How ready is your business for AI?

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SMEs are missing opportunities to innovate, grow, increase productivity and contribute more to the wider economy by not making effective use of artificial intelligence (AI), according to a new report.

Research carried out among small business owners by Censuswide for Google revealed that 59 per cent of those questioned had paused “game changing” ideas, because they didn’t have time to bring their innovations to life.

Almost two thirds (64 per cent) of UK SME owners believe that having more time to innovate could unlock significant revenue growth, with a third citing that their innovations could increase revenues by 30 per cent.

Economic analysis from business management consultancy Public First has also shown that AI-powered tools could boost SME productivity by 20 per cent.

This is comparable to adding an extra day to each working week – giving SME leaders more time to bring their game changing ideas to life.

Against this backdrop, Lancashire County Council, in collaboration with Code Institute, has launched a free AI Maturity Assessment to help businesses across the county understand their readiness for AI and identify the next steps in their journey.

The partnership will help businesses futureproof their operations and contribute to a stronger regional AI strategy.

It is designed to help businesses of all sizes, whether they’re just starting to explore AI or already implementing it by giving access to:

• A personalised AI readiness report
• A clear benchmark across six key areas: strategy, value, data, technology, people and governance
• Actionable recommendations to bridge capability gaps
• Access to expert-led guidance and short educational workshops

The initiative will also contribute to shaping Lancashire’s future AI skills strategy and funding programmes by building a regional picture of where support is most needed.

Companies can access the survey, which will provide them with their free AI readiness report, through the website of Boost, Lancashire’s Business Growth Hub: www.boostbusinesslancashire.co.uk