Auto industry setting AI pace

A new report into the benefits and pitfalls of artificial intelligence in business has revealed that companies in the UK automotive sector could save more than £40,000 per year, by adopting tech such as chatbots or automated financial reporting.

Commissioned by Yell, the report features data from surveys to 1,000 UK business leaders and 2,000 consumers, and reveals that currently it’s the automotive sector making the most of the cutting-edge tech.

Out of all UK sectors surveyed, the automotive industry is saving the most per year by utilising AI in its operations, with average annual savings equating to a healthy £41,584 per year – high above the national average of £29,000 per year. This is largely down to the time-saving benefits of AI, with the report’s findings showing that businesses can expect to save an average of 40 hours per week, or 2,075 hours every year.

The sector is also the most AI-savvy in the UK, with the highest number of business leaders (68%) saying they feel confident in using the tech.

The in-depth report also shows that the adoption of AI doesn’t come without its challenges, as two thirds of UK business leaders are currently concerned that use of the tech will result in job losses.

Claire Miles, chief executive officer of Yell, said: “The digital revolution has already changed many aspects of our everyday lives, both at home and at work. It seems we are on the verge of another revolution with AI, with the time-saving and money-making capabilities of the technology being an absolute game-changer.

“The responsibility is now on business leaders of the world to ensure that any form of artificial intelligence is implemented properly, with the right security measures to alleviate trust and privacy concerns, as well as using it effectively and sensitively to create more specialised jobs, as the way we all work changes.’’