UK business AI spending surges 177%, ChatGPT up 835%

Recent findings from Soldo's latest Spend Index indicate a significant increase in business spending on artificial intelligence (AI), with a year-on-year rise of 177%.

The report suggests that UK companies are increasingly adopting AI tools to enhance their operations.

The data reveals an especially notable uptick in expenditures related to ChatGPT, with a 835% year-on-year increase. This trend underscores an emergent interest among businesses in leveraging new technologies to streamline administrative tasks and improve team productivity.

Other AI applications that have seen substantial growth in investments include Fireflies.ai, which specialises in generating meeting notes and saw a 556% increase in spending. Similarly, Sonix.ai, an audio transcription tool, experienced a 129% rise in expenditure. Claude.ai, which focuses on text and writing assistance, has also gained prominence since Soldo's 2023 report, challenging the dominance of ChatGPT in this space. Soldo's clients have integrated 36 new AI tools that were not part of their operations just a year ago, highlighting a rapidly evolving tech landscape.

However, not all AI tools have maintained this upward trajectory. Soldo's data indicates a 36% reduction in spending on Jasper.ai compared to the previous year, demonstrating that not all technologies are meeting business needs effectively.

The report also provides insights into departmental AI spending patterns. Marketing and SEO lead the way with 16% of the total AI expenditure, closely followed by image and video tools at 18%. In contrast, finance departments seem slower to adopt AI, representing only 6% of the overall AI spend. This suggests that while certain sectors within organisations are quick to embrace innovative technologies, others remain more cautious.

Brandon Till, Head of Transformation at Soldo, commented on the disparity, stating, "Artificial intelligence has the potential to totally transform business operations and is already doing so for many departments. However, the data from our Spend Index shows a clear disparity between teams known to be more open to experimenting with new tools, and those famous for their more traditional ways of working."

Till further elaborated on the implications of these findings, noting, "Given the velocity at which new tools are being developed to help support and modernise finance teams, CFOs must start prioritising investment in technology. Doing so is not only important for the productivity, efficiency and wellbeing of the finance team, but is crucial for the business too, as the ability to speed up financial processes contributes hugely to business growth."

The Soldo Spend Index serves as a barometer for how businesses are navigating the landscape of AI and other emerging technologies. This year's data suggests a shift in how companies perceive and integrate AI into their operations, though the uneven distribution across different departments highlights the varied pace of adoption.