UK CEOs Not Sure How To Take AI Forwards
Although the field is filled with conflicting views on how AI should be regulated and developed, more than three quarters of global CEOs agree that AI is good for society and 72% agree AI will significantly change the way their firms do business in the next five years.
However there has recently been debate over the government's role in AI development, it can be argued extra regulation will just lead to higher costs of production leading to less firms entering the market. However to ensure companies fulfill basic ethical requirements such as how they obtain the data used for training AI, many people argue the government should play a crucial role in the development of AI. In fact around 60% of UK CEOs expressed their support for the state playing a role in AI development, and 70% showed support for government policies surrounding AI. However the conflict in interests is very clear in the survey as 47% of firms think that firms should self regulate their AI use and development.
However for now the report also says less than one in ten CEOs have implemented AI ‘on a wide scale’ and even though the sector has experienced huge growth over the past few years it still has a long way to go but with 35% of firms planning to introduce AI into their firms over the next 3 years, the sector's growth is guaranteed.Another interesting observation by the survey is that of the 36% that have no plans to introduce AI, 76% percent of the firms listed the reason as shortage of skilled workers, and for now due to the price elasticity of supply of skilled labour being inelastic, hiring skilled AI development specialists is currently to costly for a lot of firms however as the number of students studying computer science and getting into AI increases the supply of labour will increase over time.
An interesting graph from the report shows CEO’s opinions on the significance of impact of AI relative to the creation of the internet:
PwC’s leader for AI, Euan Cameron comment on the data from the report: “There is clearly plenty of anticipation amongst business leaders about the opportunities that lie ahead when it comes to AI, but on the question of how this world should be governed and regulated, opinions remain divided.”
Overall its clear these issues should be clearly discussed and the government should definitely play a part in these discussions and hopefully in AIs development to maintain a impartial position in the ethical growth of AI