The benefits of AI in business development are being seen every day. Companies are constantly reporting improved efficiencies, better sales revenues, reduced costs and so on, all because of their adoption of AI.
The initial introduction of AI however caused a lot of people to fear their job could be lost to this new emerging technology. However, in many cases advances in Technology can actually increase the need for people.
What AI can do is take away the mundane administrative processes that form part of the everyday tasks and allow people to free up time to focus on more creative and strategic tasks.
Although advances in AI are growing at a rapid pace, unfortunately the shortages in skills in this area is slowing down the full capabilities that can be achieved on a wide scale across businesses.
- According to a report published by Forbes in 2023, 93% of UK businesses say there is an IT skills gap with AI being the most in demand skill.
- Jobs that require AI skills carry up to a 25% wage premium in some markets –PwC
With AI bringing about so many opportunities, now is the time for businesses to incorporate an AI strategy into their business plans and set aside appropriate investment into their budgets – this is what will not only set aside businesses on a local scale, but really bring about a Global competitive edge
- AI-driven spike in productivity could allow many nations to break out of persistent low productivity growth, generating economic development, higher wages, and enhanced living standards - PwC
Sources
The 2023 IT Skills Gap Report – Forbes Advisor UK
PwC: AI-exposed sectors see productivity surge and up to 25% wage premium