A new report from Workday uncovers large businesses in the UK could save 7.9 billion employee hours per year through the use of ArtificiaI Intelligence (AI). Find out how you can embrace the future of work and consign productivity problems to the past.
This article was first published on the Tech UK website here.
The UK's productivity has been stagnant for over a decade, with current levels significantly lagging behind pre-2008 trends. This stagnation has far-reaching implications, impacting the economy and individual businesses alike. While macroeconomic factors like Brexit and the COVID-19 pandemic have undoubtedly played a role, there’s no hiding the fact that the UK has a productivity problem.
Artificial Intelligence (AI), however, could be about to change everything. Everyone is, by now, aware of the transformative potential of AI after years of unrelenting hype. However, research recently published by Workday found that AI could unlock a staggering £119 billion worth of productive work each year across UK large enterprises. For a single large business with 10,000+ employees this equates to an average of £110 million annually.
Data from Workday’s research reveals a striking contrast between current productivity levels and the potential gains from AI. Imagine business leaders reclaiming 140 working days a year, or employees having an extra 92 days to focus on what truly matters - that is the transformative power of AI. It can not only change how work gets done but also empower individuals to completely reimagine their roles.
We all know that with great power comes great responsibility. AI can revolutionise the way we work, but it requires a strategic approach. Our research identified three key elements for a successful AI strategy:
Rally the troops: Get everyone on board with the productivity mission. Show them the benefits, the possibilities, and build excitement about what AI can bring to your organisation.
Open the curtains: Be transparent about how and where AI will be used. No one likes surprises, especially when it comes to their jobs.
Gear up: Invest in your people giving them the skills and technology that will power the AI revolution.
The biggest barrier to productivity, according to the study, is employee disengagement. Let's be honest, no one's at their best when they're bored out of their minds. Unengaged employees are like a productivity black hole, sucking the energy out of any workplace.
AI can play a crucial role here by automating mundane and repetitive tasks, freeing employees to focus on more meaningful and fulfilling work. Indeed, 67% of employees expect artificial intelligence to expand the scope of tasks they can undertake, while 54% expect it to improve their career and development opportunities. This shift can lead to increased motivation, engagement, and ultimately, productivity.
Despite the potential benefits, concerns about AI persist. According to Workday’s research, 93% of both employees and leaders express trust-related concerns when it comes to AI. Addressing these concerns is essential for successful AI adoption. Transparency, clear communication, and responsible AI practices can help to build trust and ensure that AI is used ethically and effectively.
With AI, the UK's productivity woes can become a thing of the past if we are willing to embrace the change, openly address people’s concerns, and step into a future where work is more engaging, more fulfilling, and more productive than ever before.
This requires a thoughtful approach. At Workday, we know AI can change the workplace for the better, and we're committed to doing it responsibly, by prioritising fairness and the unlocking of human potential. Excited? You should be. The future of work awaits!
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