New CFIB report finds AI boosting profits for small businesses that use it

The CFIB report suggests greater digital adoption could improve productivity and boost Canada’s overall economy

A new report from the Canadian Federation of Independent Business (CFIB) says artificial intelligence is paying off for small and medium-sized businesses that are using it.

The report found that while 92 percent of SMEs use some digital tools, only about 10 percent have fully integrated them across operations. 

Those that have reported $2.40 in returns for every $1 invested.

Angela Drennan, CFIB’s vice president of legislative affairs in Ontario, said some SMEs face barriers that prevent them from adopting AI.

Drennan highlighted sectors that are starting to embrace digital tools.

She added that industries like agriculture and transportation are slower to adopt, likely due to high costs.

Drennan said government tax relief and funding support could help more businesses take advantage of digital technology.

Her response was clear as day when asked if companies hesitating to use AI might fall behind.

The CFIB report suggests greater digital adoption could improve productivity and boost Canada’s overall economy. 

It also recommends that Ottawa increase awareness of existing support programs and introduce new tax incentives.

Visit CFIB.ca for the full report.

Story by Evan Gibb