Generative AI adoption is changing the ways organisations are doing business and making business models more profitable, a new survey report found.
C-suite leaders say generative AI is improving customer relations and cutting costs for their companies, according to Accenture’s Pulse of Change, a quarterly report on C-suite perspectives.
Accenture Research conducted a survey of 2,800 executives across 18 countries in May.
Technology is driving greater optimism in the C-suite. Ninety-one per cent of leaders expect to see revenue growth, up from 85% in March, the report said, with 44% of executives expecting “strong growth” for 2024.
They also expect technology to have a significant impact on their industries. In particular, the internet of things, edge computing, and 5G networks (30%); AI, machine learning, and big data (20%); and blockchain and cybersecurity (15%) are expected to affect business over the next year.
Tech-driven models are informing business strategy
Generative AI adoption has influenced business models, with nearly all leaders saying it has affected how they retain and acquire customers.
“More than half (54%) claim Gen AI has impacted their customer strategy by automating customer service tasks using chatbots that provide personalised interactions in real time,” the report said. “In fact, nearly 45% believe — to the fullest extent — that their investments in tech are improving customer relationships.”
Investing in technology is also improving customer experience, according to the report: 51% surveyed say generative AI is helping them measure customer satisfaction and gather feedback.
These benefits mean C-suite leaders are starting to see returns on generative AI investments, and 49% said that those investments are “outperforming” other investments.
Generative AI is also viewed as beneficial to revenue growth, though the percentage of leaders reporting this benefit has dropped to 65% from 76% in the past six months.
However, more C-suite leaders note that generative AI investment is saving their companies money, with 35% saying it is helping them cut costs, up from 24% six months ago.
Gen AI is filling talent gaps
Companies are adjusting business models to become more tech-focused to alleviate talent gaps, the report said. Half of leaders say problems with employee retention and skills shortages are driving tech investments.
But leaders are at risk of jumping the gun, the report noted, as only 41% believe their board of directors has the level of proficiency needed to make tech-related decisions that affect their company’s future.
Consequently, almost 90% say their organisations need significant adjustments, the report said, or a total transformation (25%) of their reskilling strategy, given the emergence of generative AI.
They are also concerned about keeping up with advancements in tech, adapting to shifting customer expectations, and the increased risk from cyberattacks and data breaches when implementing AI technology across functions.
“Only 43% completely consider Gen AI a core technology that can enhance their organisation’s security defence capabilities,” the report said. “[One in four] believe a total transformation is needed.”
— To comment on this article or to suggest an idea for another article, contact Steph Brown at Stephanie.Brown@aicpa-cima.com.
