UK leads in AI with major revenue boost from data systems

The UK is taking significant steps to position itself as a leader in artificial intelligence (AI) through initiatives like the AI Opportunities Action Plan, supported by insights from new research by Iron Mountain and FT Longitude.

The study involving 70 large UK organisations has shown that 81% reported enhanced revenue growth over the past year due to their information management systems and strategies, with an average increase of GBP £1 billion in revenue per organisation. It highlights a collective movement towards improving data literacy among employees and addressing issues with unstructured data, a strategy that the research found UK organisations to be pursuing more vigorously than the global average.

The UK is at the forefront globally in adopting AI nutrition labels, with 76% of organisations using these to ensure greater transparency and enhanced data quality, surpassing the global usage rate of 73%. However, despite this success, some UK organisations face financial setbacks due to data integrity flaws, averaging losses of GBP £339,000 per organisation over the last 12 months.

Narasimha Goli, Chief Technology Officer at Iron Mountain, remarked on the importance of data integrity in the current AI landscape, stating, "With the rise of open-source and specialised AI models, data integrity, transparency and trust are more critical than ever. At Iron Mountain, we are investing in solutions such as our Iron Mountain InSight Digital Experience Platform (DXP) to help our customers get their information ready for use in generative AI and other AI-powered applications. This enables organisations to illuminate dark, unstructured data by automating the processes for extracting and organising metadata at speed and scale, and with a high degree of accuracy."

The report notes that though UK organisations are leading in several areas, the tangible benefits from AI readiness strategies are perceived to be lagging behind the global average, with 70% of UK organisations witnessing advantages compared to 77% globally.

Mithu Bhargava, Executive Vice President and General Manager, Digital Solutions at Iron Mountain, emphasized, "Smart information management is key to capitalising on the growing AI opportunity, and Iron Mountain's research shows that a commitment to responsibly sourcing the data for AI models is a hallmark of leading organisations. With AI fast becoming a necessity, this data quality-first mindset is now essential for every organisation."

The global perspective from the survey conducted with executive leaders from 500 large organisations worldwide, including the UK, underscores the importance of responsible data management. It revealed that nine out of ten organisations globally saw revenue and profitability growth due to investments in their information management systems over the past year, amounting to a USD $72 trillion global increase, or an average of USD $1.9 billion per organisation.

The research identifies critical areas impacting AI readiness, such as data integrity, where organisations are losing an average of USD $389,000 globally due to flaws, which amounts to an overall loss of USD $14 billion.

While many organisations acknowledge the strategic importance of AI-ready data, significant portions are still battling issues with capability gaps and data integration challenges. According to the survey, a considerable proportion expressed concerns about data integrity and the speed at which data sources can be integrated for real-time analytics necessary for timely decision-making.

The findings serve as a benchmark for companies aiming to establish robust AI-ready infrastructures, highlighting the necessity for improved data management practices globally, and providing insights into the strides made by UK organisations in this sphere.