UK executives see AI as key, but only 16% feel ready to lead

New research from Qualtrics indicates that while a large majority of UK executives believe artificial intelligence will alter their industry, most do not feel ready to lead on its adoption.

The report shows that 92% of business leaders in the United Kingdom recognise the transformative potential of AI within their sectors. However, only 16% feel adequately prepared to drive this change, which potentially places their organisations at a disadvantage in competitiveness and in meeting evolving customer expectations.

Without widespread confidence at the top levels, UK organisations are turning to internal structures for support. The findings reveal that more than one-third (36%) have formed dedicated AI committees while an additional 33% have appointed an executive specifically to oversee AI strategy. Many companies are also seeking external expertise, with 38% reporting increased investment with technology vendors to enhance AI capabilities.

The survey indicates a conservative approach among UK businesses, with widespread adoption of familiar technologies. 83% report using chatbots such as ChatGPT, while 81% make use of co-pilot solutions. Business leaders predict these tools will be integral in improving product quality, enhancing delivery, refocusing customer support, tailoring interactions, and scaling empathy in each customer engagement.

The report estimates that effectively implemented AI could result in up to GBP £675 billion in annual revenue and cost savings across UK industries by enhancing customer experience. This figure has the potential to rise to GBP £1.21 trillion in the long term. Reflecting this outlook, 58% of respondents expect AI to lead to increased revenue, 53% anticipate lower costs, and 48% believe that AI will improve overall efficiency in business operations.

Isabelle Zdatny, Head of Thought Leadership at Qualtrics XM Institute, commented on the findings: "AI presents a billion dollar opportunity to transform customer experiences. However, without decisive leadership and the right support in implementing AI, organisations risk being left behind. By understanding how AI can make connections more human, and then empowering teams with training and appointing AI stewards, businesses can turn this moment of rapid technological change into long-term competitive advantage."

Improving customer experience is a significant or critical priority for 66% of the UK executives surveyed. Key anticipated benefits from AI include improved customer support (cited by 46% of respondents), enhanced personalisation (39%), and a better understanding and empathy toward customers (36%).

Qualtrics' report is informed by global data collection. The executive study surveyed 1,501 business leaders at the vice president level and above from companies with 1,000 or more employees, including 300 respondents from the UK.

The estimates regarding the AI opportunity are based on previous research by McKinsey & Company on the impact of AI on value creation across industries.

Qualtrics thanked those organisations that contributed data and analysis to the findings.