Business leaders are hard at work developing AI capabilities over the next year. Small businesses cite technology as offering the best path to growth, according to new research.
However, the findings from both sides of the Atlantic also reveal a gap in the resources that US and UK ventures are devoting to AI implementation, such as seeking expert advice and training staff, and where the US is ahead.
Governments are aware of how quickly other countries are iterating and are working hard to close the AI knowledge gap. We recently announced that we would support that. Skills England’s free AI training expandsIt is hoped that by 2030, at least 2 million small and medium-sized business employees will be able to be taught how to effectively use AI in the workplace.
AI priority
For the survey, American Express Global Business Travel and Ipsos gathered the views of 500 business leaders based in the UK and US. as Report by IT Brieffound that 78% of companies believe they will focus on implementing new technologies by 2026.
Becky Power, vice president of small business customer management at American Express Global Business Travel, said the survey results signal a major shift in thinking about AI and other technologies.
“Our research shows that small and medium-sized businesses are entering a critical phase. AI has moved from a ‘nice-to-have’ to a business imperative. Companies leading this change are those building and deploying AI operations to solve talent gaps, while doubling down on the influencers and relationships that drive new business,” she said.
Different developments in the US
But there are differences in how U.S. companies and companies on this side of the ocean approach technological transformation.
In the US, 40% of businesses said they believe receiving additional AI advice would help their business grow. In the UK, the rate was 10% lower. However, in both countries, AI and automation topped the list of advisory services businesses planned to be explored.
U.S. companies are also leading the way in finding AI-savvy talent to bring into their companies. The results revealed that 36% of small and medium-sized businesses in the US have appointed an AI person or team. In the UK, this figure remained at 25%.
Encourage growth from the top down
of AI talent and knowledge gap It is currently attracting national attention in the UK. The government’s Commerce Commission made the announcement yesterday. “Seven priorities for UK economic recovery”put “AI revolution” at the top of the list.
After a year of research, the list aims to determine the “issues that matter most to the future of the UK economy”. Economic security, regulatory reform, and business development are among the issues mentioned. But what is reported to be most important are AI, productivity, and the future of the workforce.
The research team detailed that its work will now include “considering how the UK can lead the AI revolution, while ensuring workers have the skills and protection they need for tomorrow’s jobs”. “AI is rewriting the rules of work,” explained MP and committee chair Liam Byrne, and the committee is committed to driving action on this.
catch up
This latest research suggests that the UK is lagging behind the US in introducing AI into small and medium-sized businesses, while other reports suggest that the UK is also lagging behind many other countries.
Last month we reported on: KPMG73% of Brits have no AI training or education. The study also revealed that the UK ranks in the bottom third of the 47 countries surveyed for AI literacy and training.
According to UK government statistics, AI-related jobs will rise to 86,139 in 2024, a 33% increase from 2023. “The diffusion of AI technologies throughout the economy will be key to their economic impact,” the commission wrote.
However, there are financial and staffing barriers to adoption for small businesses, especially in the current turbulent market conditions. Governments need to do everything in their power to support businesses, otherwise we will continue to fall behind.
