UK businesses are paving the way for AI adoption

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More British CEOs have adopted AI than in other countries
UK companies more likely to invest in AI this year, PwC report claims
Results are still less evident among British firms

Britain’s leaders are more prepared to use artificial intelligence than their global counterparts, new research has claimed, with 93% of UK CEOs stating their business has adopted AI compared with 83% globally.

Sentiments towards AI technology have progressed significantly in recent years, with only 42% of UK CEOs having adopted AI in January 2024 – an increase of more than double in the space of 12 months, findings from PwC said.

Leaders are increasingly seeing the positive effects of AI on their companies, too, with more than half (56%) of CEOs globally noticing improved employee efficiency.

British CEOs are on board with AI

The recent surge in AI tool adoption among British companies could be the cause for a delay in results, though. Fewer British CEOs have seen employee efficiency improvements (53%), and only 40% report better time management compared with 53% globally.

Furthermore, only 14% are seeing profitability gains from generative AI compared with 34% globally.

Still, the optimism continues and more than half (55%) plan to invest in artificial intelligence, generative AI, cloud and data analytics in the next year. In fact, Britain ranks higher than the US (48%), France (54%) and Germany (35%).

“UK business has begun to move beyond the initial hype of GenAI to the reality of making it work - but that shouldn’t detract from its huge unrealised potential. That more than a third of business leaders expect to see some financial gain from GenAI within the next year is very significant, and indeed encouraging," said PwC UK Senior Partner Marco Amitrano.

Still, some obstacles remain, such as the skills gap noted by nearly half (47%) of UK CEOs to be a primary challenge.

PwC UK CTO Umang Paw added UK CEOs should continue to develop AI literacy and proficiency in order to realize the untapped potential of AI in their companies.

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With several years’ experience freelancing in tech and automotive circles, Craig’s specific interests lie in technology that is designed to better our lives, including AI and ML, productivity aids, and smart fitness. He is also passionate about cars and the decarbonisation of personal transportation. As an avid bargain-hunter, you can be sure that any deal Craig finds is top value!