Artificial intelligence could help boost productivity in the UK, says software boss Sage
The boss of one of Britain’s largest tech companies says embracing artificial intelligence (AI) could boost productivity in the UK.
Steve Hare, CEO of FTSE 100 accounting software group Sage, said leveraging the capabilities of new ‘generative’ AI, similar to ChatGPT’s, would give UK workers more time to focus on complex tasks.
“The way we see it, this [technology] allows people to focus on things they are good at and get rid of more repetitive and more administrative tasks,” he said.
He added that AI could be used as an “assistant or co-pilot” for accountants and business consultants.
Gamechanger: Wise boss Steve Hare said using the capabilities of new ‘generative’ AI, similar to ChatGPT’s, would give UK workers more time to focus on complex tasks
“I see it as an opportunity to drive more growth,” says Hare. “If you think about the UK, it’s been struggling with its productivity for years and I really see this as a big opportunity to boost output.
We should use AI to free people up and let them focus on the areas where they can add the most value.”
The comments came as Newcastle-based Sage released a strong set of half-year results prompting the company to revise its forecasts.
The group reported a profit of £227m for the six months to the end of March, up 14 per cent year-on-year, while revenues rose 12 per cent to £2.1bn.
Growth was fueled by the company’s cloud computing business, whose revenue rose 29 percent to £787 million.
As a result, Sage forecast full-year recurring revenues to grow 11 percent, up from previous forecasts of more than 9.4 percent. Shares rose 2.6 percent, or 21.8 pence, to 842.8 pence.