The UK Government is investing in a digital-led approach that can save SMEs
TUESDAY, 18 MAY 2021
The UK Government is investing in a digital-led approach that can save SMEs
In 2019, #latepayments to #SMEs were over £23.4 billion. This figure has increased due to the pandemic to £50 billion.
That’s a massive problem for both the government and SMEs.
That’s why the UK government is committed to solving it.
This year, the UK Government confirmed £800 million in funding for ARIA (Advanced Research & Invention Agency), which will fund research into cutting-edge #ArtificialIntelligence and #data.
This research has tremendous potential to solve big problems in storing, processing, and harnessing data across the Government and industry.
How will this be a solution for the late payments?
AI enables corporations to identify and flag the very few problematic invoices while paying the rest straight away. This technology allows SME suppliers to be paid instantly while large corporations pay on their usual terms.
#sme #latepayments #ukgovernment #artificialintelligence #dataanalysing