We are living in an era of unprecedented transformation as Artificial Intelligence takes productivity and profits to new heights.
Imagine cutting product development timelines in half, boosting productivity by more than 20% or unlocking entirely new revenue streams through hyper-personalised customer experiences.
Our research shows that 74% of organisations have seen investments in generative AI and automation meet or exceed expectations, with 63% planning to strengthen these capabilities by 2026. It is an exciting time across industries, especially as many organisations are still exploring the vast, untapped potential of AI.
Another report from our global peers gives a prime example of harnessing AI for progress. A leading biopharmaceutical company transformed from a small-molecule and vaccine business into a multi-platform, large-molecule pharmaceutical leader, supported by new technology and high-performance computing for complex analysis.
To sustain its growth, the company prioritised people-centric initiatives like leadership development, generative AI upskilling, and an inclusive apprenticeship program to attract diverse talent, including veterans and career changers.
CEOs should use AI strategically to advance their businesses by focusing on areas where it can deliver the most immediate value. Practically, this means leveraging AI to enhance decision-making through data-driven insights, optimise operational efficiencies by automating routine tasks, and improve customer experience with personalised recommendations and chatbots.
Innovating products
AI can also play a crucial role in innovating products and services, allowing businesses to stay competitive by anticipating market trends and customer needs.
Additionally, CEOs can use AI to refine marketing strategies, targeting the right audiences and improving campaign performance in real-time.
In talent management, AI can help with recruitment, retention, and team optimisation. By using AI for predictive analytics and risk management, CEOs can proactively address potential challenges, making their businesses more agile and resilient.
The key is for CEOs to adopt AI thoughtfully, ensuring it aligns with the company’s goals and is used ethically to drive long-term growth and innovation.
The role of the board
The board plays a critical role in ensuring that a company is properly supported at the leadership level for successful AI adoption. This involves providing strategic oversight and guidance to ensure that AI initiatives align with the company’s long-term goals and values.
The board should actively encourage the CEO and senior leadership to embrace AI, while also ensuring that adequate resources, talent, and expertise are in place to implement AI initiatives effectively.
They must also foster a culture of responsible AI use, addressing ethical considerations, data privacy, and regulatory compliance.
Furthermore, the board should prioritise ongoing training for executives to stay informed about the evolving AI landscape and its potential impact on the business. By holding leadership accountable for both the opportunities and risks AI presents, the board ensures that the company is poised to leverage AI in a way that drives innovation, competitive advantage, and sustainable growth.
Catalyst for growth
In this era of rapid transformation, AI is not just a tool; it’s a catalyst for unprecedented growth and innovation. CEOs must lead with a clear vision, leveraging AI in ways that align with their goals while navigating its ethical and operational challenges.
At Accenture, we’re committed to guiding companies through this transformative journey, equipping them with the insights, tools, and expertise to succeed. As we continue to push the boundaries of what’s possible, we’re focused on helping our clients turn AI’s potential into tangible performance, fostering a future where innovation and growth thrive.
The time to act is now, and the opportunities are limitless. For a deeper dive into how to navigate AI integration, we invite you to explore our report, Reinvention in the Age of Generative AI.
Vukani Mngxati is CEO for Accenture, Africa responsible for driving the company’s growth strategy. In this role he helps clients streamline, transform and grow their businesses to get them future-ready and thrive in today’s rapidly changing digital society.
