In light of ongoing discussions surrounding the use of artificial intelligence by the new UK government, new research has reaffirmed the technology’s transformative potential on the country’s economy and the need for greater control measures.
A recent nationwide study from Workday found almost all (93%) of UK employees and leaders share concerns about trusting AI.
However, with the right systems and processes in place, Workday estimates that the UK could block a £119 billion annual productivity boost.
The UK needs to get on board with AI
Workday’s emphasis is on productivity – the UK continues to battle stagnating productivity, which is currently estimated to be 24% lower than trends before the previous economic crash in 2008 and 2009, which lasted five quarters.
The study found that in a typical eight-hour working day, employees are only productive for 5.8 hours. However, they believe they could save 2.9 hours per day in productivity with help from AI. Leaders, who are only productive for an average of 5.9 hours, suggested greater savings of 4.4 hours. The time savings equate to 92 working days per year for employees and a mammoth 140 days per year for leaders.
Calculating a benefit of £11,058 per employee annually, Workday estimates that the UK GDP could be £119 billion better off.
Daniel Pell, VP and Country Manager for the UK and Ireland at Workday, offered insight into how companies can benefit from artificial intelligence: “We encourage businesses to take a two-pronged approach when it comes to deploying AI: a concrete analysis of the efficiencies AI can drive, alongside a transparent strategy to tackle the material and cultural barriers to its adoption.”
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