
Q4 2024 Data Reveal Round-Up
28 Jan 2025
Published in: Black Country Chamber of Commerce News
How can you protect your business against the increasing threat of cyberattacks?
Our guest speaker, Professor Zeeshan Pervez from the University of Wolverhampton, spoke about the many benefits, challenges and opportunities when investing in digital technology. You can read more about the live event here.
AI Data in the Black Country
Through the Quarterly Economic Survey, we found that over 83% of businesses responded with limited or moderated AI understanding.
However, more than 58% of businesses are leveraging GenAI for automation and analytics services with sales and marketing accounting for the largest sector of uptake.
Over 67% of businesses cite lack of AI expertise and budget constraints as main barriers for AI adoption, further contributing to the region’s skills gap. Overall, 65% of businesses surveyed have shown cybersecurity concerns around GenAI.
Panel Discussion
The panelists shared insights into how advancements in AI and cybersecurity are being adopted by their businesses to:
- Increase efficiency of automation and analytics services Aid employee recruitment and onboarding processes
- Implement customer support and helpdesk e.g. chat bots
- Gage fraud detection, prevention and other risk management
- Deliver financial forecasting and planning and predictive maintenance
Key Takeaway
Until Quarter 4, Black Country business confidence levels were tracked by the QES throughout 2024 as being above national levels recorded in the quarterly British Chambers of Commerce survey.
Results showed taxation is now the top concern for firms across all sectors in the region, with 64% of businesses citing it as their biggest worry, nearly twice as many as the next worry of inflation (33%).
Black Country Chamber of Commerce CEO, Sarah Moorhouse said: “Where there are challenges Black Country businesses have a proud heritage of capitalising upon the opportunities, so we will support our members and the wider economy to be innovative and to embrace new skills and technology.”
Want to learn more?
Our Quarterly Economic Survey is designed to measure regional business confidence over time. View the full results snapshot or take a look at the national results for Q4 2024. Remember to keep an eye out for the next survey.
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