The emergence of artificial intelligence (AI) is undoubtedly one of the most transformative technological moments in human history. AI and machine learning are set to impact the way we work, live, and engage with the wider world in ways we can barely begin to imagine.
According to a report by McKinsey, AI has the potential to deliver up to $13 trillion in global economic activity by 2030.
From speeding up current processes to creating and deploying new ideas, AI has the potential to revolutionise virtually every industry.
In the UK, our burgeoning tech businesses could be at the forefront of this technological revolution and quickly stand to gain more than others.
Excited? Confused? Perhaps a little scared? You should be! Read on.
The next big thing… is already here
The impact of AI has already been felt in various industries, with businesses using AI to streamline operations, improve customer service, and gain competitive advantages.
For instance, the retail industry is leveraging AI and machine learning to improve customer experience through personalised recommendations, chatbots, and predictive analytics.
We’re all familiar with content recommendation algorithms on platforms like TikTok, YouTube and Instagram. That’s all AI and machine learning.
Similarly, the healthcare industry is using AI to analyse vast amounts of medical data to identify patterns and provide more personalised treatments for patients and identify new medical interventions.
AI has also led to the emergence of new industries, such as autonomous vehicles and smart homes.
Much of this has been commonplace for years now, but perhaps notable in that machine learning was only being applied in certain limited ways to established ways of working.
With the widespread availability of powerful AI to the public and businesses en masse, all of that is changing, and quickly – with AI set to become an increasingly unavoidable part of how we work and live.
The advances will keep coming, thick and fast. Now is the time to get familiar and prepare to keep up with the pace.
It is time to lead the pack
Given the potential impact of AI on various industries, it is imperative that UK businesses overall embrace this technology and adapt to the changes it brings.
Businesses that see the potential in AI are already supercharging themselves and gaining an edge over competitors who adopt a “wait and see” approach.
We may well be on the cusp of an AI “industrial revolution”. The UK tech sector should seek to grab this opportunity with both hands, lest we find ourselves lagging behind our American and international counterparts – as has been the case in the past.
The E2E Tech 100 is a testament to the fact that the UK is home to hundreds of leaders in the technology space, demonstrating obvious ingenuity and potential on our doorstep.
Broader support is needed in terms of funding UK businesses who are chasing innovation in this area, as well as an understanding of the value of intangible assets within businesses (which is something I have championed since the inception of my business, Virtuoso Legal in 2007).
Crucially, a lack of agility, awareness and appetite for the opportunity may leave UK businesses facing an uphill struggle to compete with more daring economies. Why stand still when the starting pistol has already fired?
An economy of new ideas, both human and AI
So, what does this emerging future look like, exactly? Well, the continual collaboration between humans and AIs in generating new ideas is likely to change how progress within economies occurs.
With the increasing use of AI in various fields, the role of the human worker is expected to shift towards more creative and strategic thinking – prompting AI to produce the outputs.
Whilst this will clearly result in some displacement of work, there is an opportunity for those who would normally create themselves to instead adapt into collaborative roles with AI - freeing up their time and energy for more strategic thinking and higher output overall.
Additionally, businesses will need to consider IP implications when working with AIs to generate new ideas. Ownership and attribution of ideas generated by AI may become a more complex issue, requiring legal frameworks to address these concerns, which are currently not in place.
As such, there is a balance to be achieved with utilising AI in business now, whilst walking a fine line as it relates to copyright and other intellectual property issues.
In the US, the copyright office has offered initial guidance which states that AI-generated outputs can attract copyright, so long as the input from the human in question is sufficiently creative and results in a work that meets the bar for originality.
This is only initial guidance, however, and case law remains pending. As such, businesses that harness AI should seek to develop systems of work which account for potential IP issues – including human review, prompt documentation and reviewing outputs for originality. This is a nascent area, however, and best practices will be established in the coming months and years.
Great ideas deserve great rewards
In conclusion, AI has the potential to revolutionise the way businesses operate and engage with their workforces. Businesses can now free up their human workers from mundane tasks and empower them to focus on more interesting and challenging problems.
AI can also be a valuable collaborator, bringing new ideas and perspectives to the table and enabling businesses to tackle complex problems in a more efficient and effective manner.
The rise of AI presents an opportunity for businesses to create innovative products and services that can make a real difference in people’s lives. However, to achieve this, businesses need to be willing to invest in research and development and be in a position to take calculated risks.
There is no doubt in my mind that in the next 10 years, leading technology businesses will be characterised by how they have utilised AI in their innovation cycles. Let’s not sit on the sidelines this time.
Let’s take inspiration from what the leading technology businesses in the E2E Tech 100 have achieved and imagine where, in conjunction with the public availability of AI, the boundaries extend to now.
