"The biggest gap in terms of productivity-led growth is with the US,"
"If you look at what's driven the US relative to the UK over the last ten years, a lot of the unlock that is missing in this country comes down to productivity."
"Small and medium-sized businesses are really the lifeblood of the UK economy,"
"My biggest worry is that there's this potential for growth - for each of these individual small businesses and for the economy overall - that isn't realised because people don't have the tools or the skills to take advantage of this opportunity."
UK small and medium-sized enterprises are slower to adopt AI than American peers, creating a productivity gap. AI-powered tools could increase SME productivity by up to 20%, effectively adding an extra working day per week. Google analysis estimates AI adoption could unlock £200 billion in additional economic value for UK small businesses by the end of the decade. SME leaders expect average revenue increases of 30%, with the greatest benefits in customer service automation, marketing, and administrative tasks. Failure to adopt AI and develop necessary skills risks leaving businesses and the wider economy behind. Google launched AI Works for Business with the Department for Business & Trade and NatWest to help close the adoption gap.
Read at Business Matters
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