Accenture To Witness Potential Revenue Upswing via GenAI By CIOTechOutlook Team

Accenture To Witness Potential Revenue Upswing via GenAI

CIOTechOutlook Team | Monday, 26 February 2024, 06:16 IST

Accenture has reported a potential 10% revenue increase in some business units through the use of generative artificial intelligence (GenAI), according to a top executive of the American technology services company.

According to Senthil Ramani, the global lead for data and AI at Accenture, clients in important sectors such as banking and insurance, consumer goods, retail, and software and platforms have started to notice a potential increase in their revenues due to their integration with GenAI.

“Early results from the insurance industry indicate a revenue increase of up to 10% is possible, if companies reinvent the entire workflow of underwriting,” Ramani said.

Companies that adopt and scale AI now will be better positioned to compete and achieve new levels of performance, based on learnings from 700 client projects.

The professional services firm has observed that the consumer industry has the highest demand for hyper-personalisation, which is aiding in changing context and making it more relevant in terms of net revenue. Additionally, the life sciences and software sectors are also expected to benefit from the use of GenAI.

“The velocity with which this tech is moving, it’s so fast that it’s yet to be completely proven in some like the clinical and drug discovery process,” Ramani said. “But there is a lot of promise and hope… Even a six-month acceleration of AI and GenAI into that will mean a lot from a revenue perspective.”

Accenture, an IT firm that has invested $3 billion in AI, has signed $450 million worth of GenAI deals in the first quarter of FY24, which ended in November. This represents a significant increase of 50% in comparison to the previous six months of FY23, during which the pipeline was valued at $300 million.