Accenture Technology Vision 2024: “Human by Design” Technologies Will Reinvent Industries and Redefine Leaders by Supercharging Productivity and Creativity
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Insights
As generative AI and other human-centric technologies become more integrated into business operations, there is a significant shift in workforce dynamics and productivity. The anticipated impact on 44% of all working hours suggests a substantial transformation in how labor is utilized across various industries. This could lead to a reallocation of human capital, where employees are freed from repetitive tasks and can focus on more strategic, creative and value-adding activities.
The creation of $6 to $8 trillion in global economic value underscores the immense potential for economic growth and competitiveness. Companies that effectively harness these technologies may experience considerable gains in efficiency and innovation, driving shareholder value and potentially altering market positions. However, the uneven distribution of such gains could exacerbate existing market disparities, warranting attention from industry stakeholders.
Investors should note the transformative potential of generative AI as highlighted by Accenture's research. The projected economic value creation indicates a strong growth opportunity for businesses that are early adopters of these technologies. This could lead to a re-evaluation of company valuations, especially for those within the technology sector or those who successfully integrate AI into their value chain.
Moreover, the productivity enhancements across 900 job types suggest a broad-based impact that could lead to a renaissance in operational efficiency. Companies that leverage AI to optimize their operations may see margin improvements and enhanced profitability. However, the capital expenditure required to implement these technologies and the potential for workforce disruption should be carefully considered.
The integration of AI into the economy has macroeconomic implications, with the potential to significantly boost productivity and GDP growth. The research's suggestion of a new productivity frontier could stimulate investment in technology and human capital, potentially leading to a virtuous cycle of economic expansion and innovation.
Nevertheless, the transition to a more AI-driven economy may present challenges, including labor market adjustments and the need for widespread upskilling. Policymakers and business leaders must navigate these changes to ensure that the benefits of AI are broadly shared and do not exacerbate inequality. The long-term economic health will depend on the ability to manage these disruptions and leverage AI for inclusive growth.
AI and other technologies will amplify the potential of people and organizations to achieve new performance frontiers in business and beyond
Accenture Technology Vision 2024 Infographic
Accenture’s Technology Vision 2024: “Human by Design: How AI Unleashes the Next Level of Human Potential” explores how after years of exponential innovation, technology—especially generative AI—is becoming more human in its nature. And as technology evolves to be more human-centric, it drives substantially greater capabilities for people to amplify their potential and reinvent business as we know it. According to Accenture research, generative AI has the potential to impact
“As AI, spatial computing and body-sensing technologies evolve to a point where tech appears to imitate human capabilities and seem invisible, what you’ll see left are the people—empowered with new capabilities to accomplish things they once considered impossible,” said Paul Daugherty, chief technology and innovation officer at Accenture. “This important seismic shift in the way people work, live and learn will accelerate a wave of unprecedented change across industries, from retail and entertainment to medicine and manufacturing. Organizations that act now to reinvent their business and ways of working using ‘human by design’ technologies will redefine what it means to be an industry leader.”
The study identifies four key trends in the move to “human by design” technologies:
- A Match Made in AI: Reshaping our relationship with knowledge – ushering in a world where data is reorganized in ways that facilitate human-like reasoning and even mimic creativity. Instead of combing through mountains of search engine results, people will receive curated, personalized responses in the form of advice, a summation of a vast set of results, an essay, an image or even a piece of art. Searching now becomes synthesizing and business leaders who reimagine how information works in the organization and equip their people with AI-enabled enterprise knowledge tooling will realize exponential performance gains and competitive advantages.
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Meet My Agent: Ecosystems for AI – envisioning a world where AI-empowered agents work on behalf of individuals and are part of an interconnected ecosystem. These automated agents not only assist and advise us, but also take decisive actions on our behalf in both the physical and digital worlds. Working together, they multiply the collective output of workers and generate immense value for enterprises that choose to participate.
96% of executives agree that leveraging AI agent ecosystems will be a significant opportunity for their organization in the next three years. -
The Space We Need: Creating value in new realities – creating rich, new immersive worlds of personal interaction by extending our physical, 2D worlds into new 3D environments created using spatial computing, metaverse, digital twins and AR/VR technologies. These new places and experiences will fuse our digital and physical worlds, bringing us together in new ways, fueling innovation and improving the way we work, live and learn. In the world of retail, a third (
33% ) of consumers indicated they are, or would be interested in, using spatial computing technologies or devices for shopping today. -
Our Bodies Electronic: A new human interface – using innovative, embedded technologies – such as AI-powered wearables, brain-sensing neurotech, and eye and movement tracking – to unlock a better understanding of us, our lives and our intentions and using those deeper insights to enhance the way we work and live.
94% of executives agree that human interface technologies will let us better understand behaviors and intentions, transforming human-machine interaction.
“Human-centered technologies like generative AI are poised to unleash human potential and deliver a staggering array of business and societal benefits, but only if we take a balanced, ‘human by design’ approach that ensures these technologies are used fairly and responsibly,” added Daugherty. A full
Unveiled today at CES 2024, the Technology Vision 2024 findings were presented by Daugherty during a livestreamed mainstage presentation from 3:00 – 3:40 p.m. PST. Click here to view the session live, or on replay, and download the full report here.
About the Research
For 24 years, Accenture’s Technology Vision has taken a systematic look across the enterprise landscape to identify technology trends with the highest likelihood of disrupting businesses and industries. Input for the 2024 report, was gathered from an external advisory board of more than two dozen experts spanning academia, business and the public sector. Primary global research includes a survey of 3,450 C-level executives across 21 industries and more than 20,000 consumers fielded from October to November 2023 across 20 countries. Learn more at www.accenture.com/technologyvision.
About Accenture
Accenture is a leading global professional services company that helps the world’s leading businesses, governments and other organizations build their digital core, optimize their operations, accelerate revenue growth and enhance citizen services—creating tangible value at speed and scale. We are a talent- and innovation-led company with approximately 743,000 people serving clients in more than 120 countries. Technology is at the core of change today, and we are one of the world’s leaders in helping drive that change, with strong ecosystem relationships. We combine our strength in technology and leadership in cloud, data and AI with unmatched industry experience, functional expertise and global delivery capability. We are uniquely able to deliver tangible outcomes because of our broad range of services, solutions and assets across Strategy & Consulting, Technology, Operations, Industry X and Song. These capabilities, together with our culture of shared success and commitment to creating 360° value, enable us to help our clients reinvent and build trusted, lasting relationships. We measure our success by the 360° value we create for our clients, each other, our shareholders, partners and communities. Visit us at www.accenture.com.
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Christian Harper
Accenture
+1 516.434.8615
christian.harper@accenture.com
Source: Accenture
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