The UK has the most to gain from the adoption of generative AI (GenAI) compared to any other advanced nation, coming first among its G7 neighbours for the positive impact the tech could have on the economy.

Accenture’s latest report, Generating Growth: How generative AI can power the UK’s reinvention, shows that GenAI could nearly double the country’s growth rate by 2038, if its full potential is realised.

However, Accenture claims that without strategic planning to weave GenAI into the government’s long-term economic plans, £485 billion in economic value could be left untapped over the next fifteen years – double the UK’s current annual healthcare spending.

Of particular concern are the organisations struggling to move past proof of concept in their use of GenAI, with 89% reportedly not able to scale its use across their business.

According to the study, business leaders report that less than half (43%) of their workforce is confident in the digital fundamentals required for work, while nearly two-thirds (62%) of today’s workforce, around 20 million people, need to be reskilled to use the latest GenAI tech.

The GenAI trust gap

Meanwhile, the data shows a lack of digital confidence is hindering widespread GenAI adoption. Only a third (33%) of employees trust business leaders to handle the surge in GenAI tools responsibly to have a positive impact on their work, while even fewer (27%) trust the government.

That lack of trust is proving expensive for UK organisations, as economic models predict that the biggest financial benefits occur when employees are given the freedom to innovate and spot new opportunities.

Accenture’s survey, conducted with over 4,800 employees and executives from the public and private sector across the UK, found that those firms pursuing a competitive edge using GenAI delivered a 10.7% return to shareholder (TRS) premium in 2023 compared to those that hadn’t made GenAI central to their plans.

Prioritising progress

From the data, it looks like executives and decision makers aren’t fully grasping this potential of AI technology. Accenture found that although 63% of London-based employees have access to GenAI tools, only 38% of employees elsewhere in the UK do, with only 19% using them at least once a week and even fewer (7%) applying the tools to critical decision making.

Among those who are using GenAI at work, half are self-starters procuring the tools themselves, with three times as many thinking that GenAI will accelerate, rather than decelerate, their career.

“With this technology, we can now complete the sentence of the digital age. The foundations clients have been building through their digital transformations are exactly what is needed to scale GenAI,” said Shaheen Sayed, CEO of Accenture UK.

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A formula for success

Accenture claims to have developed a five-step formula for firms attempting to scale the use of GenAI, estimating an organisation is four times more likely to succeed by following these steps simultaneously.

• Lead with value

Shift focus away from siloed AI use cases to prioritise capabilities across the entire value chain and developing new, AI-enabled offerings. 

• Understand and develop an AI-enabled, secure digital core

Invest in technology that runs seamlessly and allows for continuous creation of new capabilities.

• Reinvent talent and ways of working

Set and guide a vision for how to reinvent work, reshape the workforce and prepare workers for a GenAI world.

• Close the gap on responsible AI

Create governance structures and a culture that operationalises AI responsibly, with decision-making processes that thoughtfully assess both the risks and rewards of the technology.

• Drive continuous reinvention

Make the ability to change a core competency and part of company culture supported by an ecosystem of collaborators.