CEOs must train their workforces to seize AI-driven growth

Chief executives in Hong Kong and mainland China need to take immediate steps to pivot their workforces and equip them to work with intelligent technologies.

A new Accenture Strategy report entitled “Reworking the Revolution: Are you ready to compete as intelligent technology meets human ingenuity to create the future workforce?”, and issued last week at Davos, estimates that if businesses invest in artificial intelligence (AI) and human-machine collaboration at the same rate as top-performing companies, they could boost revenues by 38 per cent by 2022 and raise employment levels by 10 per cent. Collectively, this would lift profits by US$4.8 trillion globally over the same period.

For the average S&P 500 company, this equates to US$7.5 billion of revenues and a US$880 million lift in profitability.

The study surveyed about 14,000 workers across different skill levels and generations – including 1,011 from China. Additionally, 1,201 senior executives – 101 of them from China – were surveyed between September and November last year from a variety of industries.

It is clear that human-machine collaboration drives efficiency as well as growth through new customer experiences. For example, one online clothing retailer’s AI is helping its stylists learn more about customers’ preferences so that they can offer a unique and highly personalised service. And a sports shoe brand has set a new bar in customisation and speed-to-market by aligning highly skilled tailors and process engineers with intelligent robots to design and manufacture in local markets.