Generative AI (GenAI) has the potential to boost the UK’s annual gross domestic product (GDP) by as much as £120 billion over the next decade, but businesses have plenty of challenges to overcome for that to become a reality, according to a new report.
Authored by Experian, in collaboration with techUK, ‘GenAI-rating Momentum: Shaping the Future of Business with GenAI’ applies Experian Economics expertise to produce a consolidated estimate of the potential value that GenAI could bring to the UK, alongside insights from a survey of 1,250 CEOs and employees at large UK businesses.
“Estimating the potential for GenAI to impact the UK economy can produce varying figures, highlighting the uncertainty about how much value it will bring. With that in mind, we’ve consolidated projections from major businesses and consultancies – and their different forecasts – to produce a range of £30 billion to £120 billion annual increase in output over a decade that could be realised as a result of GenAI,” said Josie Andersson, Senior Economist at Experian UK&I.
“Our report with techUK exhibits the hurdles businesses still need to overcome for this to be a realistic goal for the U.K.”
They survey found that 85% of business leaders think that GenAI will have a positive impact on their company, and 70% believe their staff have the skills to use GenAI effectively. However, there is a significant gap in sentiment, with only 30% of all employees sharing the view that GenAI will have a positive impact. Moreover, employees are requesting more stringent policies and guidelines, additional employee training, and continuous support and learning resources.
Experian and techUK’s research also revealed that 80% of business leaders believe the quality of their company’s data will make the difference when it comes to the success or failure of implementing GenAI tools in the future.
“GenAI has the potential to be one of the most impactful technological advances since the dawn of the Internet so, naturally, businesses are locked in a race to maximise its potential,” said Jonathan Westley, Chief Data Officer at Experian UK&I and EMEA. “Yet, while they’re right to act fast, we must remember that this technology is still in its infancy. This new data highlights the hurdles to overcome, from addressing skills concerns to driving data quality but the biggest focus for leaders is showing the potential and value of GenAI to all employees.
“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.”
In response to their findings, the report lays out five guiding principles for businesses to follow:
- 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
“The rapid development and implementation of GenAI has ignited a wave of energy about its potential to transform both society and the economy. However, realising its full potential is not without its challenges. It is crucial to establish strong governance mechanisms to support responsible use and identify the skills and training necessary for the workforce to leverage this technology effectively,” said Julian David, techUK CEO.
“We’re happy to partner with Experian to provide U.K. businesses with actionable insight and suggestions they can take to make the most of GenAI.”
