There’s been a lot of talk about generative AI opening myriad opportunities for businesses, helping them to boost productivity, save time, and make money.
But much of the corporate world appears to still be warming up to the idea of embracing AI, according to data from Accenture.
The consulting giant had revenue of $64 billion in fiscal 2023 and new bookings of $72 billion, according to its earnings report. Bookings for generative AI-related projects, however, made up only $300 million of that over the past six months. Still, new AI-related bookings in the first quarter of fiscal 2024 came to $450 million.
While the bookings position Accenture “at the heart of the beginning of AI-fueled reinvention,” the data show that for all the hype, AI isn’t taking over business in huge droves.
That could be, in part, because corporations still don’t have the proper protocols in place to ensure that proprietary company and client information is protected, Julie Sweet, Accenture’s CEO, said.
“Most companies do not have mature data capabilities and if you can’t use your data, you can’t use AI,” Accenture’s CEO told the Financial Times this week. “That said, in three to five years we expect this to be a big part of our business.” Accenture didn’t respond to Business Insider’s request for comment before publication.
Another reason why many companies are “prudent” in embracing AI, Sweet told the FT, may have to do with the lack of expertise within organizations.
“We are still at the stage where most CEOs, asked if there is someone in their organization who can tell them where AI is being used, what the risks are and how they’re being mitigated,” would answer no, she said.
And even if companies are making statements about their commitment to responsible AI use, Sweet said, that doesn’t mean they have the resources needed to roll out the technology. That’s not a bad thing, she said, even if it delays progress.
Accenture’s latest results come as companies grapple with how to use AI in a way that’s safe. Only 44% of businesses say they plan to increase their use of AI in 2024, according to a LinkedIn August study. Concerns around privacy and inaccuracies could be why companies like Apple, Amazon, and JPMorgan Chase issued restrictions around using ChatGPT at work as of July.
AI companies are trying to mitigate these safety concerns. In August, OpenAI launched ChatGPT Enterprise, a version of ChatGPT designed for businesses. The AI giant claims that ChatGPT Enterprise protects confidential data from being used to train its large language models.