Mukshit Ashraf, Global Strategy Lead, Accenture, will speak at Fortune’s Brainstorm AI Summit in San Francisco on December 6, 2022. Fortune’s Nick Otto
When Accenture global leader Mukhsit Ashraf met with CEOs, three-quarters of the CEOs he spoke to said data and AI were central to their future transformation.
why? “The pace and scope of the chaos that is happening is accelerating,” Ashraf said. “Change has never been faster, and it’s never really slowed down.”
and Fortunes At Tuesday’s brainstorming AI conference, banking giant Wells Fargo and Dutch conglomerate Philips both symbolized the rapid pace of reform. Each has announced AI-driven innovations in the past eight days.
Wells Fargo has debuted a new platform called Vantage. It aims to evolve with the financial needs of bank customers over time through AI and machine learning.
“We work with a wide range of clients, and these clients can have revenues ranging from $10 million to $1 trillion, and their needs can be very complex or a little more lightweight,” Wells said. Digital Transformation, Commercial, Corporate and Investment Banking at Fargo: “We wanted to make sure we were driving the personalized experience they’re used to.”
According to Grewal, Wells Fargo has an in-house AI Center of Excellence that sits at the top of the organization and works closely with all business units to ensure banks are adopting the right models, doing the right checks and balances. Set the balance and make sure you have the right AI partnerships. placed.
“Often, technology-driven decisions are made, followed by a series of business-driven decisions,” says Grewal. “The right model is a really deep partnership to make sure you do things the right way, validate your use cases, and make sure it works as promised.”
Philips announced a new platform with AI-enabled algorithms and workflows in late November. The platform connects radiology, cardiology, pathology and oncology to integrate data and images to enable faster and more reliable diagnosis.
Reema Poddar, president and CEO of Diagnostics and Pathway Informatics at Philips, says the problem the tool is trying to solve started with the pressures the healthcare system experienced during the COVID-19 pandemic. As an example, the radiology office was facing staff shortages and even skills shortages. A huge amount of workload builds up and causes fatigue.
So Philips started talking to customers to better understand the real problems they face and ultimately develop tools that bring value to their businesses by driving productivity and innovation. I was.
“We all know AI is important, but data is essential to driving business outcomes,” said Poddar. “But one of the things we often forget about digital transformation is how much automation can play.” Philips’ latest platform simplifies workflows to reduce variability and staff workload. and at the same time to improve the doctor and patient experience.
According to Ashraf, Accenture research shows that companies that effectively use AI to drive reinvention outperform in the stock market by more than 40% and see 3x revenue growth across certain industries. rate has been achieved. AI-driven revenue is expected to triple from 2018 to 2024.
“AI will have a more central impact and a more profound impact on the growth of most companies,” said Ashraf.
