Artificial Intelligence holds comparable importance to water and energy, assert leaders in the UK.
In a revealing survey conducted by Endava, 84% of respondents stated that they use AI as a conversation partner at least once a month, underscoring the increasing integration of artificial intelligence (AI) in our daily lives. This trend is echoed by British business leaders, who view AI not just as a tool for automation, but as a driver for new business models, workforce transformation, and economic growth.
The survey results suggest that UK business leaders see AI as society's next electricity, with 93% expressing a desire for industry and government to implement AI as quickly as possible. This urgency stems from the belief that a world without AI would result in slower economic progress, reduced innovation, workforce stagnation, and a diminished capacity to harness data-driven opportunities for societal benefit.
Many key points based on insights from British business leaders and experts were highlighted in the survey. For instance, the limited productivity gains reported by UK businesses from AI adoption so far are expected to grow as AI technologies mature. Without AI, the potential for overcoming stagnation in productivity seen in many industries would be lost.
The UK's current status as more of an adopter than a generator of AI technologies also raises concerns about the country's global competitiveness. Without AI, regulatory gaps and fragmented policies could fail to empower innovation effectively, potentially leading to a fall behind in the global race.
AI's impact on employment and skills is another significant concern. While AI is causing shifts in the labor market, it also creates new opportunities and skill demands. A world without AI would avoid some disruption but likely face long-term talent and skill stagnation that reduces economic dynamism.
Moreover, AI is expected to reshape many sectors, including business operations, public services, and customer experiences. Without AI, many efficiency gains, personalized services, and innovations that could improve quality of life would not materialize or would do so more slowly.
British businesses also emphasize the need for better tools and clearer KPIs to measure AI's impact and ensure transparency. Without progressing AI integration, businesses may struggle with inefficient data use and miss out on value extraction, which has societal implications for economic strength and technological leadership.
The survey also revealed that 96% of respondents believe that global AI adoption needs oversight from an independent international body. This sentiment is reflected in the call for the body to be government-led by 94% of British business leaders.
The survey results were described as "fascinating" by Endava's CTO, Matt Cloke. He noted the tension between trust in AI and the desire for guardrails, with more than half (55%) of respondents warning that existing infrastructure limitations could hold back AI's full potential.
The survey also revealed that people want to see the right frameworks in place before AI becomes fully embedded in society. Two-thirds of respondents trust AI to make fully automated decisions about their lives, but the survey also highlighted the need for clear guidelines and regulations to ensure AI's ethical and responsible use.
Notable figures in the AI field, such as Stephen Hawking, Elon Musk, and Geoffrey Hinton, have also voiced concerns about AI. Hawking stated that AI would be either the best or worst thing to happen to humanity, while Musk called AI an "existential threat." Hinton warned that there is a 10-20% chance AI could wipe out humanity within the next 30 years.
Despite these concerns, Nvidia boss Jensen Huang called AI "the most important technology of our time" in 2021, and Google CEO Sundar Pichai predicted AI would have a profound impact on the world in 2018. The AI investment has surged, creating a hype bubble, but the survey results suggest that UK business leaders are cautiously optimistic about AI's potential to transform society for the better.
In conclusion, the survey results underscore the importance of AI in shaping society's future. As AI continues to evolve, it is crucial to address the challenges and opportunities it presents to ensure a future that is both prosperous and responsible.
- The survey results, together with the perspectives of AI experts and British business leaders, indicate that AI is seen as a catalyst for economic growth, workforce transformation, and technological leadership in the UK, similar to the electricity's role in the past.
- With 93% of British business leaders expressing a desire for rapid AI implementation, these leaders believe that a society without AI would experience slower progress, reduced innovation, workforce stagnation, and a diminished capacity to harness data-driven opportunities.
