The UK economy could secure a £31 billion boost from the widespread adoption of generative AI, according to new research from KPMG.
The UK’s struggling economy could benefit from a much-needed £31 billion boost from the widespread adoption of generative AI, says the report.
Generative AI
According to the ‘Big Four’ firm, generative AI is set to increase UK productivity by 1.2 percent, the equivalent of an extra output of £31 billion a year in the UK economy.
Yael Selfin, the Chief Economist at KPMG UK, said generative AI could carry out 'on average, around 2.5 percent of tasks across various occupations in the UK', freeing up workers will have more time to focus on other activities.
Transition challenges
Changes in the working practices of some jobs could cause short-term skill mismatches
The report also discovered four in 10 jobs can expect some impact from generative AI. However, only 10 percent of occupations will face significant impact, with over five percent of their work affected.
Selfin said generative AI is not going to steal many jobs but it could present several transition challenges. Changes in the working practices of some jobs could cause short-term skill mismatches as people adjust to the new technology.
Misuse of AI
Responding to the report, Chris Downie, CEO of Pasabi, commented, “AI is a fantastic tool, but one which will continue to be exploited by cybercriminals and online fraudsters to scam and deceive their victims."
He adds, "With the technology now playing a major role in the creation of fake reviews, a practice which directly influenced almost £4 billion of online spending last year, stamping out the misuse of AI should be a top priority."
Proactive steps
The government is on the right track with its AI task force and its calls for international collaboration"
Chris Downie continues, "The government is on the right track with its AI taskforce and its calls for international collaboration around regulation, but so much more needs to be done."
He adds, "Businesses and review platforms also need to take proactive steps to protect customers from false information and the rising tide of online scams that do so much damage to consumer trust and the economy.”
AI task force
Meanwhile, Steven Mooney, CEO of FundMyPitch said, “The growth potential of AI is enormous, yet far too many companies find themselves struggling to attract the support and investment they need to take their business to the next level."
He adds, "The government has put the UK on the map with its commitment to launching an AI task force and leading the way around regulation and best practices, but that’s only half of the story."
Boost productivity, and improve public services
It’s time to start allowing AI startups to secure a credible valuation and market themselves to key investors"
Steven Mooney further said, "We already know that AI has the power to transform the NHS, boost productivity, and improve public services, so it’s time to start allowing AI startups to secure a credible valuation and market themselves to key investors."
Mooney continued, “The fact remains that AI is here to stay, we can either fight against it or embrace it. Getting ahead of AI means giving entrepreneurs with bright ideas the financial backing they need to hire talent, develop their offering accelerate the productivity of UK PLC.”
Saves time and money
Sjuul van der Leeuw, CEO of Deployteq said, “Generative AI has huge potential to increase productivity, boost the economy, and turbocharge the creative industries. These tools can completely transform critical business functions like sales and marketing, speeding up processes as well as saving time and money."
Impact of automation and AI
Sjuul van der Leeuw adds, "In a challenging economic climate, ambitious businesses will seek to harness the power of automation and AI to deploy more targeted campaigns that reach new customers and drive growth.”
Occupations expected to experience minimal impact from generative AI include those industries such as retail, customer services, hospitality, construction, and manufacturing uncertain” wider social and economic implications of generative AI, given its importance for the economy.
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