Economy

AI could save hospitality over £26k per year, report shows

More than 1 in 4 (26%) of hospitality business leaders surveyed stated that they don’t feel confident using AI in their business, making hospitality one of the five sectors with the lowest knowledge of how to implement AI

A report conducted by Yell into the application of artificial intelligence (AI) in business has revealed the significant time and money savings it could reportedly bring to the hospitality sector. 

Compiled over 37 pages of in-depth analysis, the report also highlights the current challenges that AI technology faces, such as lack of consumer trust and job loss fears. 

The data shows that AI is already used in 83% of UK businesses in some way and that by adopting AI in areas such as chatbots and automated financial reporting, businesses could reportedly save an average of nearly 40 hours each week, or 2,075 hours per year. 

The time saved also translates to revenue, as the survey also states that AI could help hospitality cut operation costs, which based on the savings outlined by those surveyed, equates to average savings of more than £26,000 each year in the hospitality sector alone. 

However, more than 1 in 4 (26%) of hospitality business leaders surveyed stated that they don’t feel confident using AI in their business, making hospitality one of the five sectors with the lowest knowledge of how to implement AI. 

In addition, 24% of business leaders in hospitality stated that a lack of expertise is stopping them from using AI technology to help their business, whereas 67% are concerned about human job losses should AI be implemented in hospitality. 

Some 75% also feel worried that their data will fall into the wrong hands, while 68% have concerns about strangers hacking their devices. Interestingly, 50% of the UK population are concerned about the government listening in to their conversations, via a voice assistant. 

Claire Miles, chief executive officer of Yell, said: “The digital revolution has already changed many aspects of our everyday lives, both at home and at work. It seems we are on the verge of another revolution with AI, with the time-saving and money-making capabilities of the technology being an absolute game-changer. 

“The responsibility is now on business leaders of the world to ensure that any form of artificial intelligence is implemented properly, with the right security measures to alleviate trust and privacy concerns, as well as using it effectively and sensitively to create more specialised jobs, as the way we all work changes.’’

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