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UK could be missing out on billions from not using AI

(Image credit: Image Credit: Enzozo / Shutterstock)

British businesses could be potentially missing out on billions by not fully embracing AI technologies in their operations, new research has claimed.

A report from tech consultancy 6point6 has found that many companies are yet to invest in or deploy AI systems, despite the huge potential advantages in terms of computing power and productivity.

Overall, the report claims that the UK economy is set to miss out on £315bn by 2035 due to the lack of adoption of artificial intelligence technology.

It added that only half of UK organisations has deployed a single AI project in the past five years, with many businesses even saying they had no plans to adopt AI technology going forward.

Nearly a third (32 percent) of senior executives across UK enterprises have no plans to deploy any AI programs in the next two to five years, despite the huge potential returns, with public sector and financial organisations the worst prepared.

“The report has confirmed what we in the industry have suspected for a long time now; while there’s a lot of hype around the use of AI in the enterprise, there’s very little in the way of scaled adoption of the technologies in the UK," Gary Richardson, MD of Emerging Technology at 6point6 commented. 

“This has to change if we are to reap the benefits of AI – namely providing outstanding customer experiences and increasingly optimised business services. Yet business leaders still remain reluctant to invest the necessary time and money in both skills and subsequent deployments. Unless the rate of AI adoption improves, we risk falling behind on the international stage in terms of the financial dividend it promises from taking advantage of these technology advances. This is something we simply cannot afford to let happen.”