"Leading companies worldwide are investing an average of five percent of revenue in AI and reaping returns of 15 percent, while British counterparts are committing just two percent and generating returns of ten percent."
"UK businesses derived only 27 percent of their revenue from products that did not exist three years ago, compared with 43 percent among global leaders."
"Nearly half of the UK businesses surveyed said efficiency and productivity were their primary motivation for experimenting with AI, while just 26 percent cited revenue generation."
"Outdated IT systems and rigid internal processes continue to hold companies back, with only 27 percent of UK businesses having redesigned their workflows to properly integrate AI."
A PwC study reveals UK firms invest only two percent of revenue in AI, generating ten percent returns, compared to five percent and fifteen percent for global leaders. The innovation gap is evident, with UK businesses deriving only 27 percent of revenue from new products, versus 43 percent for top companies. Outdated IT systems and rigid processes hinder progress, with only 27 percent of UK firms redesigning workflows for AI integration. A focus on efficiency over revenue generation limits potential, according to PwC's Leigh Bates.
Read at Business Matters
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