AI Adoption Could Save Businesses $35,000 Every Year
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
Businesses are immensely benefiting from AI adoption. AI technologies and capabilities have enabled businesses to transform their operations and scope of revenue generation with an unmatched precision. In 2022, the global AI software industry will touch $62 billion, thanks to an enhanced adoption rate among businesses that see AI and other intelligent capabilities as a means to mature in changing economic landscape. A new report from Yell highlights on the growing potential of using AI in business. It has revealed the impressive time, money and effort savings companies around the world could stand to make with AI adoption. If done right, businesses can s********* $35000* every year– an absolute game-changer in the modern context of automation and financial stability.
With data showing that AI in some form is already used in 83% 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.
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The report reveals that by adopting AI such as chat bots 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 $34613 each year.
For certain sectors, AI becomes even more inviting, with the likes of the Automotive and Commercial Services industries able to save upwards of $47742 per year, simply by adopting more AI solutions.
The Sectors That Stand To Save The Most Money With AI Adoption
|
Rank |
Sector |
Monthly savings |
Annual savings |
|
1 |
Automotive |
USD 4123.77 |
USD 49485.2 |
|
2 |
Commercial Services |
USD 4021.8 |
USD 48261.4 |
|
3 |
Architecture, Engineering & Building |
USD 3720.36 |
USD 44644.3 |
|
4 |
USD 3600.32 |
USD 43203.85 |
|
|
5 |
Hair & Beauty |
USD 3533.3 |
USD 42399.6 |
Time and cost savings aside, the report also outlines the huge money-making potential of AI, particularly where digital voice assistants such as Google Home and Amazon Alexa are concerned.
Currently, 29% of UK consumers are willing to spend an average of $109.81 on purchases made via voice assistants, equating to a potential market of more than USD 2.5 billion in the UK alone.
The Hurdles Faced For Wider AI Adoption
Despite this great potential, Yell’s report highlights potential barriers to AI being fully integrated into business plans moving forward. For the business leaders surveyed, these barriers include a lack of knowledge, with 30% stating they would benefit from training with various AI technologies, but mainly, there were strong concerns over human job losses. 67% of business leaders surveyed stated they were concerned that 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 centered around trust, with many expressing concerns about using AI such as voice assistants. 75% feel worried that their data will fall into the wrong hands, 68% have concerns about strangers hacking their devices and interestingly, 50% of the UK population are concerned about the government listening in to their conversations, via a voice assistant.
The Future Growth of AI Adoption
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 personalization, with more than 1 in 10 (13%) of consumers stating they would like to see more personalized adverts, with 8% admitting they would even share details of their family to gain this level of hyperpersonalization.
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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 (USD 179.03 vs. USD 109.81). This age group also actively wants their interactions with businesses to become more automated and less face-to-face, with 87% stating they would prefer the likes of product buying, complaints and appointment scheduling to be more automated.
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At the time of this announcement, 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.’’
*The report from Yell projected all data in Pound Sterling. The AIThority Editor has converted these into USD using a conversion factor of 1.19
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