Artificial Intelligence (AI) and Data

Continued improvements in machine learning combined with the growing availability of data sets is pushing the development of AI further than we imagined.

Expected to add £654bn the UK’s economy by 2035, according to research by Accenture, there are currently more than 1,000 AI start-up and SMEs across the country – with the new generation of internationally successful AI scale-ups growing.

Building off the success of AI scale-ups, The South East since 2015-2019 have invested £281million into AI, according to Tech Nation’s report (2020).

According to the Tech Nation, ‘UK Tech on a Global Scale‘ Report (2019), the total amount of capital raised by UK AI companies reached a record level of $1.3 billion during the previous year, with UK based AI start-ups raising almost double that of France and Germany combined.

Tech Nations recent ‘UK Tech for a Changing World‘ Report (2020) showed the UK AI raised £2,42bn in 2019 for AI investment highlighting the future growth opportunities in this sector.

AI and the Industrial Strategy

Ambitious plans to put the UK at the forefront of the AI and Data Revolution are set-out in the Government’s modern Industrial Strategy; as one of its 4 Grand Challenges. Industries in their own right, they are also transforming business models across sectors (for example in Life Sciences).

Further plans are detailed in the Government’s AI Sector Deal, an agreement with industry to boost the UK’s global position as a leader in developing such technologies.

Highlighting the fundamental scientific research underpinning these world-changing applications – research carried out by mathematicians, statisticians, computer scientists and information engineers – the publication also includes the views of key voices in ethical, social and legal debates.

The Bayer Life Hub UK

The LifeHub UK is an artificial intelligence focused innovation space by Bayer that aims to brings the UK scientific community together to network, learn and collaborate.

Located in Bayer’s UK Headquarters in Green Park (Reading), the LifeHub UK is the latest addition to its global network of innovation hotspots. To read more about LifeHub UK, click HERE.

Bayer is working with Sensyne Health plc, an Oxford based company, within the LifeHub expanding on their collaboration to develop new treatments using artificial intelligence (AI) technology. As part of working on developing the AI radiology sector, Sensyne Health and Bayer are analysing NHS patient records and imaging data to develop digital solutions through AI. This will allow radiologists to enhance the quality of patients diagnosis and the efficiency of patients receiving the correct treatment.

Microsoft urges UK Businesses to step up AI use

If UK businesses want to be competing in the global arena, then they must be doing more to harness the power that AI can bring. A Microsoft survey found that those organisations who were already using AI widely in their operations are more productive, see higher profits and produce better business outcomes. There is a significant worry that the gap between those companies effectively using AI and those that are still testing or not using it at all is widening. AI presents more opportunities for businesses to think about innovation, it allows them to drive their business models, better their customer service provisions and boost production. But the Microsoft report found that organisations were failing to re-skill their employees in order to make the most of technology, with only 19% of business leaders having completed training to improve their understanding of AI.