> Benefits
Benefits to UK industry
ML as a concept has been around since 1949, and architectures such as Artificial Neural Networks (ANNs) have been around since the 1980’s/1990’s.
However, it is the computing power of today that enables both the collection of large quantities of data needed for ML algorithms and the ability to train them in acceptable timeframes. Consequently, there has been an exponential rise in ML capabilities and therefore implementations. ML can enable insights on data that would have not been apparent or been previously thought of by an experienced workforce and/or management.
Standard ML projects can have a return on investment between two to five times the investment in the first year of implementation, and 45% of ML adopters say the technology has led to more extensive data analysis and insights [1].
The UK’s Made Smarter Review stated that in the next decade Artificial Intelligence, which includes augmented intelligence, cognitive computing, and ML, could result in £198.7bn in value to industry, of which £10.7bn of cost savings would be passed on to the consumer, and there would be a 19% increase in job satisfaction due to higher-value activities. ML applications in industry are often applied to, and encourage the use of, automation and robotics. Automation and robotic technologies have been stated to add a value of £183.6bn to the industry, with £15.4bn of cost savings passed on to consumers, and there would be a 13% increase in job satisfaction due to higher-value activities [2].
[1] Deloitte, “Business impacts of machine learning,” 2017. Accessed: Jun. 09, 2022. [Online]. Available: www2.deloitte.com/content/dam/Deloitte/tr/Documents/process-and-operations/TG_Google%20Machine%20Learning%20report_Digital%20Final.pdf
[2] PwC, “An introduction to implementing AI in manufacturing,” The Global Manufacturing and Industrialisation Summit, 2020. www.pwc.com/gx/en/industrial-manufacturing/pdf/intro-implementing-ai-manufacturing.pdf (accessed Jun. 08, 2022).