UK small and medium-sized enterprises are being urged to embrace artificial intelligence (AI) and new technology in the workplace, after a study found that many small firms are feeling anxious about the pros and cons of so-called robotic process automation (RPA).
In today’s increasingly digital world, more and more businesses are adopting RPA – processes by which they are able to ‘automate’ some of the more mundane aspects of their day-to-day tasks.
However, research suggests that many SMEs find the prospect of RPA becoming commonplace – or even ‘replacing’ workers – somewhat daunting.
On the other hand, SMEs are concerned that larger competitors who are better placed to invest in new technology will ‘drive them out of business’ if they do not embrace change.
In fact, more than half (57 per cent) of SMEs are worried that RPA will give their competitors an advantage over them, while a similar number are concerned that only large firms and corporates can afford it.
In reality, however, more and more businesses of all shapes and sizes are already automating their business processes – and the biggest problem SMEs face is overcoming their fear of change, the study’s authors argue.
According to the research, which was carried out by IT company Ultima, 65 per cent of SMEs are already using AI or RPA.
Meanwhile, in some sectors, such as financial services, that figure is even higher, at 80 per cent.
Of those businesses that do not currently take advantage of automation, or are afraid to embrace change, two thirds intend to begin using AI or RPA eventually, the study adds.
Scott Dodds, CEO of Ultima, said: “SMEs need to embrace the new technologies available and shouldn’t fear them.
“Digital transformation – and by that I mean the transformation of your business through the use of digital technology to fundamentally improve business efficiency and productivity – will be key to staying competitive.”