AI key to business survival, survey reveals

Nine out of 10 business leaders consider artificial intelligence (AI) to be critical to their companies’ survival over the next five years, new research shows.

According to a survey of 2,500 executives conducted by SAP in Australia, France, Germany, United Kingdom and the United States, pressure on business leaders to keep one step ahead by making key decisions amidst the challenging and uncertain business landscape, is leaving them relying more now than ever on technology and the intelligence it is able to garner.

The market for AI-powered innovation is therefore getting stronger by the day, with six out of 10 leaders saying they have or are planning to implement AI in the next year, and a third saying they are preparing to make significant investments in AI in the next year.

Looking at the UK on its own, 88 per cent of leaders believe that AI will be fundamental in assisting them to make critical business decisions in the future, 94 per cent feel the intelligence AI presents will be critical to the survival of their business over the next five years, and 74 per cent feel that leadership styles will have to change with the deployment of active intelligence technologies.

Speaking recently, Secretary of State for Digital, Culture, Media and Sport Matt Hancock, said: “The UK must be at the forefront of emerging technologies, pushing boundaries and harnessing innovation to change people’s lives for the better.

“AI is at the centre of our plans to make the UK the best place in the world to start and grow a digital business. We have a great track record and are home to some of the world’s biggest names in AI like Deepmind, Swiftkey and Babylon, but there is so much more we can do.

“By boosting AI skills and data driven technologies we will make sure that we continue to build a Britain that is shaping the future.”

The government’s Research & Development tax credit scheme is essential in encouraging innovation and increased spending on research and development activities by companies operating in the UK. To find out more about how we can assist in maximising the value of any potential claim and manage the often-complex process on your behalf, contact Steve Govey or your usual Beavis Morgan Partner.

Read more: Research & Development Tax Credits for SMEs: Money back for investing in innovation