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Accenture reveals business value of AI

Jun 23
 
Tags: Accenture
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Accenture reveals business value of AI

With so much debate and speculation ongoing around the potential business impact of artificial intelligence (AI), Accenture has released a report predicting just how much commercial value this phenomenon could have over the coming decades.
 
The firm's research suggested that AI could boost profitability by an average of 38 per cent across 16 industries by 2035.
 
As far as its economic worth is concerned, AI could deliver US$14 trillion (£11 trillion) to 12 economies in terms of gross value added (GVA) - a close approximation of GDP that reflects the value of goods and services produced.
 
In collaboration with Frontier Economics, Accenture compared anticipated economic growth across 16 industries in 2035 using baseline assumptions against a potential scenario with AI integrated into various economic processes.
 
The findings suggested that AI has the potential to boost growth by a weighted average of 1.7 percentage points.
 
As far as specific industries are concerned, information and communication (4.8 per cent), manufacturing (4.4 per cent) and financial services (4.3 per cent) were found to have the highest potential for AI-enabled GVA growth by 2035. That equates to an additional US$6 trillion in GVA for those three sectors alone.
 
The report provided insights into how AI can support new ways of working in various industries, including those that are more labour-intensive, such as wholesale, retail, education and social services. In these types of sectors, AI can complement the human workforce and allow people to be more productive.
 
In capital-intensive sectors such as manufacturing, businesses will have more opportunities to use AI to drive efficiency by removing faulty machines and idle equipment.
 
Paul Daugherty, chief technology and innovation officer at Accenture, said AI will "revolutionise how businesses compete and grow", providing the foundation for "an entirely new factor of production that can ignite corporate profitability".
 
He added: "To realise this significant opportunity, it's critical that businesses act now to develop strategies around AI that put people at the centre, and commit to develop responsible AI systems that are aligned to moral and ethical values that will drive positive outcomes and empower people to do what they do best - imagine, create and innovate."
 
The report outlined eight specific strategies companies can use to successfully and responsibly deploy AI, one of which is for executives and business leaders to recognise the significance of this concept and to come up with a roadmap for its implementation.
 
Accenture also called for HR to be reimagined as 'HAIR' (human AI resources), with the role of the chief HR officer evolving to cover issues of human-machine interaction.
 
As far as organisational culture is concerned, many businesses will need to take action to minimise the risks and maximise the opportunities of a hybrid workforce, placing an emphasis on trust, openness and transparency.
 
There will also be opportunities for AI to be combined with other tech innovations - such as crowd-sourced data in the cloud - to open up new prospects for business development and growth.

 

Image: iStock/NicoElNino

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