AI is helping Welsh firms work more efficiently and unlock new opportunities for growth, research suggests.
Welsh businesses integrating AI into their operations are reporting significant financial benefits, with 85% seeing increased productivity and 38% reporting higher profits over the past 12 months, according to the Lloyds Business Barometer.
Of those who reported a profit boost from using AI, 42% recorded an uplift of 11% or more, with a further 40% saying profits increased by 6-10%, and 19% saying profits increased between 0-5%.
The findings come as investment in AI accelerates, with nearly half (48%) of Welsh businesses confirming they have invested in AI.
The research found that a fifth (20%) of firms spent less than £25,000 to enhance their AI capabilities, followed by 22% of firms who spent between £25,000-£100,000, 1% spending between £100,000-£250,000 and 4% spending £250,000 or more.
Nearly half (48%) of businesses in Wales say they are currently using AI.
Alongside these gains, Welsh businesses are investing in the skills needed to make AI adoption effective. The survey shows that just under a third of businesses have upskilled their customer service teams (31%), while a fifth upskilled their sales teams (20%).
Nathan Morgan, area director for Wales at Lloyds, said:
“These increases in productivity and profitability are part of why firms are seeing AI as a strategic advantage that can help them grow and compete. As they increase their investments in this technology and expand its use, they will need clear oversight and robust processes to ensure these tools are used responsibly and transparently.”
