In the unpredictable and turbulent world of business, it can be difficult to pinpoint possible future trends. But we can be pretty sure, according to one prediction. Artificial intelligence technology will play a greater role in the strategic thinking of the top management of the UK’s largest companies.
The Evening Standard asked all companies in the FTSE 100 index about their AI plans for this year and next. Of the 21 companies that responded, companies in a wide range of sectors, from packaging to pharmaceuticals, all said they would invest.
The findings are based on research by the Evening Standard Growth Equities team at boutique asset manager Sunram Investments, which found that 23 FTSE 100 constituents will be included in official corporate communications (submissions, filings, It was announced after it was found that “artificial intelligence” was mentioned in press releases, financial results conference records). 14. This is up from just 6 in the same period last year.
Chris Ford, Global AI Fund Manager at Sanlam Investments said: “Everywhere you look, you can see companies getting more and more focused on AI.”
He added that the need to develop a trustworthy AI strategy “has become a pressing issue for corporate executives who have not yet committed to or adopted AI.”
So what are some of the UK’s biggest employers already doing with AI? And why do you think it’s important to look further?
Bottling company Coca-Cola HBC uses augmented reality smart glasses to help warehouse workers track and select inventory more effectively than ever before.
Murad Ajarti, Chief Digital and Technology Officer, Coca-Cola HBC, said: “Currently, we are conducting observation, learning, and controlled experiments to assess both the challenges and opportunities that generative AI can pose. Building the right capabilities and expertise across the board.As we look to the future, we believe that generative AI presents immense and exciting opportunities to support the competitiveness of our business.”
In engineering, big names like Rolls-Royce, Smith Group and Weir are planning further AI investments. Grazia Vittadini, chief technology officer at aircraft engine maker Rolls, said: “Cutting-edge data science improves efficiency by optimizing processes, analyzing images and detecting anomalies to unlock value safely. “We will continue to do so.”
Experts in security screening technology, Smiths’ detection division uses AI-based automatic target recognition in X-ray screening. Algorithms are trained to detect prohibited items such as weapons.
Meanwhile, in late 2021, Weir will acquire Motion Metrics, a developer of innovative AI and 3D machine vision technology that monitors the health and performance of mining equipment and also captures data on the size of rocks in motion. bottom.
Employers considering further research include urban investment platform Hargreaves Lansdowne, which wants to hire 5-10 AI specialists over the next 18 months to explore machine learning. I think.
Chief Data Officer Miguel Baptista said, “Rather than asking which areas of business can benefit from AI, it’s easier to say which areas won’t.”
He added, “AI can improve productivity, expand the ways in which we can improve the experience for both clients and colleagues, simplify travel, and, above all, get the right information to the end user faster.” It will be,” he added.
Rentokil Initial is also applying AI to pest control. Install mini-cameras in customer premises (ceilings, hard-to-reach loft spaces, etc.) and automatically send images to Rentkill’s online command center, utilizing AI “mouse recognition” to identify individual rodents. identify.
From there, pest control groups can get precise information about numbers and direction of movement. The company plans to invest more in AI over the next 18 months, and a spokesperson said it is working to “make pest control smarter and more efficient, delivering faster results to our customers.”
Read the full survey results here
