A new survey shows that more than half of UK businesses plan to make new investments in AI over the next 12 months.
Of the 59% of firms already using AI, more than three-quarters say that doing so has improved their productivity (cited by 82%) or profitability (76%).
The Lloyds’ Business Barometer found that many are also turning to the technology to attract new customers (37%) and compete with larger rivals (31%).
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Senior Economist at Lloyd, Hann-Ju Ho, said, “AI is enhancing two pillars of business growth: productivity and profitability. Our data suggests that up to a quarter of businesses not currently using AI adopt it by this time next year, with significant degrees of follow-on investment planned from current adopters.
“As businesses explore how to unlock more of AI’s benefits, they will look to others for inspiration and support. Collaboration and experience-sharing will play a central role in fully capitalising on the technology’s potential while keeping up to date with the latest iterations.”
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