As artificial intelligence (AI) continues to evolve and more AI-based software is introduced into the professional landscape, businesses have more opportunities to gain a competitive advantage. From increasing productivity to reducing business costs, strategic use of AI can drive business growth and sustainability.
Champions (UK) plc CEO Mathew Hayes says: “AI is not a new phenomenon, it has been simmering for over a decade. However, we are just beginning to see the power this can offer businesses, and this is just the beginning.
“In the next five years, AI will have as significant an impact on business and the way we work as the smartphone.
“All companies should invest in understanding how AI can help their businesses grow and prosper, while improving performance and reducing overhead – a very powerful combination when considering capital valuations.”
Piers Linney, AI and technology leader at Champions (UK) plc, adds: “The implications of AI for small businesses are endless. Business leaders already report reduced business costs, increased revenue, greater resilience, increased competitiveness and improved productivity.
“Microsoft research found that workers could recover 1.2 hours a week of time-consuming manual tasks with the help of AI. They were then able to dedicate more time to creative and 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, sustained over five years by all the SMEs they employ, would grow the UK economy by £94bn. Could AI be the productivity engine that improves the standard of living for us all?”
Matthew Blakemore, CEO of AI Caramba!, speaks specifically about generative AI and its huge opportunities for business growth. “The latest research from Oxford University shows that while 58% of people in the UK are aware of ChatGPT, awareness of other generative AI tools is below 20%,” he says.
“This presents huge opportunities for workforce growth and upskilling. McKinsey reports that the number of companies adopting Gen AI has doubled in the past ten months, with 72% experiencing revenue increases and significant productivity gains, as demonstrated by OCBC Bank in Singapore with a 50% increase in productivity.
“For companies that are yet to leverage this technology and lack internal expertise, it is crucial to consider bringing in external AI strategic leaders. Investing early in core strategies, including strong AI governance aligned with brand values, can significantly improve long-term outcomes. Ultimately, embracing this technological revolution means empowering your workforce and ensuring your company remains competitive.”
Find out more about Champions AI solutions for businesses.
