Half of UK CEOs credit AI for productivity

Over fifty percent of UK CEOs named AI as one of the three biggest contributors to productivity improvements over the past year, ahead of redesigning business processes at forty percent.

But CEOs don't know how it's working

Despite naming AI as a major productivity driver, business leaders aren't sure how it's helping. Only fourteen percent of UK CEOs have full real-time visibility over their AI costs.

Most can't measure AI's financial impact

One in three UK CEOs say they're unable to properly assess AI's return on investment, making it difficult to know whether its impacts are translating into financial value.

Legacy systems still block AI adoption

Legacy systems and organizational complexity remain major blockers to AI adoption four years after ChatGPT's public launch, cited by thirty-four percent and twenty-nine percent of UK CEOs respectively.

Skills shortages threaten AI progress

Three in four UK CEOs expect skills gaps to worsen over the next three years, more so than access to capital, meaning companies cannot simply buy their way out of difficulties.

Clear strategy needed to realize AI value

Matthew Ringelheim, UK and I AI and Data Leader at EY, said realizing value depends on rigorous analysis, clear strategic choices and disciplined execution to overcome persistent blockers.

“Realising value still depends on rigorous analysis, clear strategic choices and disciplined execution”