The impact of artificial intelligence on the professions in the UK
Our survey reveals mixed feelings about the impact of artificial intelligence (AI), with concerns over job losses but optimism for growth and innovation.
In partnership with specialist independent researcher Censuswide, we conducted a comprehensive survey of 1,200 professional business owners across the UK. This survey included dentists, opticians, pharmacists, funeral directors, vets, and care home directors.
Our goal was to understand the opportunities and challenges these professionals face as they look to grow their businesses, below we delve into their thoughts on the increasing presence of artificial intelligence.
The impact of AI on businesses
When asked about the impact of AI on their businesses, a significant majority (94%) of respondents stated AI would have some level of impact.
- 25% believe AI will have a large impact
- 53% foresee some impact
- 17% think it will not have much of an impact
- 4% believe there will be no impact at all
- 2% were unsure
This indicates a broad recognition of AI's potential to transform various aspects of business operations, from customer service to operational efficiency.
Concerns about AI
The survey revealed a significant level of concern among professional business owners regarding the rise of AI. Specifically, 63% of respondents expressed some level of concern, with 20% being very concerned and 43% somewhat concerned.
These concerns likely stem from uncertainties about job security, ethical implications, and the potential for AI to disrupt traditional business models.
Incorporating AI into business processes
The integration of AI into business processes is increasing, as evidenced by our survey results. A significant 58% of businesses are actively looking to integrate AI, while 23% are not considering it, and 19% remain undecided.
This proactive approach by many businesses highlights the growing recognition of AI's potential to enhance efficiency, security, and decision-making.
Job losses and opportunities
The potential for AI to cause job losses is a significant concern among many business owners. According to our survey:
- 42% believe AI will lead to large-scale job losses in their sector
- 40% do not think it will
- 18% are unsure
The fear of job losses primarily stems from the automation of tasks that are traditionally performed by humans being replaced by AI technologies, including machine learning and robotics.
Despite concerns about job losses, AI is also seen as a source of growth and employment opportunities. Our survey indicates that:
- 58% of respondents see AI as presenting opportunities for growth and employment
- 24% do not see these opportunities
- 17% are unsure
AI can drive innovation and create new job categories that did not exist before.
Our survey highlights the mixed feelings among professional business owners regarding the rise of AI. While there is significant concern about its impact and potential job losses, there is also optimism about the opportunities AI presents for growth and innovation. At Braemar Finance, we remain committed to understanding these dynamics and supporting our customers.
Methodology
All figures, unless otherwise stated, are from a Censuswide survey conducted in January 2024. The survey canvassed the opinion of over 1,200 senior members of the professions across the UK on a range of issues affecting their businesses.
