AI-driven firms outperform competitors, achieve higher revenue growth: Accenture
What's the story
A recent study by Accenture has found that companies adopting artificial intelligence (AI)-led processes, are beating their competition.
The research, titled "Reinventing Enterprise Operations with Gen AI," is based on a survey of 2,000 executives across 12 countries and 15 industries.
As per the study, companies with AI-integrated processes achieve 2.5 times higher revenue growth, 2.4 times greater productivity, and are 3.3 times more successful at scaling generative AI use cases than their peers.
Performance boost
AI integration boosts revenue and productivity
The study found that the number of companies fully modernizing their operations with AI, has nearly doubled from 9% in 2023 to 16% in 2024.
In India specifically, the number of such companies has tripled from 8% in 2023 to an impressive 25% in 2024. This shows how quickly Indian businesses are adopting AI-led processes.
Sectoral adoption
Finance leads in developing generative AI use cases
The research also emphasized that finance, with a 76% adoption rate, is at the forefront of developing generative AI use cases in India.
It is closely followed by IT & security at 65%, and customer service at 63%.
However, the study also found that a large number of companies globally (64%) and in India (58%), are still struggling to change their operational methods due to various universal challenges.
Training lag
AI advancement outpaces organizational training efforts
The Accenture study highlighted a major challenge many companies are facing: the rapid pace of AI and generative AI is outstripping their organization's training efforts.
Roughly 78% of executives voiced this concern.
"Most executives understand the urgency of reinventing with generative AI but in many cases their enterprise operations are not ready to support large-scale transformation," said Arundhati Chakraborty, Group Chief Executive of Accenture Operations.
Strategic recommendations
Accenture suggests strategies for successful AI integration
To successfully integrate AI into their operations, Accenture recommends business leaders to implement a centralized data governance and domain-centric approach to data modernization.
They must also embrace a talent-first reinvention strategy, ensure that business and tech teams co-own the reinvention process, and also adopt leading processes to drive business outcomes.
These strategies are aimed at helping businesses keep pace with the rapid advancement of AI technology, and fully leverage its potential for operational efficiency.