The government hopes the UK will lead the way in European artificial intelligence (AI) capabilities, and Barclays' corporate banking research shows that business leaders recognize the need to invest in AI and emerging technologies.
This week, Google, Microsoft, Nvidia, Oracle and Openai announced that they are building key data center capacity in the UK. The increased computing power provided by these data centers is a fundamental part of the worker's AI action plan, providing AI acceleration to promote business opportunities and streamline digitally available public services.
To leverage this mathematics power, companies need to spend money on technology and invest in skills development. A poll of 1,000 companies conducted by Opionium Research on behalf of Barclays found that, on average, companies spend almost £236,000 on AI and emerging technologies.
Barclays Business Prosperity IndexCombining polls with economic modeling generated in collaboration with the Center for Economics and Business Research (CEBR), it shows that large companies with over 250 employees spend an average of £400,000 on AI and emerging technologies.
The average figure for medium-sized businesses with 50-249 employees is £225,500, while small businesses with 10-49 employees spend around £125,000.
“It's aimed at investing from UK companies, and seeing so many people turn it into action is encouraging,” said Matt Hammerstein, CEO of Barclays UK Corporate Banking. “As a backdrop of global uncertainty, there is something to do to build confidence in the UK as a place for businesses to grow and scale.
“Our research suggests that AI is becoming an important tool for driving innovation, promoting investment and premium productivity, and building trust in the UK as a global business hub.”
According to Barclays, the findings of the survey show that despite ongoing global economic challenges, UK companies are increasing their workforce to accelerate AI adoption and drive innovation and growth.
Voted companies also plan to increase overall investment by 5.5% over the next 12 months, providing staff training and development (42%), digital product improvements (37%), and research and development (37%).
However, Barclays reported that 39% of the companies surveyed said they were facing a lack of digital and AI skills.
With the government's UK US Technology Prosperity deal committed billions of pounds to investing in AI infrastructure, the tech industry is seeking greater support to developing AI and digital technology skills.
Melissa Di Donato, chairman and CEO of Software Business Kyriba, sits in the division of the SME Digital Adoption Task Force for Business and Trade.
“And as the recent SME Digital Recruitment Task Force Report is driving, governments and industries need to expand access to actionable support and targeted incentives so that SMEs can invest with confidence and scale,” she said. “This is the time to grab that moment and convert the capital of a major technology into productivity.
