New Accenture research shows investment in AI will increase revenue, boost employment, and change the face of the financial services future workforce.
What if humans and machines could work together? What if one didn’t have to give way for the other to be successful? What greater potential for growth would such collaboration hold?
Today Accenture launched new, groundbreaking research at the World Economic Forum in Davos. In the report, entitled “Reworking the Revolution”, Accenture invites businesses to imagine a world where intelligent technology and human ingenuity combine to form the future workforce.
This game-changing research follows on from the 2017 report, “Harnessing the Revolution”. Readers might remember the series of posts I wrote about the importance of reskilling the workforce in a timely manner to avoid job losses through workplace automation.
Destruction of work? No, creation of value
In this new report, the focus has been shifted from the destruction of work to creation of value. The research finds that although many businesses have committed to artificial intelligence (AI), few have successfully used it to drive growth. Most companies use AI to automate processes, for example call-center bots, algorithms calculating insurance risk, etc., but employers have shown reluctance to go beyond that. Considering that 67 percent of employees say it’s important to develop skills to work with intelligent machines, the time is now for businesses to change their approach to AI.
Unleash the value of collaboration
Companies can unleash the value of collaboration between humans and machines. Our research shows that greater investment in AI and human-machine collaboration could increase revenues by 38 percent by 2022. Furthermore, it could boost employment by 10 percent—creating 5,000 jobs for S&P500 companies.
That’s right! Counter to the oft-accepted narrative that automation reduces employment; investment in human-machine collaboration will create more jobs. How, you ask? That is something I will discuss in more detail in an upcoming blog series further exploring the research.
Download the Reworking the Revolution report to learn more.