26 to March 4, 2024.
Inside the report
Effective AI strategies can pay big dividends, but design and implementation can be complex as data requirements must be met, new solutions rapidly emerge and use cases continue to expand. Our report provides details in several key areas, including:
- How the middle market is using AI
- The future of generative AI budgets
- How generative AI is making an impact
- What generative AI risks and challenges companies are facing
In addition to AI trends, strategies and concerns detailed in the survey data, RSM US and RSM Canada advisors provide additional analysis of the state of AI in the middle market.