The report, called New Economy: Investing in Automation, found 93% of manufacturers having automated a key process in the last year, compared to a national average of 87%.
Overall 21% of CFOs view automation as their most important investment priority in the next five years, while two thirds of the FTSE100 companies prioritised automation in the last year. The survey also found 9% of their allocated budget is dedicated to automation.
31% of businesses have already introduced AI into their day-to-day operations, while 24% make use of robotics.
While automation has been a pivotal area of development for the manufacturing industry for some time, the professional services industry is also embracing its potential. 67% of CFOs in the professional services sector are considering or have already implemented AI.
22% of finance heads support the view that automation poses a threat to job security, and similar number (21%) believes more jobs will be created.
They predict automation will provide new growth opportunities for businesses, requiring a larger number of workers to facilitate its development. 39% of finance heads have invested in further training to equip staff to make the most of automated processes and ensure productivity levels are high.
Tony Spillett, head of technology & media at BDO, commented: “Automation is already having a transformative impact on businesses up and down the country. How leaders approach it in the coming years will be crucial both for their own businesses as well as society more broadly. While some caution is required, particularly given the potential for physical and financial upheaval, all businesses, no matter their size, sector or structure, must come to terms with the role it will play in our future and explore the opportunities it can bring.
“What’s clear is that many companies are only just getting started and are taking an open-minded approach. It’s important to recognise that investing in automation can provide not just greater capabilities for the business as a whole, but greater opportunities for employees – with expanding skillset and knowledge.”
Whilst investment in automation is happening across all regions and sectors in the UK, BDO uncovered certain trends: