Businesses in the UK using artificial intelligence (AI) in their everyday activities could see an increase in their value by 120 per cent within the next decade, according to new research.
A new report from McKinsey and Quantumblack says that the country’s GDP could increase by more than a fifth (22 per cent) within the same timeframe.
At the same time, companies that fail to see the potential of AI and decide not to implement it in any way, could see the exact opposite effect, with losses in cash flow going around 20 per cent compared to what they operate with today.
Looking at different countries around the globe, the US and China are leading the charge, but the UK is not that far behind. As a matter of fact, it is ahead of the rest of Europe, according to the McKinsey’s Global Institute AI readiness index.
The report added that AI adoption would be seen as a “welcome boost” in the country, especially because it has had less than ideal productivity growth in the last ten years.
“We need to be proactive in both the development and diffusion of AI technologies to stop the gap widening,” said Helen Mayhew, chief operating officer at Quantumblack. “The UK is well-positioned to take advantage of these opportunities, and so the potential rewards for businesses, and society more broadly are significant.”
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