Fountech.ai’s research also found that 45 percent of businesses are looking to implement one or more technologies that use AI in the next 12 months. The AI think tank found:
- Over half of UK businesses admitted they have a limited understanding of AI
- Only 15 percent said they have the skills needed internally to take advantage of AI
- Over half of micro businesses consider AI to be too over-hyped to deliver much value. This is compared to just a quarter of large businesses.
- Since the onset of the pandemic, more than half of companies have started exploring how AI could improve their product or service
- This figure is highest amongst small (61 percent) and medium-sized (66 percent) enterprises
- In the next 12 months, 45 per cent of businesses say they will implement AI technologies
COVID-19 is prompting a change in attitude. Since the start of the pandemic, 55 percent of UK businesses have begun exploring how AI could improve the product or service they deliver. This figure is highest among small (61 percent) and medium-sized (66 percent) businesses.
Nikolas Kairinos, founder of Fountech.ai, said: “There remains a significant knowledge gap when it comes to businesses’ understanding of artificial intelligence. Clearly, many still consider the technology to be over-hyped, expensive and complicated, but this is not the case – often delivered on a SaaS model, AItools can be used easily and affordably even by small organisations.
“Positively, the pandemic has proven to almost every business why they must invest in technology. In the wake of the disruptions caused by COVID-19, our research shows that more companies are evaluating how digital solutions like AI can improve what they do and how they do it. This is a welcome development, given the huge value AI can provide for businesses in everything from R&D and employee training through to marketing and sales.”