Game changing value from Artificial Intelligence: eight strategies

Abstract

Purpose The article shares the results of a survey Accenture undertook to measure AI’s potential economic impact on 16 industries. Design/methodology/approach The goal was to understand the chief reasons for AI’s potential impact and to identify a set of strategies that companies in any industry can use to benefit from advances in AI technologies. Findings AI’s unique characteristics as a capital–labor hybrid, which confers the ability to augment human labor at scale and speed, self-learn and continuously improve over time—will require organizations to adopt new approaches and models in a variety of functional areas. Practical implications AI can augment labor productivity by taking on low value-added or supporting tasks and thus enable workers to focus on high value work. Bosch has adopted a “thinking factory” approach in one of its German automotive plants…to enable AI-powered machines to self-diagnose technical failures, order replacement parts autonomously and anticipate maintenance needs. Originality/value All industries studied stand to benefit from AI, though three -- information and communication, manufacturing and financial services sectors -- will likely realize the biggest gains. Businesses in every industry will need to consider AI as a potential change agent in their investment, innovation and human capital development strategies. To prepare their organizations for a successful future with AI, business leaders should adopt eight strategies.