AI is as ‘vital as water and energy’ for British businesses, according to a new report which has found that surveyed ‘UK leaders’ are clamouring for AI technology to be rolled out as far and as fast as possible.

Tech services provider Endava’s latest study, AI Everywhere: How Business Leaders View AI in Life, Work and Society, found that 65% of UK business decision makers rank AI alongside water and energy in terms of social importance, with as many as 93% agreeing that both industry and government should embrace the technology and implement much AI as possible.

The sky-high optimism surrounding AI’s future stems from the real-world benefits it’s already bringing. Almost seven in 10 (69%) of UK leaders believe that AI is already positively impacting their organisation’s profits, while 76% agree that the successful implementation of AI has significantly improved employee job satisfaction.

Endava’s findings, based on a survey of 500 UK leaders across diverse industries, shows that executives are leaning heavily on AI for personal decision making, too, with 84% of British business leaders having conversations with AI or using it as a companion at least once a month, and 66% trusting AI to make entirely automated decisions about their lives.  

“It’s fascinating to uncover the high level of trust people are already placing in AI”, said Matt Cloke, CTO at Endava.

“You might expect hesitation around such a powerful and rapidly evolving technology. In fact, many are not only using AI regularly but are relying on it to support both business-critical and deeply personal decisions.”

However, the findings also suggest that a significant number of firms are facing roadblocks to wider AI adoption, as just 20% of leaders reported that their organisation is completely AI-ready, while almost half (47%) agreed that they are not investing in the right technologies to drive meaningful business value.

As with many other recent studies, Endava’s report also highlights a growing misalignment among management as to AI readiness. Although half (50%) of C-suite respondents said they expect their company to be at an advanced stage of AI transformation within two years, just 33% of middle management and 29% of junior managers thought the same.

Another major concern is that national infrastructure can’t cope with AI demands, as 55% of leaders agreed that AI cannot be used to its fullest potential due to limitations in the UK’s infrastructure, although 64% did acknowledge that the UK Government is doing what it can to drive the technology forward.

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If firms are unable to make fast and significant gains in their AI deployment, 57% said it would take less than two years to lose market share, while almost a quarter (23%) were even more pessimistic, saying they could lose market share in less than a year.

“Making the most of this moment will take focused effort, real expertise and thoughtful guidance,” said Cloke.

“The AI transformation is underway, and goes far beyond process. Research like this is essential in helping business leaders make the right decisions for their people and organisations.”