Artificial Intelligence is proving a major boost for a number of business sectors – and a share of £6.4 million is on tap to help individual SMEs take advantage.
The power of AI is being harnessed by lawyers, accountants, customer service businesses, designers and human resources personnel.
Now small businesses in these areas are being encouraged to apply for grants available from the Government’s Flexible AI Upskilling Fund.
Up to £10,000 is available for individual firms from the Department for Science, Innovation and Technology so they can embrace the efficiency benefits.
AI can help reduce paperwork, streamline tasks, boost productivity and stimulate growth.
For example, accountants could use generative AI tools such as ChatGPT to draft documents, watchdogs could develop new software to help to tackle fraud and legal professionals could harness the power of AI to analyse lengthy documents such as contracts.
The Fund will enable applicants to be reimbursed for up to 50 per cent of the cost of investment in AI skills training.
Technology Secretary Michelle Donelan said: “Businesses of all sizes and across all sectors, from architecture to law and HR to advertising, are identifying the huge benefits that AI can bring in helping staff boost their productivity while cutting business costs.
“I have launched this new pilot to help SMEs interested in AI adoption make it a reality by contributing towards the cost of upskilling their employees – ultimately increasing efficiency so companies can retain a competitive edge in an increasingly digital world.”
Details on how to apply are available here.
