FEATURE : GENERATIVE AI
significant investments in AI technology ,” said Silvia Rindone , UK & I Managing Partner for Strategy and Transactions , EY . “ However , this optimism is also tempered with caution , with many grappling with how best to implement and future-proof AI strategies . The noise surrounding AI has also hindered decision-making about credible partnerships and acquisition targets .”
Strategic transactions remain a focus
Nearly all the CEOs interviewed ( 92 %) said they expect to actively pursue a strategic transaction in the next 12 months , with 48 % looking to enter strategic alliances or joint ventures , 45 % looking to divest and 29 % looking to M & A .
Rindone added : “ Despite economic headwinds , strategic transactions remain a priority for UK CEOs particularly when it comes to accelerating technology innovation . With new technologies emerging and maturing rapidly , we ’ re likely to see an acceleration in investment in digital assets – such as AI capabilities – leading to more transactions as companies look to either reinforce their market position or gain a competitive advantage .”
Reflecting on the rush to seize the ‘ golden ticket ’ of AI innovation , Jonathan Boakes , Managing Director , Infinum UK , believes that firms could sweep themselves
CEOS ARE ALSO FINDING IT HARD TO DISTINGUISH AI ‘ HYPE ’ FROM GENUINE EXPERTISE .
up in excitement and fear of missing out which could obscure sound judgement into a well-thought-out plan . “ Learning from the impulsive golden ticket hunters in Willy Wonka ’ s world , those who dive in impatiently will face challenges . It ’ s a reminder that while FOMO is a powerful motivator , it can lead to incorrect investments and untimely scaling . To succeed in the AI revolution , businesses need to reflect on their past mistakes and determine if it is truly productive to join the trend .”
There is also an emphasis on improving workforce capabilities as well as external operations . Chris Stephenson , Chief Technology Officer , Sagacity , thinks that businesses will be looking to capitalise on Generative AI internally , as well as externally , to augment employee knowledge by using Large Language Models ( LLMs ) to share and disseminate information within companies more effectively . “ Despite this wide-scale implementation , AI will still only complement humans – we won ’ t be seeing any large-scale lay-offs due to jobs being directly replaced by AI in 2024 , or anytime soon .”
Other reports have emulated the fact that most companies are already using Generative AI – such as McKinsey stating 60 % are utilising the technology – which Uzi Dvir , CIO , WalkMe , argues is likely to increase , in a similar way to cloud and internet adoption . He says that although companies are investing in both seizing the AI advantage while proactively mitigating and addressing risk factors , the McKinsey report highlights that the two biggest risks with Generative AI are inaccuracy and cybersecurity .
In light of the recent UK AI Summit which was held between international governments , leading AI companies , civil society groups and experts in research , industry leaders offered interesting perspectives on the use of AI within society .
The UK ’ s AI Summit set a new precedent for the tech world : world governments are interested in regulating and investing in safe AI . As a result of the current AI
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