All sectors commit to AI, from flight safety to 'rat recognition'

IN AN unpredictable and turbulent business world it is sometimes hard to accurately fathom possible future trends.

- Joanna Hodgson

But on one forecast we can be pretty certain: that artificial intelligence technology will play a bigger part in the strategic thinking of the bosses of Britain’s largest companies.

The Evening Standard asked all the businesses that make up the FTSE 100 index about AI plans this year and next. Of the 21 that responded — in sectors ranging from packaging to pharmaceuticals — all said they would be investing in it.

The findings came as research from boutique asset manager Sanlam Investments’ growth equities team for this paper found that 23 FTSE 100 constituents mentioned “artificial intelligence” in official company communications — filings, press releases or earnings call transcripts — between March 1 2023 and June 14. That was up from just six in the same period a year earlier.

Chris Ford, global AI fund manager at Sanlam Investments, says: “Everywhere we look we see greater and stronger corporate engagement with AI.”

He adds that the need to formulate a credible AI strategy is “becoming a pressing issue for company managements that have not already engaged with it or deployed it”.