This survey, conducted among entrepreneurs and small business owners in Mexico, along with 13 other countries, provides a unique insight into their perspectives on AI technologies, their potential, challenges, and goals for business growth.
Discover the first wave of the GoDaddy Mexico 2024 Global Entrepreneurship Survey , focused on the keys to female entrepreneurship in the Mexican market
Perception and benefits of AI: Mexican entrepreneurs look to the future with optimism
GoDaddy Mexico’s 2024 Global Entrepreneurship Survey highlights a notable trend among Mexican small business owners: trust in Artificial Intelligence (AI) and its potential to transform their businesses. In fact, 86% of entrepreneurs surveyed are confident in their ability to handle AI tools, demonstrating a significant willingness to adopt new technologies.
Even more impressive is that 92% of these business owners firmly believe that implementing AI would have a positive impact on their financial results. This overwhelming majority perceives AI not just as a passing fad, but as an essential tool to improve operational efficiency, increase productivity, and ultimately increase the profitability of their businesses.
Key areas of AI investment: Mexican entrepreneurs aim for efficiency and competitiveness
Mexican entrepreneurs have clearly identified the areas where Artificial Intelligence (AI) can generate the most significant benefits for their businesses. According to the GoDaddy study, the three main areas of investment in AI are:
Customer Service (49%): AI has the potential to revolutionize customer service by offering fast and accurate responses to queries, thereby improving customer satisfaction and loyalty. Tools such as chatbots and finland business email list virtual assistants allow for continuous and personalized attention, optimizing the customer experience.
Competitive advantage in the industry (45%): By adopting AI, businesses can gain a significant competitive advantage in their respective sectors. AI allows companies to analyze large volumes of data to identify trends and opportunities, facilitating strategic decision-making that positions them ahead of their competitors.
Increased efficiency (43%): Automating routine processes and optimizing operations are key areas where AI can significantly increase efficiency. By reducing the time and resources spent on repetitive tasks, companies can focus on higher value-added activities, thereby improving overall productivity.
In addition to these main areas, Mexican entrepreneurs have pointed out other operational areas where AI could have a considerable impact:
Marketing (73%): AI offers advanced tools to segment audiences, personalize advertising campaigns, and analyze consumer behavior. This allows companies to create more effective and targeted marketing strategies, maximizing the return on advertising investment.
Customer Service (68%): Beyond basic interactions, AI can help predict customer needs and provide proactive recommendations, further improving the customer experience.
Business planning and strategy (47%): AI facilitates strategic planning by providing predictive analytics and data-driven insights. This enables business owners to anticipate market trends, manage risks, and make informed decisions that align with their long-term goals.
Challenges in AI implementation: Overcoming obstacles towards the digital future
Despite enthusiasm and belief in the transformative potential of artificial intelligence (AI), Mexican entrepreneurs face significant challenges in adopting these new technologies. According to GoDaddy’s study, the three most anticipated challenges are:
Keeping up with technology trends (49%) : In a world where technology is advancing at a dizzying pace, keeping up with the latest trends and developments in AI can be overwhelming for many business owners. The rapid evolution of technology requires a constant commitment to education and continuous learning to make the most of the opportunities that AI offers.
Ensuring data security and privacy (38%): Concerns about data security and privacy are understandable given the increasing amount of sensitive information being processed by AI systems. Business owners must implement robust cybersecurity measures and comply with strict regulations to protect the confidentiality and integrity of their customers’ and company’s data.
Managing the costs associated with technology upgrades (36%): While AI promises efficiency and productivity, implementing and maintaining these technologies can represent a significant investment for businesses, especially those with limited resources. Managing the costs associated with acquiring technology, as well as training and upskilling staff, can be a challenge for many business owners.
Adding to these challenges is the fact that a considerable percentage of entrepreneurs have not yet implemented AI in their businesses. Among the main obstacles cited are:
Lack of awareness about available solutions (53%): Many business owners may feel overwhelmed by the variety of AI solutions available on the market and may not be aware of how these technologies can specifically benefit their businesses.
Potential costs (48%): Fear of the costs associated with implementing AI may deter some business owners from exploring these solutions, especially if they are unsure of the return on investment.
Lack of understanding of the benefits of AI (35%): Lack of clarity about how AI can improve the efficiency and competitiveness of their businesses can lead to a reluctance to adopt these technologies.
