UK firms boost AI spending 177%, ChatGPT leads with 835% rise

Businesses in the United Kingdom have significantly increased their spending on artificial intelligence (AI) tools, according to a new report from spend management firm Soldo. The company's September Spend Index has revealed a 177% year-on-year increase in AI investment compared to the same quarter last year.

A notable highlight from the report is the staggering 835% rise in spending on ChatGPT, reflecting a trend among UK businesses to utilise new technologies for transforming operations, reducing administrative burdens, and empowering teams. Other AI tools such as Fireflies.ai, which produces meeting notes, saw a 556% increase in investment, while the audio transcription tool Sonix.ai experienced a 129% rise. Additionally, Claude.ai, a text and writing tool, has become a significant player, challenging the dominance of ChatGPT.

Soldo's findings indicate that its customers have integrated 36 new AI tools over the past year that were previously not in use. However, the report also shows that not all tools maintain their initial appeal, with Jasper.ai experiencing a 36% reduction in investment compared to the previous year.

Despite the overall rise in AI spending, the report points out that finance teams are lagging behind in adopting these new technologies. Only 6% of AI expenditure is directed towards finance tools, in stark contrast to the 18% on image and video tools and 16% on marketing and SEO technologies. Marketing departments, in particular, continue to be the primary users of AI, consistent with trends observed in previous reports by Soldo.

Brandon Till, Head of Transformation at Soldo, commented on the findings, stating, "Artificial intelligence has the potential to totally transform business operations and is already doing so for many departments. However, the data from our Spend Index shows a clear disparity between teams known to be more open to experimenting with new tools, and those famous for their more traditional ways of working."

He emphasised the need for finance teams to adopt new technologies, stating, "Given the velocity at which new tools are being developed to help support and modernise finance teams, CFOs must start prioritising investment in technology. Doing so is not only important for the productivity, efficiency and wellbeing of the finance team, but is crucial for the business too, as the ability to speed up financial processes contributes hugely to business growth."

The data suggests a growing interest and reliance on AI technologies across various sectors, yet it also points to significant untapped potential within finance departments. Businesses appear to be experimenting with a broader range of AI tools, indicating a dynamic and evolving market landscape.