Maybe not friend or philosopher, but generative AI can be an advisor & creative partner says Accenture

• As much as 40% of all working hours will be supported or augmented by language-based AI, says an Accenture report.
  
• Almost all executives (98%) believe that generative AI will foster considerable creativity and innovation.
  
• 90% of executives believe that data is becoming a critical competitive differentiator both within organizations and across industries.

Ever since ChatGPT was launched in November 2022, generative AI has been a buzz phrase in living rooms and corporate boardrooms alike. A new research by Accenture indicates that the combination of generative AI and other rapidly evolving technologies is driving a transformative future for businesses — as the boundaries between the physical and digital worlds blur.

Generative AI refers to a category of AI algorithms that generate new output based on the data they have been trained on.

The Accenture Technology Vision 2023 report titled ‘When Atoms Meet Bits: The Foundations of Our New Reality’ investigates the technological developments supporting the merging of the physical and digital worlds.

40% of all working hours to be AI supported

The meteoric rise of ChatGPT has captivated the world’s attention on the power of generative AI to augment human capability. Accenture estimates as much as 40% of all working hours will be supported or augmented by language-based AI.

Among business leaders, 98% of respondents agree AI foundation models will play an important role in their organization’s strategies over the next three to five years.

Says Mahesh Zurale, senior managing director, lead, Advanced Technology Centers in India, Accenture, “We’ve arrived at an exciting frontier of technology innovation for businesses, one where we’re not just digitizing but starting to put the digital foundation to work. The next wave of business transformation will shift from creating isolated digital capabilities to creating a new reality that seamlessly converges the physical lives we’ve been leading with digital.”

The report also says that to fully unlock the opportunity of the new reality, companies need to develop an innovation strategy on three pillars – information, physical systems, and science tech (ST). They will also have to invest in skilling across areas like quantum computing, AI, extended reality, creative thinking, and critical reasoning capabilities.

The report identifies four trends that are key to unlocking this new shared reality:

Generative AI: It has the potential to enhance human capabilities by serving as a co-pilot, creative partner, or advisor. Almost all executives (98%) believe that generative AI will foster considerable creativity and innovation, and 95% think it will usher in a new era of enterprise intelligence.

Digital identity: The ability to authenticate digital users and assets is now viewed by 85% of executives as a crucial business imperative rather than merely a technical problem. Digital identity serves as the foundation for navigating the digital and physical worlds.

Data is the new oil: Companies must address their data-related challenges before AI can reach its full potential. This involves breaking down data silos and modernizing data foundations. A staggering 90% of executives believe that data is becoming a critical competitive differentiator both within organizations and across industries.

A meeting of science and technology: The feedback loop between science and technology is becoming increasingly efficient, with each field accelerating the progress of the other. Three-quarters of respondents believe that this feedback loop could begin to unlock the world's grand challenges.

AI will not only offer new opportunities to build products and services and create new ways of working, but is also the force behind a new era of scientific research.

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