Businesses hope universities can help them address skills gaps, particularly in artificial intelligence and machine learning, according to a new report.

Almost half of big companies surveyed by CBI Economics, the consultancy arm of the Confederation of British Industry, indicated they would be interested in engaging with academic expertise to tackle AI skills shortages over other options such as employing their own experts or outsourcing to consultants.

A report on the findings says this ¡°underscores the untapped potential of academic researchers as a national asset¡±.

¡°While businesses typically look to universities for graduate recruitment, the results highlight an opportunity to reimagine the role of universities in addressing nation-wide skills shortages through, for example, research collaborations or contract research as well as the more established approach of executive education,¡± it says.

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Although the businesses saw the potential benefits of engaging with academia to access expertise and knowledge, there was a sense that ¡°academic researchers could be better equipped to work with business¡±, the report commissioned by the Developing Business-Aware Academics (DBAA) project at the University of Exeter Business School says.

Common barriers identified to further collaboration include complex processes, lack of awareness and misaligned goals.

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The report says that ¡°too often, businesses perceive academia as difficult to navigate or disconnected from their commercial realities¡±.

For smaller businesses, the survey ¨C which polled 235 companies of various shapes and sizes ¨C finds that having access to academic facilities, resources and equipment were among the most popular reasons for engagement.

Larger businesses said finding solutions to business challenges ¨C including operations and management ¨C was key.

Skills shortages have persistently been identified as one of the most pressing challenges businesses face ¨C 85 per cent say it is a major threat to their competitiveness.

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AI, machine learning and complex data analysis were identified as the areas with the greatest skills needs and businesses say these are in demand across their operations, not just in technical teams.

Louise Hellem, chief economist at the CBI, said that businesses were ¡°expressing a clear wish to work with universities¡±.

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¡°At a time when the UK is seeking to go further and faster in its pursuit of economic growth, as well as address chronic skills shortages and embed cutting-edge technologies across its economy, the role of universities as connectors between academic research and business innovation has never been more vital.¡±

Alison Truelove, the director of the DBBA, said that universities needed to incentivise and reward researchers for business engagement and recognise it can be ¡°mutually beneficial¡± to research excellence.

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tom.williams@timeshighereducation.com