London,18 September, 2024: A new report, authored by Experian in collaboration with techUK, reveals Generative AI (GenAI) has the potential to boost annual U.K. GDP over the next ten years by up to £120 billion*, but cites significant barriers for businesses to overcome before that figure becomes a reality.
The report – which includes insight from a survey of 1,250 CEOs and employees across large U.K. businesses (250+ employees) – found that more than four fifths (85%) of business leaders think that GenAI will positively impact their company. However, this view is only shared by 30% of all employees, highlighting a notable ‘GenAI confidence gap’ within U.K. organisations.
A similar theme emerged with GenAI skills and training. While almost 7 in 10 leaders believe their staff has the skills to use GenAI effectively, this sentiment is shared by less than a third of employees. When asked what would best contribute to their use of GenAI, employees requested more stringent policies and guidelines, additional employee training, and continuous support and learning resources.
The survey also found that 80% of business leaders believe the quality of their company’s data will make the difference between the successful implementation of GenAI tools or their failure.
To help businesses overcome these challenges, Experian and techUK have created practical, applicable suggestions within the report on how to embrace GenAI in the workplace and drive productivity.
The five leading principles were as follows:
1) Data quality must come first
2) Educate on GenAI today, thrive tomorrow
3) Encourage responsible experimentation
4) Every business has a different story
5) Constant GenAI appraisal ensures you stay one step ahead
Complete guidance can be found in the full report, accessible here.
Jonathan Westley, Chief Data Officer, Experian UK&I and EMEA said: “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.
“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.”
Speaking on GenAI’s potential value to the U.K. economy, Josie Anderson, Senior Economist, Experian UK&I said: “Estimating the potential for GenAI to impact the U.K. 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.
“Our report with techUK exhibits the hurdles businesses still need to overcome for this to be a realistic goal for the U.K.”
Julian David, CEO, techUK added: “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.
“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.”
ENDS
Notes to editors:
Nationally representative research conducted by OnePoll in July 2024 of 1,250 UK professionals, comprising 250 CEOs from large companies (250+ employees) and 1,000 workers.
*Experian Economics applied their expertise to GenAI projections from various sources to produce a consolidated estimate for the potential annual value add of GenAI to the U.K. economy over the next decade.
Media contact:
Vicki Cook, Head of Corporate and B2B PR, Experian UK&I
Tel: +44 7977 798 173 / Email: vicki.cook@experian.com
About Experian
Experian is a global data and technology company, powering opportunities for people and businesses around the world. We help to redefine lending practices, uncover and prevent fraud, simplify healthcare, deliver digital marketing solutions, and gain deeper insights into the automotive market, all using our unique combination of data, analytics and software. We also assist millions of people to realise their financial goals and help them to save time and money.
We operate across a range of markets, from financial services to healthcare, automotive, agrifinance, insurance, and many more industry segments.
We invest in talented people and new advanced technologies to unlock the power of data and innovate. As a FTSE 100 Index company listed on the London Stock Exchange (EXPN), we have a team of 22,500 people across 32 countries. Our corporate headquarters are in Dublin, Ireland. Learn more at experianplc.com.
About techUK
techUK is the technology trade association that brings together people, companies and organisations to realise the positive outcomes of what digital technology can achieve.
With over 1000 members (the majority of which are SMEs) across the UK, techUK creates a network for innovation and collaboration across business, government and stakeholders to provide a better future for people, society, the economy and the planet.
By providing expertise and insight, we support members, partners and stakeholders as they prepare the UK for what comes next in a constantly changing world.