Artificial Intelligence Revolutionises Industry Efficiency and Creativity

The AI Revolution: Transforming Businesses Across Industries

Britain‘s prime minister, Keir Starmer, has announced a 50-point plan to make the UK a world leader in artificial intelligence (AI) and grow the economy by as much as £47bn a year over a decade. The multibillion-pound investment aims to create a 20-fold increase in AI computing power under public control by 2030.

Speeding Up Drug Trials and Improving Special Effects

In the pharmaceutical industry, large drugmakers and small AI-specialised biotech companies are using AI to speed up drug development and reduce costs and failure rates. Medicines usually take at least a decade to develop, and 90% of drugs that go into clinical trials on volunteers fail. AI is helping them design smarter clinical trials by selecting patients who are most likely to respond to treatment.

A recent analysis by Boston Consulting Group showed that since 2015, 75 AI-generated drugs have gone into clinical trials, of which 67 were still being trialled last year. A treatment for a deadly lung disease called idiopathic pulmonary fibrosis has been hailed as the world’s first fully AI-generated drug that is in late-stage trials.

In the media industry, machine-learning and “directed” AI has been driving improvements in special effects, helping studios to decide who to market their movies to and even attempt predicting the commercial success of a film based on a script. Companies like Sony and Warner Music are already using AI to enable fans to remix music and artwork of classic albums.

Energy Efficiency and Renewable Energy

The tech could actually speed up the clean power revolution by solving the problem of how to run the energy systems of the future. Google was one of the early adopters of a digital-energy approach, developing a neural network in 2019 to increase the accuracy of power output forecasts for its renewables fleet.

By predicting generation and demand with greater accuracy, it has been able to balance its consumption and even sell some electricity back to the grid. This has increased the financial value of its wind power by 20%. In the UK, energy supplier Octopus Energy uses advanced data and machine learning capabilities to allow customers to access electricity when it is cheaper and greener through time-of-use tariffs.

Retail and Call Centres: Embracing AI

In retail, companies like Sainsbury’s and Marks & Spencer are using AI-enabled forecasting tools to help them put the right amount of products on shelves in different stores. Tesco‘s chief executive, Ken Murphy, said AI is already being widely used in making buying decisions.

Productivity and service levels could be transformed in the public sector by AI-enhanced efficiencies that automate the simplest tasks for call handlers. Capita has introduced its “Agent Suite” product with two clients, showing a 20% reduction in average call handling time, a 25% reduction in post-call administration, and a 15-30% increase in calls that are resolved at the first interaction.

The Future of AI: Opportunities and Challenges

While there are many opportunities for businesses to adopt AI and improve productivity, there are also challenges. The reaction to Starmer’s plan has been mixed, with concerns about job cuts and the destruction of creative industries. However, for many in the world of business, the AI revolution is already here, transforming their industries.

The multibillion-pound investment aims to create a 20-fold increase in AI computing power under public control by 2030.

• The UK government has announced plans to make the country a world leader in artificial intelligence (AI) and grow the economy by as much as £47bn a year over a decade.

• The plan includes a multibillion-pound investment to create a 20-fold increase in AI computing power under public control by 2030.

• AI is being used across various industries, including aviation, energy, media, pharmaceuticals, retail, and call centres.

Key Takeaways

• AI has the potential to transform businesses across various industries, improving productivity and efficiency.

• The UK government’s plan to make the country a world leader in AI could have significant economic benefits, but also raises concerns about job cuts and the destruction of creative industries.

• Businesses are already adopting AI to improve their operations, with many seeing it as a game-changer for growth.

Sources

• Boston Consulting Group

• Google

• Octopus Energy

• Sony
• Warner Music