At today’s Future Decoded event in London, Microsoft has warned that UK companies need to adopt artificial intelligence (AI) technologies or risk of falling behind.
The technology firm’s latest research has found that AI is changing the UK so fast that nearly half of bosses believe their business model won’t exist by 2023. The report titled Maximising the AI Opportunity found that, while 41% of business leaders believe they will have to dramatically change the way they work within the next five years, more than half (51%) do not have an AI strategy in place to address those challenges.
Clare Barclay, chief operating officer at Microsoft UK, said: “AI represents a huge opportunity, but only if UK organisations embrace its application in the right way. AI is not about making UK businesses leaner, it’s about how we use the technology to make them stronger. In doing so, we can make our work more meaningful and boost UK competitiveness.”
Some major companies and organisations across the UK are already using AI to improve how they work. Centrica is using the technology to analyse data, Great Ormond Street Hospital is improving patient outcomes, and Confused.com is using AI to empower its workforce.
A recent report from PwC found that that AI could help the UK economy grow GDP by up to 10.3%, while spending power could increase by between £1,800 and £2,300 per household.
Microsoft’s research, which was conducted in partnership with Goldsmiths, University of London and YouGov, revealed that companies that have started to use AI are already outperforming organisations that have not by 5%.
Michael Wignall, chief technology officer at Microsoft UK, said: “We’re just at the beginning of the AI journey. That 5% performance boost will start to accelerate, quickly.”