UK companies are spending an average of £3.1m per company on AI technologies according to latest research from content IQ provider ABBYY.

The UK’s investment in automation projects averages £1.2m per company however more than two thirds (67%) are not educating staff on how to use it, with one in six claiming their business had no strategy in place or were not aware of one.

Efficiency was the highest ranking benefit of these technologies, with a majority of businesses (62%) reported to be seeing improved efficiency from their automation investments.

Neil Murphy, Global VP at ABBYY, said: “Automation isn’t a panacea – but the potential of automation technologies to transform businesses is abundantly clear.

“Making it work requires not only monetary investment, but also a watertight, long-term strategy and the right people with the right skillsets.

“However many businesses are still not adequately educating their staff on technology, and as a result, the technologies that deliver the most ROI are often overlooked.

“It’s no wonder that the benefits of AI and automation aren’t yet being fully realised.”

The study also found that 94% of UK businesses have embarked on automation projects.

Murphy added: “Enterprises must focus on improving education and strategy to avoid missing out on the automation solutions that could truly transform their business, and to help them succeed on their digital transformation journey.”