In a rapidly evolving technological landscape, it’s clear that not all businesses are on the same page when it comes to harnessing the power of artificial intelligence (AI) and other transformative technologies. A recent survey conducted by Accenture has shed light on a significant disparity, revealing that only 9% of companies are fully capitalizing on these technologies to drive growth and innovation.
This tech-savvy 9%, however, is proving to be ahead of the curve in business growth. They have prioritized technology integration at the heart of their strategic reinventions, emphasizing data, AI, and new working methods. This forward-thinking approach sets them apart from the remaining 91% of businesses, yet to fully embrace technology as a core driver of their future success.
The survey of 1,500 executives predicts a substantial increase in business leaders using generative AI as the catalyst for strategic reinvention in the next 12 to 24 months. Remarkably, 46% of the top 9% have significantly accelerated the execution of their reinvention strategies, compared to just 7% of their less-advanced counterparts. Furthermore, a majority of these tech-savvy businesses (65%) expect to see tangible results within the following year.
What sets the top 9% apart?
- Generative AI is Strategic: These businesses recognize that generative AI goes beyond mere automation; it is a strategic tool capable of transforming crucial aspects of their operations. They are introducing new capabilities at an unprecedented pace.
- Generative AI is Unique: This technology can impact the entire value chain of a business, driving both productivity and growth. It is resetting the performance frontier in ways previously unimaginable.
- Holistic Approach: The top 9% understand that the key to using generative AI effectively is to integrate it with other technologies, thereby transforming processes and talent approaches.
- Emphasis on Reinvention: Generative AI is viewed as a powerful force for enabling reinvention propelling organizations toward new performance horizons. Technology is identified as the top lever for reinvention by 98% of organizations, with generative AI taking center stage for 82% of them.
- People-Centric Focus: These businesses recognize the importance of placing people at the core of their tech-driven transformation strategies. They build strong change competencies, ensuring people understand generative AI’s impact on all aspects of their roles and experiences. Continuous learning initiatives are implemented to equip workers with market-relevant skills and actively involve them in the change process.
The impact of these insights is profound. Not only have the top 9% of businesses increased revenues by 15 percentage points more than their peers between 2019 and 2022 but this revenue growth gap is projected to expand to 37 percentage points by 2026. Additionally, these tech-savvy leaders are twice as likely to realize productivity gains of 20% or more in the next three years.
As the business landscape continues to evolve, the imperative is clear for organizations to learn from these top performers. The gap in technological adoption and strategic integration is substantial, and the pace of change is accelerating. Embracing generative AI and other transformative technologies is not merely an option; it is increasingly becoming necessary for businesses aiming to stay competitive and thrive in the future.
