Regulatory uncertainties initially hindered AI businesses from operating in the UK, but a new study says adoption is now vital.
Most UK businesses are open to boosting spending to keep up with AI adoption, even though large percentages of the companies involved are facing issues related to early adoption.
UK Companies See AI as a Game-Changer for Efficiency and Productivity
The study is part of ServiceNow's Enterprise AI Maturity Index and reports that 85% of UK businesses are committed to believing in the potential of the technology.
From the responses from over 2,000 EMEA executives, the study finds that 86% of UK-based companies are optimistic regarding AI's effectiveness in enhancing efficiency and productivity.
This number way outpaces the EMEA average of 76%, clearly illustrating the UK's interest in AI. It's clear that they can now realize a smoother process because of AI and will be able to make better decision-making, thus supporting business success.
Yet despite all this optimism, the report still finds that many UK businesses are stuck at an early stage in AI adoption, dealing with different concerns about the technology.
Slack's head of customer success, Chris Mills, talked about the report during a 2023 Salesforce's World Tour event, emphasizing that numerous activities, such as editing timesheets and granting vacations, are ultimately decreasing productivity because they do not add anything to the general objectives of the company.
UK AI Adoption is Still Plodding
Some 18% or one in five of the UK firms are 'pacesetters' in AI adoption, with a score of more than 50 out of 100 on an AI maturity test—the one that measured strategy, leadership, and integration. This places the UK in the second tier of AI adoption, right behind the Middle East and Benelux. The country's surging focus on AI aligns with its ambition to become a global leader in that field.
TechRadar reports that one factor driving this thrust forward is the belief in AI's revenue growth potential. A substantial 79% of the UK businesses believed AI would benefit their bottom line. This fact led several companies to consider AI as a long-term strategy.
The highest figure is seen in customer-facing business houses, wherein around 85% of companies view AI as improving customer experiences and making interaction more convenient.
Critical Challenges in Adopting AI
There is still hope: many UK firms are still in the infancy of AI development and facing tremendous roadblocks. For more than half of UK companies (57%), it remains challenging to define the required AI-related skills; 37% felt that this was the wrong skill mix for AI in the organization today. In addition, 34% of respondents raised concerns about potential errors or inaccuracies within AI-created content, which demands more reliable AI systems.
Damian Stirrett, Group VP and GM for the UK & Ireland at ServiceNow, concurs that the transition into the full adoption of AI is very much in the starting blocks: "The race to put AI to work is still in its early stages. Yet, it's clear that some organizations have already gained a head start in adopting and integrating it."
