Dive Brief:
- Companies savvy in the use of artificial intelligence (AI) generate on average 30% of their revenue from capabilities such as facial recognition, advanced scenario planning and translating speech-to-text, Accenture said describing survey results.
- Still, only 12% of companies rise to the rank of AI “Achievers,” Accenture said, underscoring that “most organizations are barely scratching the surface” of what is possible with AI. “It’s an opportunity facing every industry, every organization and every leader,” Accenture said. “There is incentive to move quickly.”
- The proportion of companies that make the most of AI will rise “rapidly and significantly” to 27% in 2024 from 12% today, Accenture predicted, adding that such companies outperform their peers in achieving sustainability goals and improving customer experience.
Dive Insight:
A growing number of CFOs are using AI to streamline operations and cut costs across a range of budget items, according to Accenture and findings in a similar survey by McKinsey.
The share of companies that attributed to AI at least 5% of earnings before interest and taxes rose to 27% last year from 22% in 2020, McKinsey said.
AI is especially useful in enhancing products, improving predictions, automating contracts, removing inefficiencies in customer services and trimming spending on marketing and other operations, McKinsey said. Nearly two-thirds of the 1,843 respondents to the worldwide survey said their companies plan to increase spending on AI through 2024.