87 percent of small and medium-sized businesses (SMBs) in Singapore with artificial intelligence (AI) report growth in revenue, a survey from Salesforce revealed on Thursday.

The global customer relationship management (CRM) firm said in its new Small & Medium Business Trends report that globally, 75 percent of SMBs say they are either experimenting with or have implemented AI, citing benefits to revenue, productivity, and customer experience.

According to the report, 94 percent of SMBs in Singapore are using or experimenting with AI.

The top three SMB use cases for AI in Singapore are marketing campaign optimization, automated service chatbots and lead prioritization.

While 87 percent of SMB leaders in Singapore with AI say it increases revenue, 44 percent of SMB leaders in Singapore worry their company will be left behind when it comes to AI.

The report also showed SMBs are grappling with growing tech complexity.

It noted as technology offerings multiply and capabilities expand, SMB leaders face mounting pressure to effectively manage their tech stack.

According to the report, 72 percent of SMB leaders in Singapore say keeping pace with changing technology is challenging.

40 percent of SMB leaders in Singapore say there isn’t time to master all the tech their company uses while 92 percent of SMB leaders in Singapore say improving the quality of their data would increase revenue.

The report also highlighted that trust is paramount in the AI age as consumer trust is at its lowest point in years.

It noted SMBs are prioritizing reliable partnerships as they navigate a world of security risks and rapid technological change.

According to the report, 80 percent of SMB leaders in Singapore would spend more on tech from trusted vendors

The top three SMB concerns about AI in Singapore are security concerns, poor integration keeping up with existing technology, difficulty keeping up with AI as it evolves.

“SMBs in Singapore are already seeing clear benefits from AI despite having fewer resources than enterprises, proving that growth and innovation are not limited by size,

“As AI agents evolve with unprecedented levels of intelligence, they can empower SMBs to build a limitless workforce across business functions,” said Sujith Abraham, Senior Vice President and General Manager, Salesforce ASEAN.

Salesforce conducted a this double-anonymous survey of 3,350 leaders of SMBs between August 3 and September 16, 2024.

The survey was carried across 26 countries — including 50 from Singapore.

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