World – AI can boost employment and revenue, finds Accenture

If businesses invest in Artificial Intelligence (AI) and human-machine collaboration at the same rate as ‘top-notch’ companies, they could boost revenues by 38% by 2022 and raise employment levels by 10%, according to a report from Accenture.

The data, published during the World Economic Forum, showed that collectively, this investment means profits could be lifted by $4.8 trillion globally over the same period.

“For the average S&P500 company, this equates to USD 7.5 billion of revenues and a USD 880 million lift to profitability,” the report noted.

72% of the 1,200 senior executives surveyed said intelligent technology will be critical to their organization’s market differentiation and 61% noted that the share of roles requiring collaboration with AI will rise in the next three years.

“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,” Mark Knickrehm, Group Chief Executive, Accenture Strategy, said.

More than two thirds, or 69%, of the 14,000 workers surveyed said it is important to develop skills to work with intelligent machines.

While 54% of business leaders say that human-machine collaboration is important to their strategic priorities, 3% noted that their organisation plans to significantly increase its investment in reskilling their workers in the next three years.

Meanwhile, 63% of senior executives think that their company will create net job gains in the next three years through AI and 62% of workers believe AI will have a positive impact on their work.

Source: World – AI can boost employment and revenue, finds Accenture