Companies in the UK risk falling behind foreign rivals unless they use more artificial intelligence, a new report on the technology has revealed.
Organisations currently using AI are outperforming those that are not by 11.5%, up from 5% a year ago, in a welcome boost to UK plc at a time of unprecedented economic and political uncertainty.
However, the Microsoft study – entitled Accelerating Competitive Advantage with AI – also uncovered business leaders’ doubts about the UK’s ability to be an AI leader. Nearly three-quarters (74%) said they didn’t think the UK has the right structures in place to fully capitalise on its standing as a leader in AI.
That could lead to countries such as the United States and China taking the lead on AI and attracting the tens of billions of pounds and talent that goes with it.
“The results are clear. UK businesses and public sector organisations that forgo or delay implementing AI solutions risk missing the boat on driving down costs, increasing their competitive advantage and empowering their workers,” said Cindy Rose, Chief Executive of Microsoft UK. “Given this moment, where both UK leadership and competitiveness on the global stage is more vital than ever, there is no doubt that fully embracing AI-led digital transformation is a critical success factor for UK businesses, government and society.”