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Thursday, 30 June, 2022

The Yell AI report 2022 – Analysis

The Yell AI report 2022

Since the pandemic, many businesses are looking at innovative ways of using technology in order understand and get closer to their customers. One of the major ways of learning is using AI. Yell has produced an AI report, that looks at benchmarking AI demand in todays 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% trades
  • 5% of businesses did not know what AI was about
  • Business sectors with the least AI knowledge
    • 13% architecture, engineering and building
    • 11% education
    • 7% automotive

It is encouraging to see a huge understanding of AI especially in non allied industries. With high understanding 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 that are experiment with AI are finding that they can add so much value to their customers experience. The power, flexibility and versatility of AI is is creating extremely useful products with powerful features. These features are saving time and effort for many therefore becoming imbedded of our everyday lives. Any company should use AI to leaver 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

In many businesses there is a lot of repetitive operations and customer processing and interaction. AI is helping to improve accuracy, speed as well as increase capacity with ease.

5 sectors that were confident using AI in their business

  • 68% automotive
  • 65% commercial services
  • 64% domestic services
  • 57% finance

What are the most important tools for a business?

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

Reasons why business restrict data?

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

What are the pitfalls for AI adoption?

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

Why AI?

  • 74% will secure them more customers, of which:
    • 93% those in finance
    • 90% those in automotive
    • 87% in securities
  • 70% 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% business predict AI will make business more profitable

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

Future of AI

  • 48% of consumers will use AI technology on a daily basis in 10 years time
  • 45% of businesses are thinking of looking at AI in next 2 years

I would think that these figures are conservative and will be a lot higher. The compound effect of AI, technology and availability tends to pull as well as push adoption of new technology.

Key takeaway and insights
It is clear that there is a huge opportunity between the 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. Business need to be ahead of this curve and offer something unique that AI can give them. Now is a great time to be developing new AI ways of working and products for the future.

Read the report here 

Purpose of this analysis

I invest many hours researching the latest AI, technology and business trends for all my clients. The knowledge is refined, distilled and combined with many other forms of analysis and knowledge in order to give the freshest and finest advice possible. 

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