UK companies that adopt AI late or not at all could lose 20pc cash flow
British companies that fail to invest in artificial intelligence soon are at risk of losing 20pc of their cash flow, McKinsey has warned.
New figures claim that AI could boost the UK economy by 22pc in the next decade by making companies more productive, and fast-moving businesses could stand to grow in value by 120pc if they invest in AI tools.
A new report produced by the consultancy’s business and economics research arm McKinsey Global Institute has claimed the UK is “potentially more AI-ready compared with the global average”, but could miss out on the opportunity if investment does not occur.
“The United Kingdom has impressive pockets of innovation but is failing to scale to business more broadly,” the report stated.
Fashion Turns to Blockchain
Although once confined largely to agriculture, blockchain technology is now making major inroads into the luxury goods supply chain market.
Thus, Consensys recently announced a new platform with French multinational luxury goods conglomerate LMVH and the technology behemoth Microsoft to verify the authenticity of luxury goods.
Luxury brands trial blockchain
Although many products in the luxury goods market are renowned status symbols found in expensive city center stores the world over, the components of their products can originate in the most far-flung corners of the globe. The nature of globalized trade means that raw materials can be sourced in one continent, collected and assembled in another, and then shipped on to be sold in any of the world’s major cities.
Crypto scammers posing as legit UK businesses to scam YOUR money
Finance watchdog the Financial Conduct Authority (FCA) has issued a warning about crooks targeting people in the UK while claiming to be regulated financial companies soliciting cash for a non-existent investment. The crypto crooks say they are representatives of ICAP Crypto, a ‘clone firm’ of the legitimate, FCA-regulated ICAP – which has no association with ICAP Crypto.
Victims are given false details, mixed in with real data about the verified firms they are posing as, and asked to hand over cash. An FCA spokesperson said: “This firm (ICAP Crypto) is not authorised or registered by us but has been targeting people in the UK, claiming to be an authorised firm.