UK SMEs Harness AI Power for Growth

Small businesses in the UK are embracing Artificial Intelligence (AI) to boost their productivity and growth, despite initial concerns that they might be left behind by its adoption.

Ruchi Sharma, Vice President of UK Commercial at American Express, attributes this trend to AI's ability to give small business owners something invaluable: time.

According to the company's annual Business Barometer research, 36% of SME owners surveyed cited their own lack of capacity as the single biggest barrier to growing their business, with much of that capacity lost to routine work. This is where AI comes in, not just as a timesaver, but also as a valuable source of information and a tool for learning new skills.

American Express' research found that nearly four in five SME owners are already using AI in some form, with one in five describing it as 'like having another member of staff'. However, adoption is still in its relative infancy, with nearly one in five saying they feel like they should be making more of AI.

The implication of this data is significant: SMEs are the backbone of the UK economy, and with AI adoption in its early stages, there's an opportunity for small businesses to boost their own productivity and growth, and that of the wider economy. American Express has launched an AI training initiative with non-profit Generation to help small firms build practical AI skills.