This week, Keir Starmer unveiled an ambitious 50-point plan designed to elevate the UK to a global leader in artificial intelligence (AI), projecting an economic boost of up to £47 billion per year over the next decade. This monumental investment aims to amplify public control over AI computing power by an astonishing 20 times by 2030, framing it as a gamechanger for businesses and public services alike.
However, reactions to this initiative have been mixed. Skeptics question whether the much-touted potential of AI will genuinely translate into the promised economic benefits. Concerns abound regarding possible job losses and the potential detrimental impact on the creative industries, particularly with proposals allowing AI companies to freely mine artistic works for data.
Yet, many businesses are already reaping the rewards of the AI revolution. Let’s explore how various industries are leveraging this technology to enhance productivity and what future gains they envision.
Aviation
In the unpredictable world of aviation, airlines are increasingly adopting AI to manage complex logistics involving large fleets and thousands of crew members. For instance, Ryanair employs AI across its operations to optimize revenue, scheduling, and even aircraft selection for specific flights. British Airways is putting AI to work at Heathrow to efficiently assign gates based on incoming transfer passengers.
EasyJet has embedded AI within its new Luton control room, employing predictive technology to better manage aircraft stock levels and proactively address maintenance needs. Their Jetstream tool facilitates the swift reallocation of crew and aircraft, ensuring maximum efficiency during operational disruptions.
Energy
Amid concerns that AI’s energy demands might strain the UK’s power grid, some experts argue that AI could actually expedite the transition to clean energy by optimizing future energy systems. With power grids facing the challenge of integrating fluctuating renewable energy sources, AI can help manage this complexity.
Google’s AI wing, DeepMind, pioneered a digital energy approach in 2019 by developing a neural network that boosts the accuracy of power output forecasts for renewable energy, ultimately enhancing the value of its wind power by 20%. Similarly, UK’s Octopus Energy harnesses the power of AI through its Kraken operating system, allowing customers to take advantage of cheaper and greener electricity during off-peak hours, greatly reducing dependency on fossil fuels.
Creative Industries
Starmer’s plan includes proposals that would enable AI models to scrape internet data, triggering significant concerns among creative professionals who rely on their work for income. However, many media companies are choosing to partner with AI developers to maximize their content potential. Advertising giant WPP, for instance, commits £250 million annually to data and AI initiatives, fostering innovative marketing campaigns.
In the music world, technology is breaking new ground, with Sony collaborating with Pink Floyd’s David Gilmour to allow fans to remix classic albums, while Warner Music employed AI for Randy Travis, who lost his singing ability, to release new music. In film, AI is enhancing special effects and helping studios target their marketing more effectively.
Pharmaceuticals
Big pharma and specialized biotech firms are utilizing AI to expedite drug development and minimize costs. Traditionally, drug development spans at least ten years with a primary failure rate of 90% in clinical trials. AI is streamlining this process through smarter clinical trials that identify suitable patients for treatments.
Boston Consulting Group found that since 2015, 75 AI-generated drugs have entered clinical trials. Innovations such as the world’s first fully AI-generated drug for idiopathic pulmonary fibrosis showcase AI’s potential; it involved analyzing thousands of compounds to yield promising results. AstraZeneca reports that over 85% of its small molecule pipeline is now AI-assisted.
Retail
Retail giants are clamoring to integrate AI over the past few months, motivated by the need for more efficient operations in light of rising labor costs. For example, Sainsbury’s employs AI forecasting to ensure optimal product availability across stores as part of an extensive cost-cutting strategy. Marks & Spencer has taken AI further to craft online product descriptions and personalize shopping experiences.
At Tesco, AI’s influence is permeating nearly all customer interactions, as noted by CEO Ken Murphy, aiming to analyze shopping behavior to provide tailored suggestions for improving savings and health.
Call Centres
In the public sector, AI-enhanced efficiencies promise to revolutionize call centers by automating routine tasks and improving service levels. For instance, Capita’s “Agent Suite” product has demonstrated commendable outcomes, reporting a 20% reduction in average call handling time and a 15-30% increase in first-call resolution rates.
Overall, while the path to a thriving AI future is dotted with concerns and challenges, the potential benefits across sectors are undeniable. As we follow the evolution of this paradigm-shifting technology, innovation and adaptation will likely dictate the pace of progress.
The AI Buzz Hub team is excited to see where these breakthroughs take us. Want to stay in the loop on all things AI? Subscribe to our newsletter or share this article with your fellow enthusiasts.
