How Generative AI Helps Businesses Accelerate Reinvention

Businesses need a new strategy for success to lead the charge in turbulent times. Reinvention is becoming that default strategy for enterprises. Many organizations are keen to reinvent — some are further along in their journey than others. They are reinventors, who place technology like data and AI at the core of their transformation journey and are building the capability for continuous reinvention.

Reinventors are pulling ahead of the pack and defining a new performance frontier, which is creating an imperative for non-reinventors to act. According to our report on Reinvention in the Age of Generative AI, the number of such reinventors rose from 8% to 9% this year.

The unique potential of Generative AI in the Reinvention Story

Generative AI has emerged as a clear opportunity to accelerate reinvention, deliver value at scale, and close the performance gap. It has the potential to positively impact every part of an organization.

This reinvention needs to be continuous and holistic in nature. Achieving reinvention through generative AI is only possible by developing end-to-end business capabilities – rather than focusing on a function-by-function approach.

To realize generative AI’s full potential -- companies need to reinvent processes and talent, bring in the new capability of responsible AI, and adopt a digital core that has a data and generative AI backbone.

Key India Insights on Business Reinvention

With 66% of businesses in India having accelerated their reinvention strategy in the past year, companies are realizing the strong potential of generative AI in the reinvention of businesses.

According to our report, a small but increasing number of executives in India rate generative AI as the ‘Number 1 lever’ to drive their reinvention strategy over the next three years. And 60% of Indian businesses agree that generative AI represents a significant opportunity to increase their organizations’ revenues.

With 89% C-suite executives in India anticipating a faster rate of change this year, the top reinvention areas in India include Marketing (69%), Finance (61%), and IT (56%), among others.

What the C-Suite Must Do to Create a New Performance Frontier

Our report indicates five imperatives the C-suite must address to reinvent in the age of generative AI.

Lead with value: To stay resilient and nimble, businesses need to embrace a bold vision, shifting from siloed use-cases or proofs of concepts to prioritizing capabilities across the value chain.

Understand and develop an AI-enabled, secure digital core: Businesses need to elevate IT infrastructure for the generative AI era with a strong, secure digital core that includes a modern data foundation, flexible AI architecture and AI-ready applications.

Reinvent talent and ways of working: People are the key to unlock generative AI’s value and companies need to invest as much in skilling people as technology. 55% of respondents from India strongly agree that their current workforce can be upskilled to fully leverage generative AI.

Close the gap on responsible AI: To generate the right impact, companies need to adopt responsible AI principles to design, deploy, and use AI.

Drive continuous reinvention: Companies must constantly build their organizational agility. It’s a switch to a state of openness to new thinking, requiring a cultural and operational mindset for continuous change, powered by a flexible digital core that supports generative AI at pace and at scale. 53% of the Indian C-Suite agree that they are committed to establish new levels of industry performance, evolving with continuous reinvention.

Businesses need to make the most of generative AI to reinvent themselves and to lead from the front today and tomorrow.

Find more insights from the Reinvention in the Age of Generative AI here . View the full India infographic here .

Accenture is ready to help as you begin to re-imagine your business. If you’d like to know more about how we can partner with you in your Reinvention journey, please feel free to contact us.

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