There are fears the rapid proliferation of artificial intelligence will cost jobs but a new survey shows North West businesses are actually using AI to create new jobs. Tony McDonough reports
Despite the fears of artificial intelligence (AI) costing jobs, new data suggests the opposite is happening in the North West.
AI is helping North West firms create new jobs and build the skills needed to stay competitive, according to research from the Lloyds Business Barometer.
This report claims 57% of North West businesses already using AI say it has created new jobs in their firm, while 57% of all firms in the region plan to increase investment in AI to upskill their workforce in the coming year.
Of those increasing investment, 36% expect to spend between £25,000 and £100,000, while 31% expect to spend between £100,000 and £250,000. While 53% of North West businesses say their workforce has the AI skills needed, 31% say it does not.
Overall, 66% of the region’s firms say they currently use AI and 56% of North West firms say that businesses which fail to adopt AI in the next three years will be at a competitive disadvantage.
However, there are barriers to adoption, the study adds. Firms in the region using AI cited not having enough internal expertise (20%), cost (20%) and a lack of understanding (16%) as the main barriers to getting greater value from AI.
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Jenny France, area director in the North West at Lloyds, said: “AI has the potential to be transformative for businesses, as it is unlocking efficiencies while also creating new job opportunities across the North West.
“It’s no wonder so many firms in our region view it as essential to staying competitive, and that’s why it’s important they’re supported as they continue to embed this technology into their operations.
“With a lack of internal expertise and understanding proving to be some of the main barriers to adoption, it’s encouraging to hear that the majority of firms are planning to invest in upskilling their workforce.”