The results were obtained from the Close Brothers Business Barometer, a quarterly survey that questions over 1,000 UK and RoI SME owners and senior management across a range of sectors and regions.
Says Close Brothers Asset Finance chief Neil Davies (pictured): “The potential impact of the rise of AI and the so-called Fourth Industrial Revolution have been discussed and debated for some time now.
“What our survey tells is that 65% of firms feel that AI is either going to improve productivity or that it’s too far in the future to be worried about.
“The remaining 35% are more apprehensive, citing ethical concerns and the threat to jobs as their reasons for not being advocates of AI.”
When asked the question ‘do you think better technology leads to more productivity?’, over half (51%) of SMEs believe better technology will result in more productivity with only 25% saying no; the rest are undecided.
Regionally, Northern Ireland (64%), London (63%) and Wales (62%) were particularly positive, while in businesses with a turnover greater than £10m, this rose even further to 70%.
In addition, the survey found most SMEs (61%) are comfortable that their technology is up-to-date, with 22% admitting that it is not, while the remaining 17% are ‘unsure’.
Davies adds: “With cashlow a constant concern for businesses, investing in technology is a key decision. Firm owners understand that employee expectations are rising and that technology can provide competitive advantage; however, this comes at a cost. 28% of SMEs update their technology every two years, while 23% do this annually. Six per cent of companies never invest.”
Laptops and desktop computers – combined – account for nearly half of companies’ technology spend, with software third at 18%.
