New Report Reveals Trades Businesses Are Among The Most AI-Savvy in the UK
Posted by: electime 23rd June 2022
- An extensive report by Yell into the application of artificial intelligence (AI) in business has revealed the significant time and money savings the technology can bring
- The report, which surveyed both consumers and business leaders revealed the trades industry in particular can benefit from adopting AI
- Compiled 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
A new report from Yell that focuses on the growing potential of using AI in business has revealed the impressive time, money and effort savings companies around the world could stand to make, especially when it comes to the world of trades businesses.
With data showing that AI in some form is used in 83 per cent 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.
However, when looking at these potential time savings more closely, the view towards AI from the trades sector becomes even more clear, with 84 per cent of the business leaders surveyed agreeing that AI technologies and AI-powered tools could help save them time – the second-highest of all sectors in the UK.
The Sectors That Think AI Tech and AI-Powered Tools Could Help Save Time
| Rank | Sector | Percentage of leaders who think AI will help save time for their businesses |
| 1 | Commercial Services | 88.33 per cent |
| 2 | Trades | 83.50 per cent |
| 3 | Domestic Services | 83.00 per cent |
| 4 | Automotive | 80.00 per cent |
| = | Finance | 80.00 per cent |
In addition, the trades sector is also revealed by the report to be one of the most AI-savvy sectors in the UK. Almost a third (32 per cent) of business leaders in the trades sector stated that they have an advanced understanding of AI tech, again placing the industry among the top five for this in the UK, in comparison to the education sector, where just 8 per cent say they have an advanced understanding of such technologies and more than 11 per cent have no understanding of the tech at all.
The Hurdles Faced For Widespread AI Use
Despite this great potential, Yell’s report highlights the potential barriers to AI being fully integrated into business plans moving forward. For the business leaders surveyed, the main barrier lies with the concern over human job losses. 67 per cent of business leaders surveyed stated they were concerned 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 centred around trust, with many expressing concerns about using AI such as voice assistants. 75 per cent feel worried that their data will fall into the wrong hands, 68 per cent have concerns about strangers hacking their devices and interestingly, 50 per cent 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 personalisation, with more than 1 in 10 (13 per cent) of consumers stating they would like to see more personalised adverts, with 8 per cent admitting they would even share details of their family to gain this level of hyper-personalisation.
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 per cent 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 specialised jobs, as the way we all work changes.’’
To read the full report and discover further insights into AI and business, visit: https://business.yell.com/sme-insight/the-artificial-intelligence-report/
