A recent report by the DCMS has identified that while AI is currently causing a lot of buzz around the world, in the UK businesses have been slow to use the technology, particularly in smaller companies.
Our overview of the findings are:
• Current AI Adoption:
Around 15% of UK businesses have adopted at least one AI technology, with higher adoption rates in larger companies and certain sectors like IT and telecommunications.
• Future Adoption:
An additional 10% of businesses plan to adopt AI in the future, with significant potential for growth if barriers are addressed.
The Areas where businesses are using Web chat and AI can be summarised as:
Webchat
• Customer Service: Webchat is widely used to provide real-time customer support, handling inquiries, complaints, and providing information. This helps improve customer satisfaction and reduces wait times
• Lead Generation: Businesses use webchat to engage with potential customers, capture leads, and qualify them for sales follow-up
• Sales Support: Webchat assists customers during the purchasing process, answering questions about products, availability, and pricing
• Appointment Scheduling: Many businesses use webchat to schedule appointments, consultations, or service calls, streamlining the booking process
• Feedback Collectiohttps://www.linkedin.com/feed/n: Webchat is also used to gather customer feedback and conduct surveys, helping businesses improve their services and products
AI (including Chatbots)
• Customer Support: AI chatbots handle routine customer inquiries, provide 24/7 support, and escalate complex issues to human agents when necessary
• Personalized Recommendations: AI is used to analyse customer data and provide personalised product or service recommendations, enhancing the customer experience
• Sales and Marketing: AI chatbots assist in lead generation, nurturing prospects, and even closing sales by providing relevant information and offers
• Recruitment: AI chatbots help streamline the recruitment process by screening candidates, scheduling interviews, and answering common questions about job opening
These applications of webchat and AI help businesses improve efficiency, enhance customer experiences, and drive growth.
Key Findings
• Adoption Rates:
o 15% of businesses have adopted AI.
o Adoption is higher in large companies (68%) compared to small (15%) and medium-sized businesses (34%).
o Sectors with the highest adoption rates include IT and telecommunications, and legal services.
• Sourcing AI Technologies:
o 40% of businesses develop AI in-house, 40% purchase off-the-shelf solutions, and 20% outsource development.
• Future Growth:
o Adoption rates are projected to increase to 22.7% by 2025 and 34.8% by 2040 in the central scenario.
o Expenditure on AI technologies could rise to £83.5 billion by 2040.
• Labour Costs:
o Spending on AI-related labour is expected to grow from £46.0 billion in 2020 to £304.2 billion by 2040.
Barriers to AI Adoption
• Internal Barriers: High costs, uncertain ROI, and data challenges.
• External Barriers: Skills shortages, regulatory uncertainty, and ethical concerns.
Sectoral Insights
• High Adoption Sectors: IT and telecommunications, legal services, and finance.
• Low Adoption Sectors: Retail, hospitality, and health services.
As we can see there is a significant number of businesses who could use AI to provide additional business opportunities, but are put off by the supposed complexity and cost of these services.
At Becketts we’ve a range of AI enabled services, from Conversational AI and voice routing through to Web Chat and web based services – to find out more give one of our team a call on 0118 940 9000.