The UK stands to gain more than £700 billion from the impacts of generative AI, according to a new study, with close to half of all working hours in line to be disrupted by the technology. However, according to a new study from Accenture, some 8 million still lack basic digital skills, meaning they could be left behind during a potential realignment of the employment market.
Since generative AI has burst onto the scene, Accenture has worked on over 700 projects for clients exploring the technology’s potential. While it is still unclear what that potential is – beyond broad statements about improved efficiency, reduced costs, and more accurate, faster analysis of data – this has positioned Accenture well when it comes to reading the proverbial tea-leaves, and forecasting what kind of a future economy GenAI might help to build.
On this basis, the consultancy has recently estimated that the UK stands to gain £736 billion from generative AI by 2038. However, the researchers also suggested that whether or not the technology delivers on that depends on leaders “having the courage, knowledge and understanding to shape the future”.
Source: Accenture
According to the findings of the ‘Work, Workforce, Workers’ paper from the firm, Accenture added that leaders would need to focus on human-centered change efforts, and help people to learn in new ways to scale the possibilities of GenAI. They cannot simply afford to leave sections of the workforce to work things out for themselves, but rather, help them to “create value and to ensure that work improves for everyone”. This means setting and guiding a vision for “how to reinvent work, reshape the workforce and prepare workers for a generative AI world, while building a resilient culture to navigate continuous waves of change.”
Illustrating what is at stake, the researchers found that 44% of working hours in the US are in scope for automation or augmentation – but due to higher numbers of knowledge and language-task-based workers in the UK, relative to the full working population, that rises to 47% of all working hours in the British economy.
In particular, four industries lead this charge. According to Accenture, capital markets, software, banking and insurance could each see more than 65% of working hours either fall in scope for augmentation, or complete automation due to GenAI. With the UK economy heavily leaning on its thriving financial sector, and burgeoning technology hubs in the North West and Midlands, the UK will need to ensure that the appropriate talent is available to power these changes.
However, currently, 8.5 million adults in the UK still lack basic digital skills, putting them at risk of missing out on the educational, social and economic opportunities offered by AI. To help bridge this gap, Accenture is taking matters into its own hands with the launch of Regenerative AI.
Source: Accenture
Shaheen Sayed, Head of Accenture in the UK, Ireland & Africa, noted, “In just a short period of time, Generative AI has already shown that it has the potential to bring enormous economic gains for the UK. The true accelerator for AI will be people and equipping the UK’s current and future workforce as well as the wider community with the skills to use it. With millions of people in the UK still lacking basic digital skills, the need for action to bridge this gap has never been more important. Working hand in hand with our partners, we are not just aiming to close the digital divide but fostering a more inclusive and thriving economy.”
Over the next three years, the Regenerative AI initiative will bring community partners and organisations together with volunteers from Accenture to help over a million people build their AI skills, through a series of programmes that will enable them to access devices, data and AI literacy courses. The courses will focus on four groups covering all ages: young people in education; job seekers; workers; and the wider community – and has already earned the support of Minister of State at the Department for Science, Innovation and Technology, Chris Bryant.
Speaking on the project’s launch, Bryant said, “AI is poised to be a transformative force. That’s why it is so important that these opportunities are available to everyone. The statistics are disturbing. Women make up less than 30% of the tech workforce whilst those from lower socioeconomic backgrounds account for less than 10%. This government is committed to closing the digital skills gap and breaking down barriers to careers in tech and I welcome Accenture’s ‘Regenerative AI’ initiative which recognises the importance of this goal. I encourage other businesses to follow suit and help us ensure the benefits of technology are geared not just towards a growing economy but an inclusive economy too.”