Increasing artificial intelligence (AI) and human-machine collaboration investment to the same levels of the world’s top performing companies could boost global business revenues by 38%.
That is according to a new report by Accenture, which also shows that employment levels could be raised by 10% during that time, lifting collective profits by $4.8trn (£3.4trn) worldwide.
However, despite more than half of business leaders saying that human-machine collaboration is important to them, it was found that only 3% plan to significantly increase investment in reskilling their workers over 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,” Accenture Strategy group chief executive, Mark Knickrehm, said.
“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.”
How greater AI investment could impact global revenue and employment growth between now and 2022 across various different sectors is shown below:
A survey of 1,200 senior executives by Accenture found that 72% think that intelligent technology will be critical to their organisation’s market differentiation over the next three years.
It was also found that 61% believe the share of roles requiring collaboration with AI will rise, while 69% of some 14,000 workers surveyed said it is important to develop skills to work with intelligent machines.
In addition, nearly half of business leaders agree that job descriptions are already obsolete, with 29% saying they have redesigned roles extensively.
The report argues that firms should reinvest the savings derived from automation into the future workforce, highlighting how pioneers are using human-machine collaboration to drive growth through new customer experiences.
“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,” Accenture human resources officer, Ellyn Shook, said.
“Workers are impatient to collaborate with AI, giving leaders the opportunity to demonstrate true applied intelligence within their organisation.”
Upgrading technology is the number one priority for insurers around the world, according to survey of senior executives by software provider AdvantageGo.
21 May 2018
The insurance industry is increasingly struggling to find the right staff, with just one-quarter of workers in the sector prepared to use artificial intelligence (AI) systems.
16 May 2018
Financial services companies are the most likely to be targeted for privacy requests following the introduction General Data Protection Regulation (GDPR) next month.
03 May 2018
Why InsurTech? A Pressured Insurance Value Chain
By Andrew Sagon, Andrew Johnston and Matthew Wong
InsurTech is a burgeoning phenomenon that is modernising the insurance industry. It is disrupting the traditional value chain whereby insurers offer loss protection, and shifting the emphasis to risk mitigation. Incumbents face disintermediation as investors in search of higher yields pour money into insurance-linked instruments in the capital markets. And entrepreneurial businesses are targeting friction costs and inefficiencies within every aspect of the traditional value chain.
Nimbleness and agility will unlock potential
By Elinor Friedman, Andrew Harley and Klayton Southwood
Recent Willis Towers Watson surveys in the U.S. have shown that P&C and life insurers in developed markets are taking seriously the potential of big data and predictive analytics to improve their businesses. Nimbleness and agility, rather than brute force, are likely to be key to realizing that potential.
Driven by technology, toolkits and talent
By Claudine Modlin and Graham Wright
Advanced analytics is helping some insurers offer innovative products and solutions. What do insurers need to know about the changing nature of analytics and whether it is worth the investment? Claudine Modlin and Graham Wright discuss technology, toolkits and talent — topics that may help you decide.
Risk transfer is part of a comprehensive solution
By Adeola Adele, Patrick Kulesa, Kevin Madigan and Alice Underwood
Given the dynamic nature of cyber-risk, taking a multidimensional approach that integrates board governance, technology solutions, behavioral change and risk transfer solutions can help reduce risk to a manageable level.