The biggest impact for organisations has been financial, with 61% telling us that they have experienced an increase in revenue streams. With a large proportion of employers saying they’ve used AI to automate repetitive tasks and workflows, it’s no surprise that this increase in efficiency translates into cost savings and revenue growth. A recent study by Forbes Advisor, showed that, “AI contributed £3.7 billion to the UK economy in 2022” (Forbes Advisor: UK Artificial Intelligence (AI) statistics and trends in 2023) and AI generated revenue produces “up to 70% of total shareholder returns in a five year period” for one business (Boston Consulting Group: Using AI to maximise revenue).

Personalised marketing was listed as the second most notable benefit, with 59% of business who completed our survey listing it as a specific benefit. Companies are using data science to analyse customer demographics, behaviour and preferences, in order to identify patterns and predict customer needs. Detailed profiles of individual customers are being created, enabling businesses to customise products for specific profiles. AI hyperpersonalisation is now being used to tailor services and products to individuals as opposed to grouping people into broader categories. The end result is an increase in engagement, customer loyalty and sales, where people feel their needs and interests have been more accurately met.

Although highlighted as the third ranked benefit, just under a quarter of businesses told us they they’ve seen an increase in productivity due to the implementation of AI. As discussed previously in this report, there are clear productivity benefits around automation of complex tasks, speed of data analysis and workflow simplification, all allowing people to do more with less time. That’s the conclusion from a National Bureau Economic Research study, which showed that by using an AI-based customer service assistant to analyse data from 5,179 support agents, 14% more issues were resolved per hour (National Bureau of Economic Research: Generative AI at work). So why aren’t more businesses seeing an increase in productivity? A likely reason is that many employees working with AI tools may not have the skills required to use them properly. You can read more about the skills needed to support successful adoption of AI in the skills and training section of this report.