Investment in Artificial Intelligence to Boost Revenues by 38%: Accenture Report

If businesses invest in Artificial Intelligence (AI) and human-machine collaboration, they could boost revenues by 38 percent by 2022 and raise employment levels by 10 percent, says an Accenture report.

The Accenture Strategy report, Reworking the Revolution: Are you ready to compete as intelligent technology meets human ingenuity to create the future workforce?, said that this investment would lift profits by US$4.8 trillion globally over the same period.

For the average S&P500 company, this equates to US$7.5 billion of revenues and a US$880 million lift to CEOs Must Pivot their Workforces to Seize AI-driven Growth and Help Them Work with Intelligent Technologies, the report Finds

Seventy-two percent of the 1,200 senior executives surveyed said that intelligent technology will be critical to their organization’s market differentiation and 61 percent think the share of roles requiring collaboration with AI will rise in the next three years. More than two thirds (69 percent) of the 14,000 workers surveyed said that it is important to develop skills to work with intelligent machines.

“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.”

“Business leaders must take immediate steps to pivot their workforce to enter an entirely new world where human ingenuity meets intelligent technology to unlock new forms of growth,” said Ellyn Shook, Chief Leadership and Human Resources Officer, Accenture. “Workers are impatient to collaborate with AI, giving leaders the opportunity to demonstrate true Applied Intelligence within their organization.”