When Accenture’s global chief strategy officer, Muqsit Ashraf, meets with CEOs, three-quarters of those he speaks with say data and AI are at the heart of their future reinvention.
Why? “The pace and scale of the disruptions that are occurring have accelerated,” Ashraf said. “Change has never been faster, and it may never be slower either.”
To The wealth At the Brainstorm AI conference on Tuesday, banking giant Wells Fargo and Dutch conglomerate Philips were emblematic of this rapid pace of reinvention. Each has unveiled AI-driven innovations in the past eight days alone.
Wells Fargo has launched a new platform called Vantage, which aims to evolve with the financial needs of the bank’s customers over time, using AI and machine learning.
“We work with a wide range of customers, and those customers can be $10 million to $1 trillion in revenue, with very complex needs or something a little lighter,” said Reetika Grewal, Executive Vice President and Head of Digital Transformation, Commercial Banking and Corporate and Investment Banking at Wells Fargo. “We wanted to make sure we were providing that personalized experience that they are used to.”
Grewal said Wells Fargo has an internal AI Center of Excellence, which sits at the top of the organization and works closely with all lines of business to ensure the bank is using models correctly, sets the right checks and balances and ensures the right AI partnerships. are placed.
“There’s often a technology-driven decision and then a series of business-driven decisions,” Grewal said. “The right model is this deep, deep partnership to make sure you’re doing things the right way and validating use cases to make sure they’re going to deliver on the promise.”
Philips launched a new platform in late November with AI-enabled algorithms and workflows that can connect radiology, cardiology, pathology and oncology to unite data and images, enabling more diagnostic faster and more definitive.
Reema Poddar, President and CEO of Pathway Diagnostics and Informatics at Philips, said the problem this tool was trying to solve started with the strain the healthcare system has been under amid the coronavirus pandemic. COVID-19. Radiology practices, for example, face a shortage of staff and even a shortage of skills. Huge workloads pile up and fatigue sets in.
So Philips started talking to its customers, better understanding the real issues they were facing, and ultimately developing tools that would create value for those businesses by driving productivity and innovation.
“AI is important, we all know that, and data is critical to driving business results,” Poddar said. “But one thing we often forget about digital transformation is how huge a role automation plays.” Philips’ latest platform aims to simplify workflows to reduce staff variability and workload, while creating a better experience for doctors and patients.
Ashraf said Accenture’s research shows that companies that effectively use AI to power their reinvention reap the rewards: with a 40% or better stock market performance and a tripling of revenue growth in some sectors. Revenues generated by AI are expected to triple between 2018 and 2024.
“AI will have a more central and deeper impact on the growth of most businesses,” Ashraf said.
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