UK Businesses Could Save Over £29,000 With AI

IoT For All

An extensive report by Yell into the application of artificial intelligence (AI) in UK business has revealed the significant time and money savings the technology can bring. The report, which surveyed over 2,000 consumers and more than 1,000 business leaders, also reveals the industries that stand to make the most by adopting AI. Compiled with over 37 pages of in-depth analysis, the report also highlights the current challenges that AI technology faces, such as lack of consumer trust and job loss fears.

With data showing that AI in some form is already used in 83 percent of UK businesses, Yell’s report delves into more detail about this rapidly evolving technology. By using insight gained from extensive surveys with consumers and business leaders, the findings help to shine a light on current attitudes towards AI and the benefits to large and small businesses.

Namely, the report reveals that by adopting AI such as chatbots and automated financial reporting, businesses can save an average of nearly 40 hours each week, or 2,075 hours per year.

This substantial time saving also translates to revenue, with UK business leaders surveyed stating that AI can help them to substantially cut operational costs. Based on the savings outlined by those surveyed, this equates to average savings of more than £29,000 each year. For certain sectors, AI becomes even more inviting, with the likes of the Automotive and Commercial Services industries able to save upwards of £40,000 per year, simply by adopting more AI solutions.

The Sectors That Stand To Save The Most Money With AI

RankSectorMonthly savingsAnnual savings
2Commercial Services£3,379.65£40,555.80
3Architecture, Engineering & Building£3,126.35£37,516.20
5Hair & Beauty£2,969.16£35,629.88

Time and cost savings aside, the report also outlines the huge money-making potential of AI, particularly where digital voice assistants such as Google Home and Amazon Alexa are concerned. Currently, 29 percent of UK consumers are willing to spend an average of £92 on purchases made via voice assistants, equating to a potential market of more than £1.8 billion in the UK alone.

The Hurdles Faced For Wider AI Adoption

Despite this great potential, Yell’s report highlights potential barriers to AI being fully integrated into business plans moving forward. For the business leaders surveyed, these barriers include a lack of knowledge, with 30 percent stating they would benefit from training with various AI technologies, but mainly, there were strong concerns over human job losses. 67 percent of business leaders surveyed stated they were concerned that advancements in AI would result in job losses, creating a challenging landscape for business owners who want to benefit from cost and time savings, but avoid making redundancies.

For consumers, the main barriers centered around trust, with many expressing concerns about using AI such as voice assistants. 75 percent feel worried that their data will fall into the wrong hands, 68 percent have concerns about strangers hacking their devices and interestingly, 50 percent of the UK population are concerned about the government listening in to their conversations, via a voice assistant.

The Future Growth of AI

On the other side of the coin, the full report concludes that AI, with its huge profit potential is not only here to stay but should see continued growth in the coming years. There is a market that expects even more AI-driven personalization, with more than 1 in 10 (13 percent) of consumers stating they would like to see more personalized adverts, with 8 percent admitting they would even share details of their family to gain this level of hyper-personalization.

According to the data, the younger demographic will be the key drivers of this growth, as 16–25-year-olds are already willing to spend more than the national average via voice assistants (£150 vs. £92). This age group also actively wants their interactions with businesses to become more automated and less face-to-face, with 87 percent stating they would prefer the likes of product buying, complaints and appointment scheduling to be more automated.

Claire Miles, Chief Executive Officer of Yell commented: “The digital revolution has already changed many aspects of our everyday lives, both at home and at work. It seems we are on the verge of another revolution with AI, with the time-saving and money-making capabilities of the technology being an absolute game-changer. The responsibility is now on business leaders of the world to ensure that any form of artificial intelligence is implemented properly, with the right security measures to alleviate trust and privacy concerns, as well as using it effectively and sensitively to create more specialized jobs, as the way we all work changes.’’

To read the full report and discover further insights into AI and its impact on business and consumers, visit:

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IoT For All
IoT For All
IoT For All is creating resources to enable companies of all sizes to leverage IoT. From technical deep-dives, to IoT ecosystem overviews, to evergreen resources, IoT For All is the best place to keep up with what's going on in IoT.
IoT For All is creating resources to enable companies of all sizes to leverage IoT. From technical deep-dives, to IoT ecosystem overviews, to evergreen resources, IoT For All is the best place to keep up with what's going on in IoT.