19 Sep 2024

Experian-techUK report: steps for unlocking the transformative potential of genAI

techUK and Experian have collaborated to explore the transformative potential of Generative AI (GenAI) for society and the economy, providing practical suggestions to businesses and government to unlock its benefits.

GenAI has sparked significant enthusiasm due to its ability to enhance operations, drive innovation, and improve efficiency and productivity across various sectors. With increasingly innovative applications – including specialised models tailored to specific industries, and the emergence of multimodal AI capable of processing various data formats – GenAI could boost the UK economy by £120 billion annually. However, realising its full potential requires overcoming a number of challenges.

Findings of the report

As part of this report, 1,250 UK business professionals – including business leaders and employees – were surveyed. The findings revealed a significant gap between these groups in the adoption and perception of this technology: while more than four-fifths (85%) of business leaders think that GenAI will positively impact their company, only 30% of employees share this view.

A similar disparity emerges regarding GenAI skills and training. While almost 70% of leaders believe their staff have the skills to use GenAI effectively, less than a third of employees feel the same.

Data quality also stands out as a critical factor. The survey found that 80% of business leaders believe the quality of their company's data will determine the success or failure of GenAI implementation. Yet, 40% of employees are unaware of the impact of data quality on GenAI success.

Suggestions for addressing these challenges

The report underscores the need for strategic actions to fully leverage GenAI’s benefits and proposes five guiding principles for organisations to aid AI deployment in the workplace and drive productivity. These include:

Data quality must come first: prioritise robust data governance to ensure GenAI systems function effectively and reduce the risk of inaccurate outputs;
Educate on GenAI today, thrive tomorrow: provide comprehensive training to improve staff knowledge of GenAI tools and their safe, responsible use;
Encourage responsible experimentation: create an environment that fosters creativity and allows employees to explore GenAI's capabilities within appropriate safety guardrails;
Every business has a different story: tailor GenAI implementation strategies to individual business needs rather than adopting a one-size-fits-all approach;
Constant GenAI appraisal ensures you stay one step ahead: Continuously evaluate GenAI's impact and stay informed about new capabilities to align with business objectives.

Additionally, it is worth noting that addressing these challenges will require collaboration across the whole ecosystem - including private, public, and third-party organisations. That’s why a comprehensive Government strategy is necessary – one that focuses on investment in digital infrastructure, promotes data accessibility and interoperability, supports access to talent through enhanced educational initiatives and workforce training, and supports responsible deployment. From the regulatory perspective, clear, appropriate, and evidence-based regulation is crucial to balancing innovation in the GenAI space with the need for safe use.

Conclusion

While the journey toward fully embracing GenAI is just beginning, the opportunities for enhancing productivity and driving economic growth are vast. By proactively tackling the associated challenges, businesses and governments can unlock the transformative benefits of this technology and position themselves for long-term success.

techUK remains committed to supporting the UK tech industry in navigating the evolving landscape of GenAI and beyond.