Accenture said with AI it will invest in assets, industry solutions, ventures, acquisitions, talent and ecosystem partnerships 
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Accenture said with AI it will invest in assets, industry solutions, ventures, acquisitions, talent and ecosystem partnerships Global IT services major Accenture on Tuesday said that it would invest a whopping $3 billion in its Data & AI practice over the next three years to help its clients across all industries. The company said it will double its AI talent to 80,000 people through hiring, acquisitions and training.
The company said expanded data & AI practice will offer new industry solutions and pre-built models that will help companies across 19 industries drive value in the coming days.
The firm's move underscores a rush among companies to burnish their offerings with generative AI - technology that the likes of Microsoft and Alphabet say will change the way many jobs are done.
Accenture's investment in AI follows layoffs in March, when it decided to let go of about 19,000 jobs in the face of a downturn caused by high inflation and rising interest rates.
“There is unprecedented interest in all areas of AI, and the substantial investment we are making in our Data & AI practice will help our clients move from interest to action to value, and in a responsible way with clear business cases,” said Julie Sweet, chair and CEO, Accenture.
The company’s AI expertise spans more than 1,450 patents and pending patent applications worldwide and hundreds of client solutions at scale, ranging from marketing to retail and security to manufacturing. Accenture has embedded AI across its service delivery approach, driving efficiency, insights, and accelerating value for thousands of clients through its market-leading platforms such as myWizard, SynOps, and MyNav.
It is currently working with many clients on generative AI projects, such as helping a hotel group manage customer queries or a judicial system synthesize judicial process information across hundreds of thousands of complex documents.
Accenture, in its press statement, said that the new "AI Navigator for Enterprise" is a generative AI-based platform that will help clients define business cases, make decisions, navigate AI journeys, choose architectures and understand algorithms and models to drive value responsibly. Building on Accenture’s own efforts, the platform will include assets designed to accelerate responsible AI practices and compliance programs.
“Over the next decade, AI will be a mega-trend, transforming industries, companies, and the way we live and work, as generative AI transforms 40 per cent of all working hours,” said Paul Daugherty, group chief executive, Accenture Technology.
“Our expanded Data & AI practice brings together the full power and breadth of Accenture in creating industry-specific solutions that will help our clients harness AI’s full potential to reshape their strategy, technology, and ways of working, driving innovation and value responsibly and faster than ever before,” Daugherty said.
The company added that it will invest in new and existing relationships across its industry-leading cloud, data and AI ecosystems to reinvent the type of work being delivered to clients.
On Monday, Salesforce doubled its venture capital fund for generative AI startups to $500 million and unveiled an AI Cloud service that hopes to attract enterprises by offering its AI-powered products under one umbrella.
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