AI is a powerful driver of growth, says Lloyds Business Barometer
Artificial intelligence is helping Yorkshire companies work more efficiently and unlock new opportunities for growth, according to findings from the Lloyds Business Barometer.
Yorkshire businesses integrating AI into their operations are reporting significant financial benefits, with 84 per cent seeing increased productivity and 41 per cent reporting higher profits over the past 12 months. Of those who reported a profit boost from using AI, 42 per cent recorded an uplift of 11 per cent or more, with a further 35 per cent saying profits increased by 6-10 per cent, and 23 per cent saying profits increased by up to five per cent. The findings come as investment in AI accelerates, with just over three in five (61 per cent) Yorkshire businesses confirming they have invested in AI.
The research from Lloyds found that most firms spent less than £25,000 (38 per cent) to enhance their AI capabilities, followed by 11 per cent of firms who spent between £25,000-£100,000, six per cent spending between £100,000-£250,000 and six per cent spending £250,000 or more.
Martyn Kendrick, regional director for Yorkshire at Lloyds, said: “Businesses across the county are recognising AI as a powerful driver of growth, and these results show the impact it’s delivering.”