Almost half of UK CEOs not assessing AI's impact

UK CEOs aren’t giving artificial intelligence (AI) and automation the right attention, and that’s putting the entire country’s economy at risk.

This is according to a new report by PwC, which was published at the World Economic Forum in Davos. It says that almost half (47 percent) of UK’s CEOs are not addressing the impact AI and automation can have on their organisation.

To put things into perspective, in Germany, the number stands at 19 percent. In the US, it's 32 per cent, and in China it's 31 percent. Globally, 31 percent aren’t addressing AI, at the moment, leading PwC to conclude how UK CEOs are lagging behind.

Currently, 28 per cent of CEOs in the UK are evaluating the impact AI can have on their future skills needs, compared to 39 percent worldwide. Less than four in ten (38 percent) are looking into the benefits of man-machine teamwork compared to 52 percent of CEOs, globally.

"As the UK negotiates its exit from the EU it is the perfect time for the government and business to work together to position the UK as the place for technology investment and innovation," says Kevin Ellis, chairman and senior partner at PwC.

"This means putting in place a flexible regulatory framework, addressing skills shortages, investing in research hubs and supporting start-ups to scale rapidly. All parties have a part to play to create the right environment to build trusted and transparent AI systems to support future economic growth and jobs."

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