Accenture CEO Says Majority Of Firms Not Ready For AI Implementation

Accenture Plc ACN CEO Julie Sweet has stated that most firms are unprepared to implement generative artificial intelligence because of a lack of adequate data infrastructure and safety control systems.

What Happened: In a conversation with Financial Times, Sweet indicated that most companies’ current data capabilities are not mature enough to support AI usage fully. 

According to her, while corporate executives show a keen interest in leveraging AI for improved data understanding and customer service automation, concerns about protecting proprietary information, customer data, and the accuracy of AI model outputs are causing a delay in technology deployment.

See Also: Artificial Intelligence Pegged As Financial Risk By US Regulators

“The thing that is going to hold it back, though, is . . . most companies do not have mature data capabilities, and if you can’t use your data, you can’t use AI. That said, in three to five years, we expect this to be a big part of our business,” said Sweet.

Accenture and other leading consulting groups have invested heavily in generative AI, anticipating substantial returns from deploying the technology to clients globally. 

However, Sweet identified a gap between the commitment to responsible AI and the programs enabling its real-world implementation.

 “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, the answer is still ‘no,'” she stated. 

As per the report, the global firm employs nearly 750,000 individuals across 120 countries and has collaborated with Microsoft Corporation to provide generative AI tools based on OpenAI. 

“It is not my responsibility to figure out whether OpenAI has got the right governance,” she said, adding, “Whether it’s OpenAI or any other foundational model, it’s our job to understand the model, understand the risks, and then help our clients get the value out of the models while managing the risks.”

Why It Matters: A cautious approach to deploying AI is reasonable, as the promising technology also poses potential risks. Leading AI companies and governments worldwide are taking steps to manage these risks.

Earlier this year, SEC Chairman Gary Gensler shared a warning about companies overhyping their AI capabilities. This further underscores the need for a measured approach to AI deployment, thus aligning with Sweet’s observations.

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This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.