The April announcement by the Department for Digital, Culture, Media and Sport (DCMS) of a £1bn AI sector deal, with contributions from 50 leading technology organisations and £300m from private sector investment, demonstrates the importance of this emerging technology for all UK businesses.
The Government’s Industrial Strategy set out four Grand Challenges to put the UK at the forefront of the industries of the future. AI is one of these and this sector deal provides the blueprint for delivery.
AI is projected to make a potential contribution of £200bn - or ten per cent of UK GDP - by 2030. The worldwide market for AI solutions could be worth more than £30bn by 2024, boosting productivity by up to 30 per cent in some industries, and generating savings of up to 25 per cent.
AI is transforming business models across most sectors, finding better ways to undertake complex tasks. For example, the UK has world-leading professional business and financial services sectors but AI and the increasing use and availability of large data sets mean that these sectors are on the verge of significant disruption.
Through the Industrial Strategy Challenge Fund, which provides funding and support to UK businesses and researchers and is delivered by UK Research & Innovation, a new £20m pioneer fund has been established; this will help the accountancy, insurance and legal industries identify how the application of these technologies can transform their operations and develop the next generation of services.
It is a critical time for all businesses to embrace AI and to evaluate how they can use AI solutions. There are many ways in which AI can help SMEs innovate and scale, increase productivity and efficiency, reduce operational costs, apply ‘deep learning’ and data analytics.
EEN is hosting the Digital Transformation Event at International Business Festival (IBF) in Liverpool, taking place on 27 June 2018 where businesses can:
- Learn more about the latest AI, VR and AR technologies from industry leaders
- Discover what solutions are available in your sector
- Meet on a 1-2-1 basis with like-minded companies looking to develop or incorporate these technologies and develop new solutions