UK businesses want to spend more on AI, as lack of skills remains an issue

3 October 2024, 14:10 published

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New research from ServiceNow has revealed that a large majority (85%) of UK businesses plan to spend more on artificial intelligence despite initial concerns about how ready their business is.

Based on responses from more than 2,000 executives from the EMEA region, the company’s Enterprise AI Maturity Index found that 86% of British companies are optimistic about AI’s positive impact on efficiency and productivity – substantially more than the EMEA average of 76%.

That being said, the report also reveals that many companies are finding themselves stuck in the early stages of adoption where they continue to battle with concerns about the technology.

British businesses are keen to adopt AI

Around one in five (18%) UK companies were deemed ‘pacesetters’ in AI adoption, meaning that they had scored more than 50 out of 100 on an AI maturity test based on factors like strategy, leadership and integration.

This puts the UK behind only the Middle East and Benelux (Belgium, the Netherlands and Luxembourg) and aligns with the country’s ambition to become a global AI hub and leader.

The reason that companies are excited to progress their AI strategies becomes apparent – four in five (79%) believe that the technology will help them grow their revenue. AI is also particularly attractive to customer-facing businesses, with even more respondents (85%) anticipating that it could improve their customer experiences.

However, because many nations are still in the early stages of adopting AI, key challenges continue to influence leaders’ decisions. More than half (57%) of UK businesses are still determining which AI skills they need, and 37% believe they don’t currently have the right talent mix. One-third (34%) of executives also expressed concerns about potential errors and inaccuracies in AI-generated content.

ServiceNow Group VP and GM for the UK & Ireland, Damian Stirrett, commented: “The race to put AI to work is still in its early stages. Yet, it’s clear that some organisations have already gained a head start in adopting and integrating it.”

Looking ahead, ServiceNow says that companies can prepare for AI deployment by hiring new talent and upskilling existing workforces.