FOMO: A Factor Driving UK's AI Investment Surge
Fear of missing out is the fuel behind the AI fervour, reveals stark research from software company ABBYY.
The intelligent automation pioneer shares insights into how this concern significantly influences AI investments, highlighting that a whopping 58% of UK IT chiefs fret over potential setbacks from not jumping on the AI bandwagon.
This comes as trust in AI hits a high note, particularly within the UK's digital transformation arena, where the average AI investment in the past year reaches a hefty £730,000 (US$965,000).
These findings sketch a landscape of businesses eager to ramp up their AI game to outrun the advanced tech pack. Echoing this sentiment, ABBYY's State of Intelligent Automation report uncovers that an overwhelming 95% of UK respondents are plotting to boost their AI investments in the forthcoming year.
Keeping Up with Customer Expectations
In the commercial world, AI's prowess to sharpen data analytics, fine-tune decision-making, and turbocharge workplace productivity is undeniable. Yet, the debate simmers on the technology's longevity, mingled with anxieties over internal AI misuse and surging costs.
But as AI's allure only grows stronger, it morphs into an enterprise essential for keeping up in the fast-evolving market landscape. The drive for more tailored AI experiences from consumers amplifies the urgency for organisations to invest further, thus fuelling AI's forward march.
ABBYY's study underpins the growing trust in purpose-made AI and small language models (SLMs) as the most reliable forms of AI. It reveals that 44% of UK participants are already tapping into bespoke AI like intelligent document processing (IDP).
Additionally, half of the UK's business leaders highlight customer pressure as a significant catalyst for AI's expanded use, racing to meet escalating demands for faster, more efficient service and empowering customers to leverage AI's full spectrum. This urgency trumps worries over data security (36%), AI 'hallucinations' (35%), and compliance risks (32%).
UK’s Unwavering Trust in AI
According to ABBYY, the UK's confidence in AI tools is robust (85%), mirroring its leading stance in generative AI (Gen AI) usage compared to the rest of the world—77% against a global average of 65%.
Now a beacon of AI adoption, 70% of UK entities employ Gen AI technologies, fuelling business operations and inspiring significant organisations to expand within the UK to support their AI ventures.
“It’s no surprise to me that organisations have more trust in small language models due to the tendency of LLMs to hallucinate and provide inaccurate and possibly harmful outcomes,” states Maxime Vermeir, Senior Director of AI Strategy at ABBYY. “We’re seeing more business leaders moving to SLMs to better address their specific business needs, enabling more trustworthy results.”
Furthermore, an impressive 89% of UK participants express confidence in their organisations' adherence to government AI regulations, yet only 60% have internal trustworthy AI policies—a gap some are bridging with external consultants or nonprofits.
Moreover, 52% would gain confidence from a clear, responsible AI company policy, while 55% believe in the benefits of understanding necessary AI compliance, against a 49% global average.
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