- More UK CEOs have embraced AI than in other countries
- UK businesses more likely to invest in artificial intelligence this year
- The results are still less clear among UK companies
New PwC research has revealed that UK executives are more prepared to use artificial intelligence than their global counterparts, with 93% of UK CEOs saying their company has adopted artificial intelligence compared to 83% globally.
Sentiment towards the technology has risen significantly in recent years, with just 42% of UK CEOs adopting AI by January 2024 – more than doubling in 12 months.
Managers are also increasingly seeing the positive effects of AI on their businesses, with more than half (56%) of CEOs globally noting improved employee efficiency.
UK CEOs are on board with AI
However, the recent increase in the use of AI tools among UK companies may be the reason for a delay in the results. Fewer UK CEOs have experienced employee efficiency improvements (53%) and only 40% report better time management compared to 53% globally.
Furthermore, only 14% are experiencing profitability gains from generative AI compared to 34% globally.
Still, optimism continues, with more than half (55%) planning to invest in artificial intelligence, generative AI, cloud and data analytics in the next year. In fact, the UK ranks higher than the US (48%), France (54%) and Germany (35%).
PwC UK Senior Partner Marco Amitrano commented: “UK business is starting to move beyond the initial hype with GenAI to the reality of making it work – but that should not detract from its huge unrealized potential. That more than a third of business leaders expecting to see some financial gain from GenAI within the next year is very significant and indeed encouraging.”
However, some obstacles remain, such as the skills gap, which almost half (47%) of UK CEOs note as a primary challenge.
PwC UK CTO Umang Paw said UK CEOs should continue to develop AI skills and abilities to realize the untapped potential of AI in their businesses.
