A recent report regarding AI in the UK by a House of Lords urged the creation of a national policy framework intended to back commercial and strategic leadership by the nation in AI.
This call came amid some concerns by several respondents to the Lords’ consultation citing that the AI startups based in the UK are being bought at an early stage in their development.
The Royal Society echoed this fact in its response to the Lords’ consultation. While voicing its concerns regarding the early-stage acquisition of startups by foreign-owned companies, it added that such activities strength the sense that the investor expectations and UK environment encourage the sale of technology companies and technologies before they attain their full potential.
In response to the concerns, the Lords concluded that a whopping investment fund of £2.5 billion at the British Business Bank should be reserved for SMEs with an applicable AI component.
This action would make sure UK-based AI startups get the chance to scale up, without the need to seek off-shore investment
Sage, one of the witnesses to the report by the Lords, highlighted that with lack of a clear AI plan for social good, the massive potential advantages of AI would not be felt throughout the society.
The integrated payments provider emphasized the need for a clear framework citing the government’s active involvement in AI as well as the potential increment in the number of institutions that could be engaged in developing and shaping AI policy.
In spite of the call for the government to take charge of the framework’s direction, questions have come up whether the role ought to be handled by the industry, as it understands the technology more comprehensively.
Incorporating AI in Education
The subject of advancing digital skills has been discussed for a long time, especially with the continuous growth in the digital skills gap. In fact, more organizations have begun to realize the need for improved education on AI developments and skills.
The Autumn Budget by Hammond was dedicated to digital skills, urging development by setting aside £500m for STEM skills.
The report said that the UK required creating the foundations for AI adoption from an early stage in an attempt to make sure knowledge is both fostered and developed appropriately.
Furthermore, Sage’s vice president of AI said to CBR that AI’s key to success involves the embedding of AI skills into both working practices and education.
For AI’s successful delivery to the UK, industry professionals are convinced that partnership is the key to success. The technology cannot utilize and spearhead the desired outcomes without the input of human beings.
Melissa Di Donato, the CEO of SAP Cloud ERP said the House of Lords’ report serves as a reminder that AI has to work for everyone and uphold ethical standards.
He also added that only through this approach would the technology inspire employees, assist businesses in meeting the sophisticated needs of their clients and managing sensitive data.