AI innovations in business are crucial for building a competitive edge

As artificial intelligence (AI) continues to evolve and more AI-led software is introduced into the professional landscape, businesses are presented with increased opportunities to gain a competitive edge. From boosting 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 simmering in the background for over a decade. However we are just starting to see the power this can offer to businesses, and this is very much just the start.

“Over the next five years, AI is going to have as significant an impact on business and the way we work as the smartphone.

“Every business should be investing in understanding how AI can help their business to grow and thrive, while at the same time improving performance and reducing overheads – a very powerful combination when considering Capital Valuations.”

AI & Technology Lead at Champions (UK) plc Piers Linney adds: “The implications of AI for small businesses are endless. Already business leaders report reduced business costs, increased revenue, improved resilience, greater competitiveness, and better productivity.

“Research by Microsoft found that workers were able to reclaim 1.2 hours a week from time-consuming, manual tasks with the help of AI. They were then able to spend more time on creative, innovative work, boosting productivity, development and job satisfaction in the process.

“This finding is encouraging. Be the Business estimated that just a 1% annual improvement in small business productivity, maintained over five years by all employing SMEs, would grow the UK economy by £94bn. Could AI be the productivity driver that improves standards of living for all of us?”

Matthew Blakemore, CEO at AI Caramba!, comments specifically on generative AI and its vast opportunities for business growth. “Oxford University’s latest research shows that while 58% of people in the UK are aware of ChatGPT, awareness of other Gen AI tools is below 20%,” he says.

“This presents vast opportunities for growth and workforce upskilling. McKinsey reports that the number of companies embracing Gen AI has doubled in the last ten months, with 72% seeing revenue increases and significant productivity gains, as demonstrated by OCBC Bank in Singapore with a 50% boost in productivity.

“For businesses yet to leverage this technology and lacking internal expertise, it’s crucial to consider bringing in external AI Strategic Leaders. Investing early in foundational strategies, including robust AI governance aligned with brand values, can significantly enhance long-term outcomes. Ultimately, embracing this technological revolution means empowering staff and ensuring your business remains competitive.”

Find out more about Champions’ AI solutions for businesses.

Source link

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top