Leading global professional services company, Accenture, has warned Chief Executive
Officers (CEOs) who neglect to deploy intelligent technologies, saying they and
their businesses risk missing major growth
opportunities, reports ITRealms.
According to new research by Accenture released
at the ongoing World Economic Forum (WEF) in Davos made available to ITRealms, stressing there is stronger commitment that Artificial Intelligence (AI) could boost
revenues by 38 per cent, and employment by 10 per cent by 2022.
The Accenture Strategy report, Reworking the Revolution: Are you ready to compete as intelligent
technology meets human ingenuity to create the future workforce?, estimated that if businesses invest in Artificial Intelligence (AI) and
human-machine collaboration at the same rate as top performing companies, they
could boost revenues by 38 percent by 2022 and raise employment levels by 10
percent.
ITRealms reports that collectively, this would
lift profits by US$4.8 trillion globally over the same period, adding that for
the average 'Standard & Poor's 500 Index (S&P 500 company), this
equates to US$7.5 billion of revenues and a US$880 million lift to
profitability.
In addition, the Accenture Strategy report, revealed that both leaders and workers are optimistic
about the potential of AI on business results and on work experiences,
according to the study.
Equally, the report showed that 72 per cent of the 1,200 senior
executives surveyed said that intelligent technology will be critical to their
organization’s market differentiation and 61 per cent think the share of roles
requiring collaboration with AI will rise in the next three years.
While over two thirds, that is 69 per cent of the 14,000 workers
surveyed said that it is important to develop skills to work with intelligent
machines.
Accenture noted that yet a disconnect between workers’ embrace of AI and
their employers’ efforts to prepare workers puts potential growth at
risk. While a majority, that is 54 per cent of business leaders say that
human-machine collaboration is important to their strategic priorities, only
three per cent say their organization plans to significantly increase its
investment in reskilling their workers in the next three years.
“To achieve higher rates of growth in the age of AI, companies need to
invest more in equipping their people to work with machines in new ways,”
said Mark Knickrehm, group chief executive, Accenture Strategy. “Increasingly, businesses will be judged on their commitment to what
we call Applied Intelligence - the ability to rapidly implement intelligent
technology and human ingenuity across all parts of their core business to
secure this growth.”
The research, ITRealms
reports, further suggests that there is a strong foundation on which to boost
AI skills investment. Sixty-three percent of senior executives think that their
company will create net job gains in the next three years through AI.
Meanwhile, the majority of workers (62 percent) believe AI will have a positive
impact on their work.
The report shows how pioneers are using human-machine collaboration not
just to improve efficiencies, but to drive growth through new customer
experiences. An online clothing retailer’s AI helps its stylists learn more
about customers’ preferences so that they can offer a unique and highly
personalized service. And a sports shoe brand set a new bar in customization
and speed-to-market by aligning highly skilled tailors and process engineers with
intelligent robots to design and manufacture in local markets.
“Workers are impatient to collaborate with AI, giving leaders the opportunity to demonstrate true Applied Intelligence within their organization.”
Chuks Egbune/GEE
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