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Tuesday, May 18, 2021
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    The AI Wave

    AI investment to help build back from COVID-19 includes recruitment need

    A survey of more than 750 decision-makers within UK businesses has revealed their plans to invest in artificial intelligence (AI) in 2021. It found:

    • 30 per cent of businesses have piloted an AI solution for the first time since the onset of the pandemic
    • Two in five (40 per cent) say AI investment is a priority for 2021
      • 41 per cent intend to hire new talent to deal specifically with AI
      • Almost half (48 per cent) intend to send staff for AI-related training
    • The majority (61 per cent) are confident that embracing AI will give them a sustainable advantage in the long-term

    Research from Fountech Solutions has found UK businesses are investing in artificial intelligence (AI) to help them adapt to and recover from the COVID-19 pandemic. The AI consultant and developer commissioned an independent survey of more than 750 decision-makers within UK businesses. It found that 40 per cent of businesses plan to make AI investment a priority in 2021.

    The onset of the pandemic in March 2020 has incentivised almost a third (30 per cent) of businesses to pilot an AI solution for the first time. The research found that many businesses are now looking to increase their investment in AI over the coming 12 months: 41 per cent plan to hire new talent to deal specifically with AI, while almost half (48 per cent) plan to send staff for AI-related training.

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    External AI experts are also in high demand, with 44 per cent of businesses planning to engage with third parties to help with their AI requirements. As AI and automation becomes more common, more than half (58 per cent) of UK businesses plan to invest more heavily in training their employees so they can better utilise new technologies. In the long-term, an overwhelming majority (61 per cent) of businesses are confident that embracing AI will give their business a sustainable competitive advantage.

    Ero Georgiades, chief operating officer of Fountech Solutions, said: “In difficult and unexpected circumstances like these, businesses naturally look to leverage new solutions that will ensure that they can ride out the storm and emerge in a strong position on the other side. To that end, COVID-19 has been a powerful catalyst for AI adoption across all industries, as firms large and small alike seek technologies that can improve efficiency or create new commercial opportunities.

    “2021 looks set to be the year that AI adoption explodes,” Georgiades added. “Indeed, the research shows that, having had a taste of what AI has to offer, many businesses will now be exploring how they can utilise deep tech to empower their employees and better service their customers. No doubt, we can expect AI to play a major role as businesses look to rebuild and grow in the coming months.”

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