Study: adoption of AI in business will generate trillions of dollars

Accenture’s study on generative AI, which is based on analysis of more than 700 client projects, has an optimistic view. The study suggests that technology can bring professionals closer to their customers, streamline operations, identify new products and service opportunities.

The study also suggests that generative AI offers a triptych of opportunities:

• It can accelerate economic value
• Increase productivity that drives business growth
• While promoting more creative and meaningful work for professionals

14 points to remember

Here are some of the key findings from the Accenture report:

1. AI adoption scenarios show that more than $10.3 trillion in additional economic value can be generated by 2038 whether organizations adopt generative AI responsibly and at scale.
2. Respondents believe generative AI will ultimately increase their company’s market share, and 17% anticipate an increase in their market share of 10% or more.
3. 
   As many as 95% of professionals see value in working with generative AI – but their main concern is that they don’t trust organizations to ensure positive outcomes for everyone.
4. 
   Reinventors (9% of organizations) are twice as likely as other organizations to anticipate productivity gains of 20% or more over the next three years.
   And two in three people strongly agree that thanks to generative AI, work will become more fulfilling and meaningful. Accenture’s study reveals that of the 9% of organizations that have achieved the capacity for continuous reinvention, nearly half (47%) of these reinventors are already thinking bigger – they recognize that their processes will require significant changes to take full advantage of generative AI.
   Yet two-thirds of CxOs lack the right skills and capabilities needed to successfully reinvent their organization.
5. Although 94% of people say they are ready to learn new skills to work with generative AI, only 5% of organizations are reskilling their workforce at scale.
6. 
   Nearly all employees (95%) see the value of working with generative AIand 82% say they already have some understanding of the technology.
7. As many as 86% of CxOs already use generative AI to some extent in their work and almost all believe the technology will be transformative for their business and industry.
   All CxOs surveyed are planning changes to their staff (e.g., increasing or reducing headcount and implementing reskilling plans).
   Yet only one in three leaders believe they have the technology expertise or feel capable of telling a compelling transformation story to drive the change needed.
8. Trust is essential to the successful adoption and implementation of generative AI. People also need to believe that the organization will integrate technology in a way that protects and prepares professionals.
   Nearly a third (32%) of executives see talent shortages, due to skills gaps or lack of awareness, as a major barrier to using generative AI.
   Additionally, 36% believe professionals will not fully embrace technology due to a lack of technological understanding.
9. The trifecta of opportunities – economy, business, people – stands out, potentially creating an additional economic value of $10.3 trillion by 2038.
   Most CEOs believe generative AI will ultimately increase their company’s market share, with 17% predicting the technology will increase their market share by 10% or more.

   
   

10. Accenture research has shown that helping people become Net Better Off unlocks almost two-thirds (64%) of a person’s potential at work.
    
    
11. More than 65% of executives admit they lack the technology expertise required for AI-driven generative transformation.
    Accenture says permission to guide an organization through the generative AI journey must be earned, particularly given the lack of trust identified in the research.
    This learning framework starts with knowing the fundamentals of AI and digital adjacencies – cloud, data and security.
12. AI will reinvent work. Nearly half of reinventors – the 9% of organizations that are leaders in reinvention – recognize that processes across the value chain will require significant changes to realize the trifecta of opportunities offered by AI generative.
13. Workforce and skills will be reinvented by generative AI.
    Skills-driven organizations – with robust infrastructure and tools, as well as integrated data across the enterprise – are agile and have the predictive skills insights needed to reshape their workforce work, today and tomorrow.
    
14. Economic research suggests that investments in human capital, such as training, should be nine times greater than investments in technology.