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This week in business with Jane King; The dawning age of A.I.

Small and medium-sized businesses are embracing the potential of artificial intelligence (A.I.) with 82% of executives expecting disruption in a positive way, according to a survey by global marketplace, Clutch.

Of those small businesses currently using A.I. tools, 84% plan to continue using them in the future, while fewer than 10% of business leaders say they feel overwhelmed or frightened by A.I.

The study also found that small businesses expect AI to increase their need for outsourced services, particularly in areas such as engineering, sales, customer service, and data collection.

Despite reports of marginally better inflation numbers month to month, small business owners are still worried about inflation.

The National Federation of Independent Businesses found that 24% of small business owners ranked inflation as their top business problem. This has been affecting small businesses’ budgets for a year or more, and when these businesses pay more for things, it often gets passed on to the customer.

As we head into summer, Wall Street is keeping a close eye on the situation with regional banks, which have been hit hard this year. Three regional banks have gone under, which is concerning for local communities and businesses that rely on these banks.

This week, the Indiana Economic Development Corporation recognized seven small businesses that have worked with the Indiana Small Business Development Center to start, grow, or pivot their business.

The event included award categories such as family-owned, small business of the year, and start-up of the year. Lastly, National Small Business Day is on May 10th, providing a great opportunity to support small and local businesses.

The Economic Club of Indiana hosts a lunch on May 11th, featuring the CEO of United Way Worldwide as the keynote speaker.

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