Salesforce report: AI boosts revenue for Singaporean SMBs

Salesforce has released its latest Small & Medium Business (SMB) Trends report, revealing how small and medium-sized businesses use artificial intelligence (AI) for growth.

The report provides insights based on a survey conducted with 3,350 leaders from SMBs across 26 countries, including 50 from Singapore. Among them, it highlights that 94% of SMBs in Singapore are either using or experimenting with AI. The top AI use cases identified in Singapore include optimising marketing campaigns, employing automated service chatbots, and prioritising leads.

The report indicates that 87% of Singaporean SMB leaders who have adopted AI report increased revenue. However, 44% of Singaporean SMB leaders are concerned that their companies might lag in AI adoption.

The increasing complexity of technology is another significant issue faced by SMBs. 72% of SMB leaders in Singapore find it challenging to keep up with evolving technology, while 40% report lacking sufficient time to master all the technology their companies use. Additionally, 92% of these leaders believe that improving data quality could lead to increased revenue.

Trust remains a critical factor in the current AI age. With consumer trust reportedly at low levels globally, 80% of SMB leaders in Singapore indicate a willingness to spend more on technology from trusted vendors. Major concerns about AI in Singapore include security issues, poor integration with existing technologies, and the difficulty of keeping up with advancements in AI.

Sujith Abraham, Senior Vice President and General Manager at Salesforce ASEAN, commented, "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."

Mushi Luke, CIO of HEPMIL Media Group, also shared insights, saying, "As the creator economy continues its rapid growth, with an increasing number of creators entering the space and the complexity of business operations generating a significant volume of administrative tasks, the adoption of Agentforce looks promising in scaling up to meet these evolving business needs."

"AI-driven solutions have the potential to transform traditionally high-touch human interactions into a hybrid human-AI collaboration. By reimagining workforce dynamics and leveraging AI technologies like Agentforce, we are paving the way for a more labor-efficient, innovative, and sustainable approach to managing growth and complexity."

The Salesforce SMB Trends report underscores the significant role AI plays in the growth strategies of SMBs, particularly in Singapore. It also highlights challenges like technology complexity and trust. As SMBs navigate these hurdles, their approach to AI adoption and data quality improvement will be crucial in driving sustainable growth and staying competitive in an evolving technological landscape.