With each day seemingly witnessing new developments in AI and almost half of UK businesses saying that they are looking to devote resources to AI, the call by the business lobby group is timely.
Over the next five years, the top three technologies that are set to move from the fringes to the business mainstream are Artificial Intelligence (AI), Blockchain and the Internet of Things, according to new research from the CBI. In fact, half of businesses think AI will soon fundamentally transform their sector.
According to CBI figures around 20 percent of companies have already invested in the technology.
The call for the commission though is not just about the technology but rather how AI could be used to increase productivity and economic growth.
Amid predictions of a workplace revolution it has been claimed that AI could threaten one in five jobs across the UK. Many companies are already using it to manage datasets to spot inefficiencies, while others are using AI machines to monitor activity in warehouses and factories.
While numerous reports suggest that over 10 million jobs could be threatened by AI, it is also being seen as offering an opportunity for workers to move into more fulfilling and certainly more productive roles.
The CBI has suggested that ‘innovative firms’ grow twice as fast and by adopting new technology they can actually help workers be more productive, certainly if training is also provided for those workers who are displaced.
“Artificial Intelligence solves problems. Blockchain changes how businesses exchange value. The Internet of Things unlocks big data. Companies of all sizes, in any sector and across the UK have a golden opportunity to benefit and lift their productivity,” said Josh Hardie, CBI Deputy Director-General, who urged the Government to set up a commission.
Investment in technology could help bolster Britain’s spluttering record on labour productivity, but firms are cautious about investing. Why? In the main due to uncertainty over Brexit!
