Summary –
- Accenture is making a groundbreaking move by integrating GenAI into various sectors, including banking, insurance, consumer goods, retail, software, and platforms.
- This move is expected to boost revenue by 10%, with clients witnessing a positive trajectory in revenue.
- Accenture’s $3 billion investment in AI is yielding promising results, with $450 million worth of GenAI deals inked in Q1 2024. The company emphasises learning and reskilling efforts to stay ahead in the GenAI era.
Introduction
In a groundbreaking move, Accenture is leveraging the power of Generative Artificial Intelligence (GenAI) to potentially boost revenues by 10% across pivotal industry sectors. Senthil Ramani, the Global Lead for Data and AI at Accenture, shared exclusive insights in an interview with ET, revealing that clients in sectors such as banking, insurance, consumer goods, retail, software, and platforms are witnessing a positive trajectory in revenue through integration with GenAI.
Ramani highlighted early indications from the insurance industry, suggesting a potential 10% increase in revenue by reimagining the entire underwriting workflow. Drawing from insights gained from 700 client projects, he emphasised that companies establishing a robust AI foundation and scaling it now stand better positioned to innovate, compete, and achieve unprecedented levels of performance.
Accenture’s significant investment of $3 billion in AI is yielding promising results, with $450 million worth of GenAI deals inked in the first quarter of FY24, marking a 50% increase from the previous six months. This surge in activity showcases GenAI’s role as a catalyst in driving business transformation.
GenAI’s Impact Across Industries
The impact of GenAI varies significantly across the 19 industries tracked by Accenture. While the consumer industry experiences heightened demand due to hyper-personalization, life sciences and software and platforms are also poised to benefit from GenAI’s transformative capabilities.
Ramani acknowledged the swift pace of technological advancement, especially in clinical and drug discovery processes. He expressed optimism, stating that even a six-month acceleration of AI and GenAI could have substantial revenue implications.
Normalising GenAI Economics
Accenture foresees the normalisation of GenAI economics, shifting from being engineer-centric to consumer-centric technology. Ramani highlighted that the shift is already underway, with GenAI evolving into consumer tech accessible via smartphones.
As part of its commitment to becoming an AI-first company, Accenture has doubled its global headcount in data and AI to 40,000. The company has trained a staggering 600,000 employees globally on AI fundamentals, with an additional 250,000 slated to receive training on the fundamentals of generative AI this year.
India plays a pivotal role in Accenture’s journey toward becoming an AI-first company, with over 20,000 employees actively contributing to the company’s endeavours in data and AI.
Emphasis on Learning and Reskilling
Ramani stressed the importance of learning in the GenAI era, revealing that less than 5% of organisations globally invest in reskilling and educating their workforce on GenAI. He urged organisations to prioritise reskilling efforts to ensure their workforce stays ahead in this rapidly evolving technological landscape.
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Conclusion
In conclusion, Accenture’s strategic integration of GenAI is poised to revolutionise various industries, with the potential for a substantial uptick in revenue. As the company continues to invest in AI and expand its expertise globally, the trajectory of GenAI’s impact remains a pivotal force in shaping the future of technology and business.
