Executives plan to boost generative AI investments, Accenture survey shows

According to Accenture's latest quarterly C-suite survey, Pulse of Change, 87% of executives responsible for supply chain and production intend to increase their investment in generative AI. This increase in investment comes alongside recognition of the need for a deeper understanding of the technology and its potential and demand for wider, advanced-level training of generative AI across their organisations.

The survey highlighted that higher-level comprehensive training in generative AI could yield fruitful returns. 74% of executives stated that they needed at least some form of training in generative AI, with 18% acknowledging the need for extensive training. Despite the recognised need for training, only 42% of these executives claimed to use generative AI tools on a weekly basis, a sharp decrease from 71% recorded merely six months prior.

Furthermore, 54% believed that their organisation necessitates intermediate-level training, such as prompt engineering and model fine-tuning. Two out of five executives indicated the most critical need to be advanced-level training, particularly the development of generative AI models and applications. Interestingly, only 15% were highly confident about having the correct data strategy and digital capabilities to use generative AI effectively.

According to Sari Mackay, Accenture's supply chain lead for ANZ, "Generative AI is already changing how chief supply chain and operating officers think about their data, talent, processes and ways of working. Executives approaching generative AI merely as just another technology will have a rude awakening. We must understand and plan for changes to work on three dimensions: Which tasks can be automated or augmented? Which people need upskilling to use the new technology? And how can organisations embrace the power of generative AI responsibly?"

Varying degrees of confidence in implementing and using generative AI across organisations were observed. Only 14% of organisations have advanced to fully integrating a responsible data and AI model from the designing or initiation stage. However, an earlier report by Accenture predicted generative AI could automate or augment up to 58% of processes in supply chains, thus affecting more than 40% of all working hours in supply chain functions in the U.S. This is significant as it may reshape roles such as procurement clerks and production, planning and expediting clerks.

The Accenture 'Pulse of Change' survey provides insights into the issues and technology driving change, how leaders across varying industries and functions are responding, and their perspectives of the future. The most recent edition saw the participation of 2,800 C-suite executives across 18 countries, with 348 of them being responsible for supply chain, operations and/or production. The survey was conducted in March 2024.