Our Global Annual Conference is always a key moment to reflect on the current policy landscape for businesses – and to look ahead. This was particularly the case in our Digital Revolution breakout session, which focused on how digitalisation is driving business growth now, and in the future.
The session, chaired by Liz McAreavey, Chief Executive of Edinburgh Chamber of Commerce, and sponsored by Intuit, considered the role of advanced technologies, particularly AI, and the growing influence they are having in our everyday lives. The Government recognises that the pace of technological change is speeding up, not slowing down.
The Prime Minister has spoken about turbocharging AI to drive efficiencies in healthcare, education, public services, and businesses. In the recent Comprehensive Spending Review, the government allocated £2 billion of funding to support AI. For the UK to stay competitive, digitalisation must be front and centre of economic policy.
While the opportunities are clear, we must also ensure that we have the capacity to manage the increased use of AI. The UK’s infrastructure must be able to support the rapid increase in new data centres and energy use. Policymakers also need to support businesses to confidently and safely use AI in a way that benefits us all. For many SMEs AI remains a huge mountain to climb. Research from the BCC’s award-winning Insights Unit has found that 43% of firms had no plans to use AI, alongside 25% of businesses who were actively using AI.
The launch of the Business Growth Service is another welcome move. A streamlined, digital-first platform that connects SMEs to advice, finance, and local support – including, importantly, their local Chamber of Commerce – has the potential to simplify a fragmented landscape. This will help businesses access the help they need to grow.
However, across our Chamber Network, there are already inspiring examples of businesses embracing AI and seeing real gains in productivity and growth. But there is more to do to make sure that AI can work for all firms. They must feel empowered, and not overwhelmed, by AI. Showing businesses how digital tools can boost efficiency, simplify tasks, save time – and boost revenue – is crucial.
Championing AI is a top priority for the BCC. Alongside our impactful research on AI, we have also supported the SME Digital Adoption Taskforce, with our Director General Shevaun Haviland serving as a member. The Taskforce’s report, which we helped to shape, was published alongside the SME Strategy in July.
It sets out 10 recommendations to government to drive digital adoption through raising awareness, improving leadership and accountability, as well as having the right tools and support for businesses. We are excited to see how we can work in partnership with Government to deliver on some of these recommendations.
AI is changing the UK’s business landscape day-by-day, and the BCC has a vital role in helping firms harness its potential. It is a powerful driver of growth, but to unlock its full value, we must help bring every business along on the journey.