Thursday, 30 June, 2022

The Yell AI report 2022 – Analysis

The Yell AI report 2022

Since the pandemic, many businesses have been looking at innovative ways of using tech to understand and get closer to their customers. One of the significant ways of learning is by using AI. Yell has produced an AI report that compares AI demand in today’s fast-moving consumer environment. They have found a few interesting insights covering AI understanding, application, adoption and potential pitfalls.

Key points

Understanding of AI

  • 95% had some degree of understanding of AI
  • 25% had an advanced understanding of AI
  • 4 sectors claimed to have 100% knowledge of AI
  • Business sectors with the most advanced knowledge of AI
    • 53% Finance
    • 53% IT/Telecoms
    • 46% hair and beauty
    • 32% of trades
  • 5% of businesses did not know what AI was about
  • Business sectors with the slightest AI knowledge
    • 13% architecture, engineering and building
    • 11% education
    • 7% automotive

It is encouraging to see a vast understanding of AI, especially in non-allied industries. With high performance, there is less barrier to entry.

 Use of AI

  • Business leaders
    • 22% use AI technologies every day
    • 3.2 times per week
    • 35% use banking apps
  • Consumer users using AI
    • 58% use banking apps
    • 49% using digital assistants
    • 26% using digital chatbots

Many companies experimenting with AI find that they can add so much value to their customer experience. AI’s power, flexibility and versatility create beneficial products with powerful features. Many of these features save time and effort, becoming embedded in our everyday lives. Any company should use AI to leave their position and look to add value to their customers.

Which areas of business would AI tech be useful for?

  • 44% consumer engagement
  • 41% market research
  • 37% business operations

Many businesses have a lot of repetitive operations, customer processing, and interaction. AI is helping to improve accuracy and speed and increase capacity with ease.

5 sectors that were confident using AI in their business

  • 68% automotive
  • 65% commercial services
  • 64% of domestic services
  • 57% Finance

What are the essential tools for a business?

  • 77% of website
  • 74% of social media
  • 71% branding

Reasons why businesses restrict data?

  • 55% don’t want to be spammed by adds
  • 54% don’t trust how much data will be used
  • 47% of the data will fall into the wrong hands

What are the pitfalls of AI adoption?

  • 30% lack of finance for AI
  • 26% lack of expertise
  • 22% cite a lack of time

Why AI?

  • 74% will secure them more customers, of which:
    • 93% of those in finance
    • 90% of those in automotive
    • 87% in securities
  • 70% of business leaders say that AI would make a positive impact
  • Time-saving
    • 41% said that AI has already helped reduce time on tasks
    • 7 hrs saved automating/managing basic customer service queries
  • Savings per industry
    • £42K (Per annum) – Automotive industry
    • £41K (Per annum) – Commercial
    • £36K (Per annum) – Finance
  • 71% of businesses predict AI will make business more profitable

It is rare to get actual monetary savings when using AI. Usually, most companies start with quick projects with specific use cases that will give a fast return. Once they see the return or savings AI can make, they consider adopting AI throughout their organisation.

Future of AI

  • 48% of consumers will use AI technology daily in 10 years
  • 45% of businesses are thinking of looking at AI in the next two years

I think these figures are conservative and will be much higher. The compound effect of AI, technology and availability tends to pull and push the adoption of new technology.

Key takeaway and insights
There is a massive opportunity between consumer expectation/readiness for AI and business AI adoption. Regardless of industry, there is growth potential in AI at all levels. As consumers use AI, their expectations are rising. Businesses need to be ahead of this curve and offer something unique that AI can give them. Now is a great time to develop new AI ways of working and products for the future.

Could you read the report here? 

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I can get the best out of AI by:

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  • Pinpointing the best AI experts for your project or company
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  • …and lots more, please feel free to contact me today

Please feel free to contact me today