AI adoption and innovation will add trillions of dollars in economic value
There's significant debate about the potential of generative artificial intelligence (AI) -- and those discussions include contributions from the technology itself, according to an Accenture report on the reinvention of work, workforce, and workers in the age of generative AI.
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"Generative AI has the potential to significantly change the nature of work across various industries and fields. The impact of generative AI on work will depend on how it is implemented, regulated, and integrated into various industries and organizations," says a response generated by ChatGPT included in the latest Accenture report. The answer was a response to the following question: 'How will generative AI change work?'
The report looks at the changing nature of work.
The Accenture research on generative AI, which is based on an analysis of over 700 client projects, has an optimistic point of view. The research suggests the emerging technology can bring workers closer to their customers, streamline operations, identify new products and service opportunities, and positively impact the bottom line.
The research also suggests generative AI offers a trifecta of opportunities: it can accelerate economic value, and increase productivity that drives business growth, while also fostering more creative and meaningful work for people.
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Here are some of the key findings from Accenture's report:
- AI adoption and innovation scenarios show that more than $10.3 trillion in additional economic value can be unlocked by 2038 if organizations adopt generative AI responsibly and at scale.
- Respondents believe generative AI will ultimately increase their company's market share, and 17% anticipate an increase in market share by 10% or more.
- As much as 95% of workers see value in working with generative AI -- but their top concern is that they don't trust organizations to ensure positive outcomes for everyone.
- Reinventors (representing 9% of organizations) are two times more likely than other organizations to anticipate productivity gains of 20% or more in the next three years. And two out of three strongly agree that, with generative AI, work will become more fulfilling and meaningful. Accenture's research reveals that of the 9% of organizations that have achieved the capability for continuous reinvention, nearly half (47%) of these reinventors are already thinking bigger -- they recognize their processes will require significant change to fully leverage generative AI. Yet, two-thirds of CxOs do not have the right skills and capabilities needed to successfully reinvent their organizations.
- Despite 94% of people saying they are ready to learn new skills to work with generative AI, only 5% of organizations are actively reskilling their workforce at scale.
- Almost all (95%) of employees see value in working with generative AI, and 82% say they already have some understanding of the technology.
- As many as 86% of CxOs are already using generative AI to some degree in their work and nearly all believe the technology will be transformative for their company and industry. All CxOs surveyed anticipate changes to their workforce (for example, growing or reducing headcount and implementing plans to reskill). Yet only one in three leaders believe they have the technology expertise or feel they can tell a compelling transformation narrative to lead the change that's needed.
- Trust is key to the adoption and successful implementations of generative AI. People also need to trust that the organization will integrate the technology in ways that protect and prepare workers. Almost a third (32%) of leaders see talent scarcity, due to skill gaps or unawareness, as a major barrier in utilizing generative AI. Additionally, 36% believe workers will not fully embrace the technology due to a lack of technological understanding.
- The trifecta of opportunities -- economy, business, people -- stands out, potentially creating an additional $10.3 trillion in economic value by 2038. Most CxOs believe generative AI will ultimately increase their company's market share, with 17% predicting the technnology will increase their market share by 10% or more.
- Accenture's research has shown that helping people to become "Net Better Off" unlocks nearly two-thirds (64%) of a person's potential at work.
- Over 65% of executives admit they lack the technological expertise required for generative AI-led transformation. Accenture reports that the license to guide an organization through the generative AI journey must be earned, especially given the trust gap identified in the research. This framework of learning starts with knowing the fundamentals of AI and digital adjacencies -- cloud, data, and security.
- Work will be reinvented with AI. 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 from generative AI.
- Workforce and skills will be reinvented by generative AI. Organizations that are skills-driven -- with robust skills infrastructure and tools, as well as integrated data across the enterprise -- are agile and armed with the predictive insights on skills needed to reshape their workforce, today and tomorrow.
- Economic research suggests that relevant human capital investments, like training, should exceed technology investments by as much as nine-fold.
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Accenture's research concludes with this friendly reminder to business leaders: "As leaders, we are lucky if we have one opportunity in our careers to identify a genuine catalyst for monumental change. Generative AI is that opportunity."
I encourage you all to review the Technology Vision Report 2024 that highlights key AI trends for the next decade. To learn more about how generative AI will impact work, the workforce, and workers, you can visit here.