Business owners across the West Country believe AI adoption will be a 'key growth driver' in the local economy, according to a new report.
Over half (53%) of firms questioned believed the technology would boost regional growth, the latest Lloyds’ Business Barometer found.
Of the 50% of the region’s businesses already using AI, 87% have seen the technology increase their productivity and 88% have seen it improve their profitability.
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The Business Barometer surveys 1,200 businesses monthly and provides early signals about 海角视频 economic trends both regionally and nationwide.
Firms are most commonly using off-the-shelf AI platforms to improve efficiency (59%) or to automate some of their processes (36%).
Looking ahead, 74% of the South West’s businesses plan to invest more in AI over the next year, with nearly a third (31%) of non-adopters planning to use the technology for the first time. Meanwhile, more than a fifth (21%) of local firms plan to create new AI-specific roles.
Business owners said the desire to use the technology to help grow their client base (38%) or to drive new or further increases in profitability (36%) were the biggest drivers behind their future investment plans.
Companies also said that having a better understanding of the technology and its benefits (43%) and inspiration from other firms (14%) would help facilitate even more investment.
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Amanda Dorel, regional director for the South West at Lloyds, said: “Through their own profitability and productivity increases, South West firms are already seeing just some of the ways AI might support wider economic growth.
“With businesses seeking more knowledge around the technology and examples of best practice, collaboration will be key to supporting even greater adoption.”