New findings from the Lloyds Business Barometer show that AI is helping North West firms work more efficiently and unlock new opportunities for growth.
North West businesses integrating AI into their operations are reporting significant financial benefits, with 89% seeing increased productivity and 56% reporting higher profits over the past 12 months.
Of those who reported a profit boost from using AI, 54% recorded an uplift of 11% or more, with a further 32% saying profits increased by 6-10%, and 14% saying profits increased between 0-5%.
The findings come as investment in AI accelerates, with three-quarters (75%) of North West businesses confirming they have invested in AI.
The research from Lloyds found that most firms spent less than £25,000 (44%) to enhance their AI capabilities, followed by 18% of firms who spent between £25,000-£100,000, 6% spending between £100,000-£250,000 and 7% spending £250,000 or more.
More than two-thirds (68%) of businesses in the North West say they are currently using AI.
Alongside these gains, North West businesses are investing in the skills needed to make AI adoption effective. The survey shows that customer service roles have been upskilled the most by AI (53%), followed by sales teams (29%).
Chris Whittle, area director in the North West at Lloyds, said:“These results show how businesses across the North West are approaching AI as a driver of growth and to deliver a competitive edge. As they invest further in the technology, and expand its use, they will need clear oversight and robust processes to ensure these tools are used responsibly and transparently.”
AI in Action
Lloyds is also seeing the benefits of its investment in AI. For example, earlier this year, Lloyds developed a Generative AI tool, ‘CRE AI’, which processes complex real estate tenancy schedules in minutes, rather than the 75 hours previously required. While it doesn’t make decisions, the tool streamlines preparation so teams can focus on judgement-based work and supporting clients.
Lloyds Banking Group this year launched the AI Academy, a programme designed to provide practical AI skills for all colleagues, no matter their role or level. The aim is to equip colleagues with the skills and knowledge to implement AI solutions in their day-to-day work, boosting efficiency and allowing colleagues to focus their time on high-value tasks. By putting new capabilities into practice, it creates opportunities to provide customers with enhanced and innovative new services, and open potential new revenue streams for the business.
