Skip to main content

Nearly half of firms don't know how AI can help them

(Image credit: Image Credit: Razum / Shutterstock)

While some business owners are happy and excited about the prospect of artificial intelligence (AI) and how it could improve their operations, some are scared of it, some don’t even know they’re using it already, and some don’t know how they could benefit from the emerging tech, at all.

This is according to a new report from Esme Loans, which polled 250 business owners in the UK to understand how they perceive AI.

As it turns out, 43 per cent don’t understand how they could benefit from AI, while six in ten feel they’ve overlooked AI’s potential. Three quarters (73 per cent) said they didn’t use AI, but when presented with a long list of tools, 29 per cent said to have been using at least one. That means that these business owners have been using AI, unknowingly.

Businesses mostly expect AI to help them with data analytics, bookkeeping and marketing, hoping the technology would improve their business’ productivity. Four in ten will be investing more into AI within the next five years, and one in ten expect to invest further within 12 months. Younger and more tech-savvy business owners are, unsurprisingly, more inclined towards investing in the tech, compared to their older counterparts.

Artificial Intelligence is considered a somewhat controversial technology. While some expect to liberate their workforce from repetitive tasks and free time for bigger, more important challenges, others believe they’ll be put out of business once machines “take over”.