Small businesses are fundamental to the UK economy, but many remain underutilized, with only 36% currently growing. Digital tools, particularly AI, can foster greater productivity and revenue, yet one third of small firms have yet to embrace these technologies. The IMF suggests significant economic growth could arise from full AI adoption. Recent survey data shows a rise in AI usage among small businesses, correlating with increased productivity. It is crucial to provide the necessary support, tools, and policies to help these businesses harness their capabilities fully for national growth.
Artificial intelligence is the turbocharger of the small business world, enabling growth and productivity that many firms are currently not tapping into.
77% of small businesses now say AI has boosted their productivity—up from about 40%—indicating a significant shift in how SMBs are leveraging technology.
With many businesses stuck at red lights, we need the right policies and support to close this digital divide and drive a new era of inclusive growth.
The IMF estimates that small and medium-sized businesses embracing AI could drive the UK economy's growth by £470bn by 2035.
Collection
[
|
...
]