AI: the multi-billion pound key to unlocking UK productivity
The UK's productivity has been stagnant for over a decade, with current levels significantly lagging behind pre-2008 trends. This stagnation has far-reaching implications, impacting the economy and individual businesses alike. While macroeconomic factors like Brexit and the COVID-19 pandemic have undoubtedly played a role, there’s no hiding the fact that the UK has a productivity problem.
Artificial Intelligence (AI), however, could be about to change everything. Everyone is, by now, aware of the transformative potential of AI after years of unrelenting hype. However, research recently published by Workday found that AI could unlock a staggering £119 billion worth of productive work each year across UK large enterprises. For a single large business with 10,000+ employees this equates to an average of £110 million annually.
AI: the productivity problem solved?
Data from Workday’s research reveals a striking contrast between current productivity levels and the potential gains from AI. Imagine business leaders reclaiming 140 working days a year, or employees having an extra 92 days to focus on what truly matters - that is the transformative power of AI. It can not only change how work gets done but also empower individuals to completely reimagine their roles.
We all know that with great power comes great responsibility. AI can revolutionise the way we work, but it requires a strategic approach. Our research identified three key elements for a successful AI strategy:
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Rally the troops: Get everyone on board with the productivity mission. Show them the benefits, the possibilities, and build excitement about what AI can bring to your organisation.
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Open the curtains: Be transparent about how and where AI will be used. No one likes surprises, especially when it comes to their jobs.
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Gear up: Invest in your people giving them the skills and technology that will power the AI revolution.
Motivation and engagement: the foundation of productivity
The biggest barrier to productivity, according to the study, is employee disengagement. Let's be honest, no one's at their best when they're bored out of their minds. Unengaged employees are like a productivity black hole, sucking the energy out of any workplace.
AI can play a crucial role here by automating mundane and repetitive tasks, freeing employees to focus on more meaningful and fulfilling work. Indeed, 67% of employees expect artificial intelligence to expand the scope of tasks they can undertake, while 54% expect it to improve their career and development opportunities. This shift can lead to increased motivation, engagement, and ultimately, productivity.
Building trust: the key to AI adoption
Despite the potential benefits, concerns about AI persist. According to Workday’s research, 93% of both employees and leaders express trust-related concerns when it comes to AI. Addressing these concerns is essential for successful AI adoption. Transparency, clear communication, and responsible AI practices can help to build trust and ensure that AI is used ethically and effectively.
A more productive future
With AI, the UK's productivity woes can become a thing of the past if we are willing to embrace the change, openly address people’s concerns, and step into a future where work is more engaging, more fulfilling, and more productive than ever before.
This requires a thoughtful approach. At Workday, we know AI can change the workplace for the better, and we're committed to doing it responsibly, by prioritising fairness and the unlocking of human potential. Excited? You should be. The future of work awaits!
Dive deeper with more AI insights:
If you're interested in AI adoption you can find more insights on our AI Campaign Week page, here:
Stay up to date with techUK AI Adoption work:
To help promote greater levels of responsible AI adoption, techUK is working alongside its members and key stakeholders across the AI ecosystem to demonstrate the significant benefits of this technology for both the economy and society. The best way to stay up to date with our work is to visit our AI Adoption Hub.
Call for AI Adoption case studies:
As part of techUK’s 2024 AI Campaign Week, we are launching a call for techUK member case studies, to demonstrate how organisations are tackling the barriers to AI adoption to maximise AI's potential. These case studies will be showcased to UK organisations that are also embarking on their AI adoption journeys, providing them with practical examples and insights to guide their Putting AI into Action efforts. Learn more here.
techUK - Putting AI into Action
techUK’s Putting AI into Action campaign serves as a one stop shop for showcasing the opportunities and benefits of AI adoption across sectors and markets.
During this campaign, techUK will run a regular drumbeat of activity, including events, reports, and insights, to demonstrate some of the most significant opportunities for AI adoption in 2024, as well as working with key stakeholders to identify and address current barriers to adoption.
Visit our AI Adoption Hub to learn more, or find our latest activity below.
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Contact the team
Usman Ikhlaq
Usman Ikhlaq
Usman joined techUK in January 2024 as Programme Manager for Artificial Intelligence.
His role is to help techUK members of all sizes and across all sectors to adopt AI at scale. This includes identifying the barriers to adoption, considering solutions and how best to maximise AI's potential.
Prior to joining techUK, Usman worked as a policy, government affairs and public affairs professional in the advertising sector. He has also worked in sales and marketing and FinTech.
Usman is a graduate of the London School of Economics and Political Science (MSc), BPP Law School (GDL and LLB) and Queen Mary University of London (BA).
When he isn’t working, Usman enjoys spending time with his family and friends. He also has a keen interest in running, reading and travelling.
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Authors
Daniel Pell
Daniel Pell is Vice President and Country Manager for UKI at Workday. With more than 20 years of experience in the technology industry, he is an expert in business growth and transformation.