Artificial intelligence is one of the key technologies of the Fourth Industrial Revolution and is increasingly significant for companies’ economic performance. Small and medium-sized enterprises (SMEs), the foundation of economic development in most national economies, face numerous challenges and opportunities in applying artificial intelligence in business. This paper aims to examine the economic effects of applying artificial intelligence in SMEs, with a special emphasis on labor productivity, business process efficiency, and reduced operating costs. Empirical research was conducted on a sample of 228 SMEs using a questionnaire, with the data analyzed using multiple linear regression. The research results show that different applications of artificial intelligence have a statistically significant, positive impact on labor productivity and on reducing operating costs. In contrast, their impact on business process efficiency is moderate and partially limited. The operational application of artificial intelligence, such as automation and data analysis, has proven to be the most important factor in economic effects. At the same time, its application in managerial decision-making also has a significant, but somewhat weaker impact. On the other hand, the mere growth of AI applications over time does not necessarily lead to increased efficiency without targeted and concrete implementation. The paper’s results contribute to understanding the role of AI in transforming SMEs and highlight the importance of targeted investments in operational and management applications of AI. The paper provides practical implications for entrepreneurs and economic policymakers in fostering sustainable, competitive development of SMEs.
Bolfek et al. (Thu,) studied this question.
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