Artificial intelligence (AI) has been a topic of immense excitement and anticipation in recent years, with its potential to revolutionize various industries.
However, a recent survey conducted by cloud accounting software provider bluQube reveals that only 13% of businesses are currently utilizing AI. Despite this low adoption rate, the survey also indicates that there is a growing interest in AI investment, with 35% of businesses planning to invest in AI in the next year. We delve into the key findings of the survey, shedding light on the current and future landscape of AI adoption in the business world.
According to UK Business Leaders, a mere 13% of businesses have incorporated AI into their operations. This finding suggests that while AI has gained substantial attention, its integration into business practices is still relatively limited. However, there is cause for optimism, as 35% of respondents expressed their intention to invest more in AI over the next twelve months. Furthermore, an additional 17% revealed plans to invest in AI within the next three years. These figures indicate a growing recognition of the potential benefits of AI and a willingness to explore its implementation in business processes.
One of the most interesting insights from the survey is that 25% of businesses anticipate a reduction in staff numbers and staffing costs due to AI. In fact, 6% of respondents reported that they have already experienced such reductions as a result of AI implementation. The areas most commonly affected by AI were operations (52% of respondents), production (48%), and customer service (38%). Conversely, sales and marketing (33%) and finance and accounting (29%) were identified as the areas least impacted. However, when asked about future expectations, respondents believed that sales and marketing (34%) and finance and accounting (32%) would be the most affected by AI.
While the survey indicated increasing interest in AI investment, some businesses still displayed reluctance. Approximately 15% of respondents stated that they were unlikely to invest in AI within the next three years, and 12% expressed no plans to invest in it at all. Among the reasons cited for this hesitation were concerns about expenses (35%), a perceived lack of time for implementation and training (33%), and worries about security breaches (23%).
Simon Kearsley, bluQube CEO, emphasized the importance of remaining open to the possibilities of AI and adapting to the evolving landscape. He highlighted that businesses that fail to act might be left behind, whereas those that embrace AI can gain a competitive edge and reach new heights of success. Findings underscore the need for organizations to carefully consider the potential benefits of AI and its transformative effects on various aspects of their operations.
The AI report provides valuable insights into the current state of AI adoption in businesses. While the initial uptake of AI remains low, there is a significant interest in investing more in AI technologies in the near future. As organizations witness the impact of AI on areas like operations, production, and customer service, they are beginning to recognize its potential in sales and marketing as well as finance and accounting. Overcoming concerns about expenses, implementation time, and security will be crucial for businesses to fully embrace AI and remain competitive in an increasingly AI-driven world.
If you're thinking about a new finance system and want some help filtering out the information you need, Book a free demo via the form here and one of our finance experts will call you back asap.