Generative AI, digital identity and data to define future of business: Accenture

Generative AI, digital identity and data are the key trends that will define the new future of business, as the digital and physical worlds converge, said technology firm Accenture.

In its Technology Vision 2023 report, When Atoms Meet Bits: The Foundations of Our New Reality, Accenture said that the feedback loop between science and technology is getting faster, with each accelerating the advancement of the other.

“The next decade will be defined by three mega technology trends—cloud, metaverse and AI—which collectively will collapse the distance of our digital and physical worlds,” said Paul Daugherty, group chief executive of Accenture Technology.

“While generative AI will have far-reaching impact, leaders must dive in now to achieve its full promise, as it will require significant investments in data, people, and customizing foundation models to meet organizations’ unique needs.

The rapid adoption of ChatGPT has highlighted the role that generative AI can play in augmenting human capability. Accenture estimates as much as 40% of all working hours will be supported or augmented by language-based AI.

Among business leaders, 98% of respondents agree AI foundation models will play an important role in their organization’s strategies over the next three to five years.

“The next wave of business transformation will shift from creating isolated digital capabilities to creating a new reality that seamlessly converges the physical lives we’ve been leading with digital,” said Mahesh Zurale, senior managing director, lead — Advanced Technology Centers in India, Accenture.

“To fully unlock the opportunity of the new reality, companies need to develop an innovation strategy on three pillars – information (IT), physical systems (OT), and science tech (ST) while continuing to invest in skilling across areas like quantum computing, AI, extended reality, creative thinking, and critical reasoning capabilities to name a few.”

The Technology Vision 2023 report is based on inputs from an external advisory board of about 25 practitioners. Accenture Research also conducted a global survey of 4,777 C-level executives and directors across 34 countries and 25 industries.

Four key trends:

Generative AI: Advancing human capability as a co-pilot, creative partner or advisor, nearly all executives agree that generative AI will spark significant creativity and innovation (98%) and usher in a new era of enterprise intelligence (95%).

Digital identity: The ability to authenticate digital users and assets—the foundation for traversing digital and physical worlds—is now seen by 85% of executives as a strategic business imperative, not just a technical issue.

My data, your data, our data: AI cannot reach its full potential until companies figure out data. That means breaking down data silos and modernizing their data foundations. 90% of executives believe data is becoming a key competitive differentiator within organizations and across industries.

Our forever frontier: Feedback loop between science and technology is getting faster, with each accelerating the advancement of the other, in ways that 75% of respondents believe could begin to unlock the world’s grand challenges.