Most British businesses – 82 per cent – have expressed a strong inclination to embrace more artificial intelligence technology but are concerned that stricter regulations on AI could hinder their competitiveness.
In a recent study conducted by revenue intelligence company Gong, it has been revealed that over half of the businesses surveyed (65 per cent) believe that stricter regulation of AI could hinder their competitiveness in the market.
This research comes at a crucial time, as the UK is in the final stages of its AI white paper consultation, which concludes on 21 June 2023.
As the business landscape evolves, it introduces new challenges that demand innovative solutions. Technology emerges as a crucial tool in overcoming these obstacles, empowering businesses to navigate the ever-changing landscape successfully.
The study also shows that driving new sales remains a challenge for one-third of businesses (33 per cent), alongside concerns about managing or reducing costs (40 per cent) and recruiting new talent (37 per cent).
AI technology already plays a role in the operations of the majority of UK companies (89 per cent), with 28 per cent utilising it to boost sales, 33 per cent leveraging it for improved marketing, while 28 per cent focusing on enhancing customer support.
Business leaders recognise the significance of AI adoption for their organisations, with 30 per cent stating that it is crucial for their business to thrive, and 40 per cent believing it to be imperative for their future success.
Impact on AI
Lesley Ronaldson, EMEA senior director at Gong, highlights the impact of AI technology on business efficiency, stating: “AI technology doesn’t just impact a business’s profitability but also makes employees more efficient and effective at what they do. Businesses face a severe challenge with boosting sales in a hybrid workforce and declining economy that no longer supports traditional sales tactics.
“The potential that AI has for the future of sales across industries is tremendous. Retaining a competitive edge is a top motivation for businesses wanting to adopt AI into their current models. It therefore should be a consideration for the UK government as they endeavor to assert the UK as a science and technology superpower by 2030.”
This month Gong launched Gong Engage, a sales engagement solution powered by AI models, designed to help organisations create and accelerate their pipeline.
The FinTech Times