- UK businesses are wary of the economy and the upcoming Autumn Budget
- Rising energy costs are causing them to rethink their budgets
- 89% are turning to AI to solve their biggest problems
Business leaders see AI delivering improved innovation (32%), better decision-making (31%), enhanced customer experience (30%) and reduced operational costs (30%), according to new Barclays research.
However, time and time again we hear that companies continue to face the same challenges, with 39% citing AI and digital skills as the biggest shortage.
This is even more pronounced in financial services (52%), IT & telecoms (48%) and tech (51%) sectors.
UK businesses are truly on board with AI
The average business investment in AI and tech over the past year has approached nearly a quarter of a million pounds, with larger companies pushing beyond the £400,000 mark, and yet 68% still plan on increasing investments over the next 12 months.
Staff training (42%) and improved digital products (37%) will be the key focus areas, indicative of an understanding that companies need to prepare workers for impending changes.
“Despite economic and energy challenges, UK businesses are pushing ahead with AI and skills investment to unlock productivity and growth,” Barclays Business Banking Managing Director Abdul Qureshi noted.
Still, economic headwinds are causing some caution. More than half (55%) are planning to wait until the Autumn Budget before confirming renewed investments. The number of businesses confident in the UK and global economies (65%) has also dropped quarter-over-quarter.
Most (84%) businesses have also been impacted by rising energy prices, with 39% noting a need to adjust budgets in response.
Looking ahead, 89% of businesses are now looking to AI to solve problems over the next two years.
“Our research suggests that AI is becoming a key tool to drive innovation, encourage investment and upskilling to lift productivity and build confidence in the UK as a global business hub,” Barclays UK Corporate Banking CEO Matt Hammerstein concluded.
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