A new report, released by Experian in collaboration with techUK, reveals Generative AI (GenAI) has the potential to boost annual U.K. GDP over the next ten years by up to £120 billion, but cites significant barriers “for businesses to overcome before that figure becomes a reality.”
The research report – which includes insight “from a survey of 1,250 CEOs and employees across large U.K. businesses (250+ employees) – found that more than four fifths (85%) of business leaders think that GenAI will positively impact their company.”
However, this view is only shared by 30% of all employees, “highlighting a notable ‘GenAI confidence gap’ within U.K. organizations.”
A similar theme emerged with GenAI skills and training.
While almost 7 in 10 leaders believe their staff “has the skills to use GenAI effectively, this sentiment is shared by less than a third of employees.”
When asked what would best contribute to their “use of GenAI, employees requested more stringent policies and guidelines, additional employee training, and continuous support and learning resources.”
The survey also found that 80% of business leaders believe “the quality of their company’s data will make the difference between the successful implementation of GenAI tools or their failure.”
“Ultimately, GenAI is here to stay and, right now, we are at a pivotal moment, so – together with our excellent partners at techUK – we urge leaders to take action and plan how they can implement it into their business now,” stated the report.
The five leading principles were as follows:
- Data quality must come first
- Educate on GenAI today, thrive tomorrow
- Encourage responsible experimentation
- Every business has a different story
- Constant GenAI appraisal ensures you stay one step ahead
Jonathan Westley, Chief Data Officer, Experian UK&I and EMEA said AI has the potential to be one of the most impactful technologies since the beginning of the internet.
Senior Economist at Experian UK&I, Josie Anderson, said forecasts in input with GenAI range from £30 billion to £120 billion annually- a significant amount.
Nationally representative research conducted “by OnePoll in July 2024 of 1,250 UK professionals, comprising 250 CEOs from large companies (250+ employees) and 1,000 workers.”
Experian Economics applied their expertise “to GenAI projections from various sources to produce a consolidated estimate for the potential annual value add of GenAI to the U.K. economy over the next decade.”
