Business leaders are becoming increasingly optimistic about using generative AI: According to an Eden McCallum survey of 200 business leaders, more than half have implemented generative AI to some extent in their companies.
UK business leaders remain wary about the country's future, with a recent poll by Eden McCallum suggesting that 58% of businesses are at least somewhat pessimistic about the outlook for the domestic economy. However, in line with previous polls by the researcher, bosses are far more bullish about their individual company's prospects, with 72% saying they are optimistic about prospects for next year.
Source: Eden McCallum Business Outlook
Respondents said they remain excited about the future, with many new opportunities on the horizon, despite election year uncertainty and various headwinds such as inflation and geopolitical crises that will continue into 2024. Most commonly, there is optimism that artificial intelligence, and generative AI in particular, can help boost productivity and generate efficiency savings in challenging times at a national or international level.
After speaking to over 200 business leaders across the UK, Eden McCallum found that the importance of GenAI on their agenda has grown steadily over the past 12 months. When asked how important they think the technology is now, there didn't seem to be much change, with just under 40% saying they felt it was important in the mid-2023 and mid-2024 surveys. However, as the hype continues about what the technology will enable in the future, its prevalence has become more evident looking towards the future. In 2023, 55% said it would be important in the next three years, but that figure has now risen to 62%.
Half of UK businesses claim to be piloting generative AI use cases
According to respondents, this is leading to rapid adoption of GenAI. When asked about their current efforts in mid-2024, a majority (57%) said they are at least considering use cases, and 58% said they are already piloting use cases for the technology. In particular, managers are attracted to GenAI's cost-saving capabilities, with 75% expecting it to help them reduce costs and improve efficiency.
This prospect excites employers but may be a source of anxiety for employees. While technology advocates have long argued that GenAI will create roles and not just cause companies to cut staff to save costs, few companies appear to be investing in creating an in-house workforce that can make the most of GenAI. With employees desperately turning to the internet for training, only 30% of respondents told Eden McCallum they are spending money to train existing employees to use AI, while only 22% are hiring new employees with relevant skills.
Half of UK businesses claim to be piloting generative AI use cases
This may signal the growth of a new trend across multiple sectors: In the midst of the so-called AI revolution, some companies lay off large numbers of employees who are no longer needed for tasks that the technology can handle. Then the companies announce new outsourcing deals with IT services companies in low-wage economies that happen to have the expertise to operate GenAI technologies. While the companies involved insist that the two are unrelated, critics argue that this is a way to cut labor costs disguised as progress, and the adoption of technology that cannot actually replace human labor at this point.
As for other benefits of adopting AI, 63% of companies expect it to improve customer experience by making engagement processes faster and more personalized, but only 32% expect GenAI to improve employee experience.
