British businesses could make billions if equipped with the latest tech

1 month ago

Britain’s SMEs could unlock an other £79 cardinal successful nan adjacent twelvemonth unsocial if they went all-in connected nan latest tech specified arsenic AI tools and automation, caller investigation has claimed.

A study from Three Business recovered British workers make connected mean £19.20 per hr little than German workers, £17.39 little than their American counterparts, and £14.77 little than nan French, highlighting a important productivity spread costing businesses and nan uk system billions.

Moreover, conscionable by investing successful exertion specified arsenic AI, Three Business believes nan spread betwixt nan UK and those different countries could beryllium narrowed by betwixt 25-34%.

Britain’s dated tech is costing billions

The study is 1 of a increasing number to item nan ongoing challenges pinch adopting AI – though 43% of business leaders acknowledged that AI could heighten productivity and efficiency, astir arsenic galore (42%) interest astir onboarding challenges that could inhibit their growth.

Over half (55%) of nan SMEs surveyed besides noted nan costs associated pinch adopting caller technologies is simply a barrier, pinch 2 successful 5 (42%) incapable to prioritize these investments successful a tight economy.

The study besides highlighted geographical differences that could frighten to time off immoderate counties behind. London-based businesses were among nan astir AI-enthusiastic, pinch 45% citing it arsenic a priority, compared pinch conscionable 22% successful nan North and 18% successful nan South.

The study besides covered concerns astir a unchangeable and reliable net relationship – almost each (97%) of nan SMEs agreed connected its importance, nevertheless nan UK still lags down different European countries successful position of 5G readiness and web speeds. According to Speedtest figures cited successful nan report, nan UK ranks 26th retired of 31 countries for web quality.

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The institution utilized nan study arsenic an opportunity to item nan imaginable benefits of its projected Vodafone merger, which is nether investigation by nan UK Competition and Markets Authority (CMA).

“Through nan operation of Vodafone UK and Three UK, we would beryllium capable to put £11bn successful increasing nan UK’s mobile infrastructure, and create a best-in-class 5G web which would further alteration economical maturation and invention successful each nations and regions," noted Mike Tomlinson, Managing Director for Business astatine Three.

Besides nan broader efforts needed to amended infrastructure and services, nan study calls for much financial support successful nan shape of superior and support successful investing this capital, allowing businesses to support up pinch their European and world counterparts.