As the corporate world continues to transform, it introduces new challenges that demand innovative solutions. AI technology becomes an essential instrument in overcoming these challenges, enabling organizations to negotiate the constantly shifting environment successfully. The hunger for artificial intelligence (AI) technology is evident among British businesses, with a staggering 82 % expressing a strong inclination to embrace it. This overwhelming interest in AI reflects the recognition of its potential to drive growth, enhance efficiency, and improve competitiveness.
The study conducted by Gong, a revenue intelligence company, reveals that AI technology already plays a role in the operations of the majority of UK companies, with 89% utilizing it in various capacities. Among the surveyed businesses, 28% leverage AI to boost sales, 33% utilize it for improved marketing strategies, and 28% focus on enhancing customer support. These figures demonstrate the widespread adoption of AI across multiple sectors, highlighting its effectiveness in streamlining processes and driving business outcomes.
Concerns over stricter regulations
While businesses are eager to embrace AI, concerns arise regarding the potential consequences of stricter regulations on its implementation. According to the Gong study, over half of the businesses surveyed 65% believe that tighter regulation of AI could hinder their competitiveness in the market. This apprehension stems from the understanding that regulations, if too stringent, may impede businesses’ ability to adapt, innovate, and maintain a competitive edge.
Lesley Ronaldson, EMEA senior director at Gong, emphasizes the impact of AI technology on business efficiency, stating: “AI technology doesn’t just impact a business’s profitability but also makes employees more efficient and effective at what they do.” This sentiment highlights the positive effects of AI adoption on businesses’ bottom lines and workforce productivity. With the challenges of driving sales in a hybrid workforce and a declining economy that no longer supports traditional sales tactics, AI offers tremendous potential for the future of sales across industries.
The study also shed light on the pressing challenges faced by businesses today. One-third of businesses or 33% struggle with driving new sales, while 40% have concerns about managing or reducing costs and 37% face challenges in recruiting new talent. Recognizing the critical role AI plays in addressing these challenges, 30% of business leaders believe that AI adoption is crucial and 40% believe that AI is imperative for their organizations’ thriving and future success.
The UK government’s role in shaping AI regulations
In light of the survey findings and the growing appetite for AI adoption, the UK government faces a crucial task. As the country is in the final stages of its AI white paper consultation, businesses eagerly await the outcome, knowing that the regulatory framework will significantly impact their ability to leverage AI and remain competitive. Striking the right balance between fostering innovation and ensuring responsible AI use is essential for positioning the UK as a science and technology superpower by 2030.
Regulatory impact on AI competitiveness
The appetite for AI adoption is strong among UK businesses, driven by recognition of its potential to overcome challenges and enhance competitiveness. But, concerns about stricter regulations persist, with businesses fearing the potential hindrance to their ability to innovate and adapt. The UK government’s decisions regarding AI regulation will play a pivotal role in shaping the business landscape and the country’s position as a science and technology leader. Finding the right balance between regulation and fostering AI innovation is crucial to ensuring businesses can fully leverage the transformative power of AI while maintaining a competitive edge in the global market.