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SMEs now have until 18th August to apply for government grant funding to support their adoption of artificial intelligence (AI) to boost productivity and efficiency.
Businesses can bid for a share of the government’s £6.4 million Flexible AI Upskilling Fund to support them to train their workforce in taking advantage of this emerging technology. Sectors able to benefit include law, accountancy, scientific research and human resources, with the UK Government making up to £10,000 available for each business.
SMEs in these areas will be able to tap into the power of AI to streamline tasks, boost productivity, and drive growth. Applications that businesses could take advantage of including the use of generative AI to draft documents, new software to tackle fraud, or use of AI analysis tools to summarise or identify key points in contracts and other lengthy documents. Whilst human supervision, judgement, creativity and empathy remain vital requirements in the workplace, augmenting AI into monotonous tasks like inputting data and filling out paperwork can increase speed and efficiency and play a major part in increasing business productivity.
Funding is expected to support around 2,000 SMEs across the country, and successful applicants will be reimbursed for up to 50% of the cost of investment in AI skills training.
Technology Secretary Michelle Donelan said at the launch of the scheme on 1st May:
“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.”
Further details about eligibility criteria and the application process can be found via the government website.