UK Firms Risk Millions on Chatgpt-style AI Without Clear Strategy | AI News Digest
A recent study conducted by MIT has highlighted that businesses in the UK might be wasting considerable amounts of money on AI technologies, including ChatGPT and Microsoft Copilot. While more than 90% of employees are using personal AI tools, only 40% of companies have secured formal subscriptions to large language models (LLMs). Despite pouring between $30 to $40 billion into generative AI, only 5% of organizations report seeing significant returns on their investments. This trend suggests a widening "GenAI divide," where numerous companies are adopting AI solutions without a clear strategy, resulting in inefficient resource utilization. Experts, including David Wong from Thomson Reuters, caution that depending on consumer-grade AI for essential business functions may lead to subpar outcomes, particularly in industries that demand high levels of trust and compliance.
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