As artificial intelligence (AI) continues to evolve and more AI-powered software is introduced into the business landscape, businesses are presented with more opportunities to gain a competitive advantage. From increasing productivity to reducing business costs, the strategic use of AI can propel business growth and sustainability.
Managing Director of Champions (UK) plc Mathew Hayes says: “AI is not a new phenomenon, it has been brewing in the background for over a decade. However, we are only just beginning to see the power it can offer businesses, and this is just the beginning.
“In the next five years, AI will have as big an impact on businesses and the way we work as the smartphone.
“Every company should invest in understanding how AI can help their business grow and thrive, while improving performance and reducing overhead – a very powerful combination when it comes to valuing capital.”
AI and Technology Manager at Champions (UK) plc Piers Linney adds: “The implications of AI for small businesses are endless. Business leaders are already reporting reduced costs, increased revenues, improved resilience, greater competitiveness and improved productivity.
“A study conducted by Microsoft found that employees could save 1.2 hours per week on time-consuming manual tasks thanks to AI. They could then spend more time on creative and innovative tasks, thus increasing their productivity, development and job satisfaction.
“This finding is encouraging. Be the Business estimates that just a 1% annual improvement in small business productivity, sustained over five years by all employing SMEs, would grow the UK economy by £94 billion. Could AI be the productivity engine that improves the standard of living for us all? »
Matthew Blakemore, CEO of IA Caramba!, specifically comments on generative AI and its vast opportunities for business growth. “Latest research from the University of Oxford shows that while 58% of Brits are aware of ChatGPT, awareness of other Gen AI tools is less than 20%,” he says.
“This presents vast opportunities for growth and upskilling employees. McKinsey reports that the number of companies adopting next-generation AI has doubled in the last ten months, with 72% seeing increased revenue and significant productivity gains, as demonstrated by OCBC Bank in Singapore with a 50% increase in productivity.
“For companies that have yet to leverage this technology and lack internal expertise, it is crucial to consider engaging external strategic leaders in AI. Investing early in foundational strategies, including strong AI governance aligned with brand values, can significantly improve long-term outcomes. Ultimately, embracing this technological revolution means empowering employees and ensuring your business remains competitive.”
Learn more about the Champions AI Solutions for Business.
