News: Accenture commits $3 billion to AI investment after Salesforce


Accenture commits $3 billion to AI investment after Salesforce

Accenture announced the expansion of its data and AI practice, which will provide new industry solutions and pre-built models aimed at enabling companies from 19 different industries to generate value in the near future.
Accenture commits $3 billion to AI investment after Salesforce

Accenture, a leading global IT services company, has unveiled plans to make a substantial investment of $3 billion in its Data & AI practice over the next three years. The objective is to support clients across various industries in leveraging the power of data and AI. As part of this initiative, Accenture aims to double its AI talent pool to 80,000 professionals through a combination of hiring, acquisitions, and training programs.

In an announcement, the company stated that its expanded data and AI practice will introduce fresh industry solutions and pre-built models. These offerings are designed to assist companies from 19 different industries in driving value in the near future.

The firm's decision highlights the growing trend among companies to enhance their offerings through the integration of generative AI. Major players like Microsoft and Alphabet have emphasised the transformative potential of this technology, asserting that it will revolutionize various job functions.

Following layoffs in March, where approximately 19,000 jobs were cut due to the adverse effects of high inflation and increasing interest rates, Accenture's decision to invest in AI demonstrates their commitment to leveraging advanced technologies for future growth.

“There is unprecedented interest in all areas of AI, and the substantial investment we are making in our Data & AI practice will help our clients move from interest to action to value, and in a responsible way with clear business cases,” said Julie Sweet, chair and CEO, Accenture. 

With over 1,450 patents and pending patent applications globally, as well as a wide array of client solutions across various sectors like marketing, retail, security, and manufacturing, Accenture demonstrates its extensive expertise in AI. 

The company has successfully integrated AI throughout its service delivery approach, delivering enhanced efficiency, valuable insights, and accelerated value to a multitude of clients. Accenture's market-leading platforms, including myWizard, SynOps, and MyNav, further contribute to driving innovation and maximizing the benefits of AI.

Accenture is actively engaged in collaborating with numerous clients on generative AI initiatives. For example, they are assisting a hotel group in effectively managing customer queries using AI technology. Additionally, they are working with a judicial system to synthesize vast amounts of complex information from hundreds of thousands of documents related to the judicial process.

"AI Navigator for Enterprise" is a generative AI-based platform that will help clients define business cases, make decisions, navigate AI journeys, choose architectures and understand algorithms and models to drive value responsibly. Building on Accenture’s own efforts, the platform will include assets designed to accelerate responsible AI practices and compliance programs. Over the next decade, AI will be a mega-trend, transforming industries, companies, and the way we live and work, as generative AI transforms 40 per cent of all working hours,” said Paul Daugherty, group chief executive, Accenture Technology,” Accenture, said in its press statement. 

“Our expanded Data & AI practice brings together the full power and breadth of Accenture in creating industry-specific solutions that will help our clients harness AI’s full potential to reshape their strategy, technology, and ways of working, driving innovation and value responsibly and faster than ever before,” Daugherty said.

The company further announced its commitment to invest in both new and existing relationships within its industry-leading cloud, data, and AI ecosystems. This investment aims to drive a reinvention of the work delivered to clients, fostering innovation and transformative solutions. 

In a related development, Salesforce, on Monday, announced its decision to double its venture capital fund for generative AI startups, increasing it to $500 million. Alongside this, Salesforce unveiled its AI Cloud service, which offers a comprehensive suite of AI-powered products under one unified platform. This initiative aims to attract enterprises by providing a consolidated and integrated AI solution.

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Topics: Technology, #ArtificialIntelligence, #HRTech, #HRCommunity

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