The growing interest in AI trends is not a new concept to anyone, considering how much it
has reflected in global economies recently. One factor that has pushed its adoption is that it
isn’t a futuristic concept open to large corporations or the most elite section of the business
world.
Today, any small business owner, entrepreneur, or brand can utilise these instruments to
scale. An excellent reference to this theory is the 2022 report by Capital Economics,
revealing that nearly 15% of small enterprises have adopted at least one AI tool in the past
year. The majority of these brands have been able to achieve better results using AI for
profitability and productivity.
The relevance of AI in business innovation
As of January 2023, the United Kingdom recorded over 5.6 million private sector enterprises, a 0.8% jump from 2022. Over 5.5 million of these were small or medium-sized businesses (SMEs). The entrepreneur climate is clearly competitive, and it takes a lot to stand out as a brand in such a market.
Most entrepreneurs have been able to shoulder this competition through innovation.
Innovation is about using the most recent technologies and ideas to your advantage.
Artificial intelligence technology can deliver many sustainable advantages to enterprises.
This can be achieved through its many functionalities, such as speech-to-text in customer
services, deep learning in cybersecurity, automation in Online Forex Trading, and big data analytics.
The popular AI chatbot is a common example of a tool that is used for several tasks, like
generating textual content and writing prompts.
How UK businesses are using AI to drive innovation
Capital Economics was commissioned in 2022 by the Department of Digital, Culture, Media,
and Sport to model and report the use of AI amongst UK businesses in 2022. This report
gave a lot of insight into the perception entrepreneurs in this region have towards this
technology. Some of the key findings in this study were:
● AI tech is limited to a minority of enterprises and is more prevalent in specific sectors
and big brands.
● At least 15% (432,000) of businesses have adopted at least one AI technology.
● Around 2% (62,000) are pivoting this innovation, and 10% (292,000) plan to explore
it.
● As brands expand, they are more likely to adopt this innovation.
● AI solutions for data management and analysis are more prevalent.
Most of the results from this survey were positive, and it clearly showed the interests of
several enterprises in the United Kingdom being represented. Moving on to a more recent
survey, the appeal of this technology to brands and entrepreneurs in the UK has grown
stronger.
Small Business Britain and Indeed’s new 2023 whitepaper revealed more on this. According
to this research, one out of three small businesses has used or is contemplating using these tools in scaling.
Sanjay Aggarwal, a co-founder of the small enterprise Spice Kitchen, took part in this survey and strongly supports the relevance of this tool in everyday activities. He
revealed his perspective about seeing artificial intelligence as an ally rather than a challenge, a notion that is presumed to be the opposite in most cases.
The UK managing director for Indeed, Bill Richards, noted that artificial intelligence is
involved in several dealings in today’s job market. Some of its relevance is the potential to
make hiring processes seamless for SMEs, allowing the management more time to focus on
essential aspects of the brand.
The current sentiment about artificial intelligence amongst brands is primarily positive,
reflected in the survey’s results. While interest and appeal are not the challenge, some
barriers limit the potential of this technology for enterprises.
The research found that only 22% of small brands understand how to use and implement AI tools in their enterprises, leaving the majority more clueless than ever. Many entrepreneurs will need as much support as possible to navigate these innovations and harness their full potential.
How AI can drive innovation in your business
A recent Forbes Advisor article found that most businesses adopt AI for content-based
tasks, such as long-form written content, customised advertising, email campaigns, and
personalised services like product recommendations.
Personalised service solutions are now more commonly created with the help of AI data
analysis features. The first step to delivering such a service is to gather data from several
sources, like social media, feedback forms, and surveys. AI’s role in this context is to
analyse complex data and deliver results in an easy-to-understand format. Businesses can
use these data interpretations to better tailor their strategies and reach their target market.
Sustainable practices in AI for local businesses
Small enterprises need all the help they can get, and if used correctly, artificial intelligence
technology can make a world of difference to their productivity. These innovations can help
you create more efficiency for your business — transcribing calls, accounting and finance,
and data entry are all possible.
However, it is crucial to take a sustainable approach towards this by maintaining the human element in your brand by hiring the right people and using these tools mainly as support to avoid overdependence.
