Last night, leaders in the technology industry assembled in Parliament to deliberate on the complications and promises tied to the expanded application of Artificial Intelligence (AI) in UK businesses. The Parliament Street think tank's Artificial Intelligence Summit, organised by Dean Russell MP for Watford and facilitated by Steven George-Hilley of Centropy PR, was attended by 70 industry experts who examined how AI can be both controlled and utilised to bolster the economy.

Scott Lewis, SVP at Ataccama, shared his thoughts on the transformative potential of AI, saying, "AI is already helping organisations to overcome challenges in business-critical areas such as data quality, governance and strategy, and operational excellence." He sees Generative AI, relatively recent technology, as a tool that can propel automation within businesses, transforming how they handle customer data, while still complying with stringent regulatory standards and privacy rules.

Bob Booth, Head of Strategy Enablement at Basware, underscored the importance of AI, bringing attention to its ability to simplify complicated, administration-heavy tasks and fast-track digital transformations. Booth further emphasised, "For those organisations that get AI right, the impact that this technology will have on critical functions like sales and finance will be seismic, reducing overheads and allowing talent to thrive in a new world of work."

Hasan Sukkar, founder and CEO of 11x.ai, was similarly optimistic. He encouraged an embrace of technology and an 'AI enabled future.' He believes that the proliferation of AI technology offers substantial opportunities to stimulate the UK's economy and amplify national productivity at an unprecedented rate.

Representing an alternative perspective, Nikola Lazarov, CEO and Cofounder at Eilla AI, suggested we are living "in the age of Humanity grasping AI’s full potential" rather than "the age of AI." He expressed that, akin to past technological breakthroughs like electricity and mobile phones, there are risks associated with AI, but it is central to our evolution as a species.

Niamh Kingsley, Director and Head of Artificial Intelligence at Delta Capita, described AI as "a game-changing technology" with profound implications for businesses and society as a whole. Within the finance industry, she pointed out a noticeable shift towards embracing these innovative technologies, leading to improved operational methods and customer experiences.

Dr. Robin Tuluie, Founder & co-CEO of PhysicsX, drew attention to AI's potential for the global good, particularly if applied to the right engineering challenges such as mitigating climate challenges, reducing material consumption, and enhancing human health.

This broad range of perspectives expressed at the Parliamentary AI Summit highlight both the opportunities and challenges associated with increased AI deployment across a variety of industries in the UK.