Small Businesses, Employees Eye AI Impacts PYMNTS.com

Artificial intelligence (AI) continues to permeate consumers' lives, so naturally, small businesses (SMBs) are following suit. For entrepreneurs and small business employers, the promise of AI technology lies in cost savings. While that could come in many forms -- from automated processes to faster identification of financial fraud and errors -- new research from LendEDU suggests entrepreneurs are turning to artificial intelligence in hopes of alleviating some of the pressure of a more expensive workforce. According to the firm's latest research, published earlier this month, more states' decisions to implement a $15-per-hour minimum wage requirement is likely to place cash pressures on SMBs. While two-thirds of small businesses surveyed by LendEDU are supportive of the wage hike, more than a quarter are concerned it will have a negative impact on their business.