SMEs concerned about skill gaps in AI and technology

In the latest ‘Mind the Skills Gap’ survey, the Chartered Institute of Management Accountants (CIMA) surveyed British SMEs (organisations with 10-249 employees), this included 1,000 decision makers as well as 1,000 employees. The study found that 79% of employers believe that they have skill gaps in their organisation. The biggest gaps that employers identified were found in technology (38%), artificial intelligence (33%), and digital skills (28%).

Employees are keen to learn the skills the employers are looking to fill, with 25% looking for technology and IT training, and 21% wanting to learn more about AI. But employers are worried about being able to keep up with the pace of technology advancement. 30% of employers with between 10 to 49 employees have this concern, and 35% of those with 50 to 249 staff.

SME leaders should be considered with investments so that they can optimise the impact of training and technology. 32% plan to invest in AI tools to deliver some services. 31% plan to hire new employees with different skillsets – a slight increase from 29% in 2022.

Heather Murray, of Beesting Digital and AI for Non-Techies, has told the Help to Grow: Management Course what SMEs should consider when looking into AI: “There will be a number of disciplines and activities across your business that you can test and trial AI to understand whether it can create the efficiencies and improvements you are looking for.

“However, it’s essential to approach AI implementation strategically. AI adoption should align with overall business objectives and the tests and trials should be clearly communicated to your employees to ensure that they understand what is being tested and how it fits with the bigger picture. Additionally, providing adequate training and support to employees is essential to ensure successful adoption and integration of AI into daily operations”

The study by CIMA found that AI was being adopted by larger companies at a higher rate than small businesses. In addition, SMEs in both non-traditional and traditional industries are concerned about adopting new technologies (27% and 19% respectively).

This is a trend that Dr Elvira Bolat, Associate Professor in Digital Marketing at Bournemouth University believes small businesses should counter: “By leveraging digital technologies, small businesses can innovate faster than their larger counterparts, responding to market changes with agility and creativity. This can lead to a significant competitive advantage, positioning SMEs as leaders in their respective markets.”

For those who are unsure about how technology like AI can help their business, you’re not alone. This is something that Bolat sees a lot in the cohorts she teaches: “Upon completion of the Help to Grow: Management Course digital transformation module, small businesses can navigate the challenges of the digital age, unlocking new opportunities for growth and success.”

You can find out more about the Help to Grow: Management Course and how it can help you identify opportunities for digital growth here.