The importance of generative AI is now nearly universally recognized. Most CEOs I meet believe that generative AI has the potential to transform not only their companies but entire industries. Generative AI will transform the workforce, but for companies to realize the full value of generative AI, they must use it in a way that engenders trust in consumers, employees, and stakeholders, and puts human well-being first.
Taking a people-centric approach is key. As part of this new era of transformation, organizations need to focus on transforming their workforce at every level, from fully understanding Gen AI at the leadership level to providing employees with the skills they need to work with the technology in specific areas of the business.
Our research shows that responsible, large-scale, and human-centric adoption of Gen AI could add $2.7 trillion in economic value in North America over the next 15 years, equivalent to an additional half a percentage point of GDP growth each year through 2038.
Simply put, this is a once-in-a-generation opportunity for business leaders to not only thrive in the AI era, but also to create future growth and prosperity for the region. But it won’t happen automatically. When I speak with clients and my leadership team, I always highlight four concrete steps that will help them fully realize this opportunity:
Four steps to take action
First, business leaders need to lead and learn in new ways. To operate effectively and build trust in the AI future, leaders need to immerse themselves in technology, engage with it, lead differently, challenge old ways of thinking and learn new things. They also need to ensure their companies are using technology responsibly to build trust not only within their organizations and with their customers, but also with the broader community.
Second, companies need to reinvent the way they work. This means rethinking entire workflows and aligning the use of Gen AI with business goals to improve efficiency, innovation, and breaking down silos. From there, they can refocus on how work needs to change to better serve customers, support employees, and achieve business outcomes.
Third, businesses will need to reshape their workforce. This technology requires an agile and dynamic workforce. Organizations will need to leverage more tools and technologies, such as skills mapping, to facilitate smooth transitions from declining roles to new ones. And as jobs and roles change, capacity will increase, freeing up time and talent for higher value activities.
Finally, leaders must think about their people and prepare them for this technology. This includes investing in employees to acquire market-relevant technical skills and the ability to work with machines. There should also be a focus on soft skills. Along the way, leaders must listen and engage employees every step of the way to strengthen trust.
The key investment: people
Investing in talent is the key action that connects all four steps above. Our research shows that 88% of North American leaders plan to increase spending on Gen AI this year, but only 33% plan to invest in their workforce, putting potential gains from Gen AI at risk.
This technology is creating new talent needs, especially in technical competencies like AI engineering and enterprise architecture, and is also expected to significantly increase demand for data analysts and digital transformation specialists. As the workplace evolves and automation takes over repetitive tasks, people will need to learn how to work with new technologies, such as accountants learning how to use Gen AI as a virtual audit partner or doctors automating administrative tasks to spend more time with patients. Leaders need to consider these changes from the perspective of their employees. By reskilling and upskilling in technology, data, and AI, they can help future-proof their careers and set themselves up for success.
A great example of a company that is adopting a human-centric approach is a multinational integrated healthcare, pharmacy and retail leader. Accenture worked with the company to develop an ethical AI foundation across their business. Building this foundation was a multi-layered process that included defining goals and creating training materials on responsible AI. This ensured that the company engaged employees in its AI efforts and used the technology responsibly. This engagement strengthened cross-functional collaboration and resilience within the company. Accenture also helped a global biopharmaceutical company with a groundbreaking generative AI training program to help develop its employees into world-class digital leaders.
Every industry in North America will experience change at different rates, but every business will be impacted. That’s why it’s critical for all leaders to act now and address the exciting opportunities that Gen AI creates head-on. Investing in our people now will strengthen our businesses and secure the future of our region.
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