A recent survey conducted by the CBI shows that nearly half of firms believe that Artificial Intelligence (AI) will transform the industry and markets they work in, however only a third feel they have the skills to keep up with the technology.
The survey of 160 businesses conducted in association with IBM reveals that, in order for the UK to bridge the knowledge gap as international competition picks up, businesses need to more readily adopt these data-driven technologies.
Key findings of the survey:
· Technologies like cloud are no longer ‘niche’ and have matured to now underpin much of the UK business infrastructure. Investments over the last 12 months – cloud (73 per cent), mobile technology (79 per cent) and security (71 per cent)
· One in five companies (21 per cent) have already invested in AI during the past 12 months
· On top of that, 42 per cent of companies are planning to invest in AI over the next five years – Internet of Things (42 per cent), advanced analytics (51 per cent)
· Half of businesses (49 per cent) believe that AI will fundamentally transform their industry or market.
Josh Hardie, CBI Deputy Director-General, says: “Innovation in business is essential for advanced economies such as the UK. It is the chief driver of sustainable economic growth and a major source of productivity gains. It also pulls in overseas investment, supporting thousands of jobs across the country.”
David Stokes, Chief Operating Officer, IBM Europe, adds: “As we enter a new era of cognitive technology, British businesses have an opportunity to make AI part of their vision for the future. We are currently at a tipping point where AI is becoming mainstream so now is the time for the country to gain global leadership by seeing it as a creator of economic value.”
The government’s Research & Development (R&D) 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