Preface

For many companies, the next 12 to 24 months will be a defining period. Those who have invested in new technologies, skills, and ways of working have seen varied returns. Now, with the rise of generative AI, businesses face an unparalleled opportunity to outpace their competitors. Will they seize this chance to accelerate their transformation and establish a new standard of performance, or risk falling further behind in the ongoing tech revolution?

The generative AI wave demands an unprecedented level of understanding from the board, CEO, and entire C-suite—far beyond the tech literacy shaped by the digital revolution. This is no ordinary technological shift.

Executive summary

Where could reinvention take your business?

In 2022, we made a bold prediction: companies that adopt Total Enterprise Reinvention as a strategy, leveraging technology, data, and AI, would dominate the next decade. In 2023, we tested this prediction, identifying a baseline of companies that had fully embraced enterprise reinvention to become “Reinventors,” and found that these companies were already outperforming others.

Now, in 2024, new evidence shows that reinvention, driven by generative AI, is set to become the standard strategy for the world’s leading organizations. Our latest research reveals that Reinventors achieve greater 360° value—encompassing both financial and non-financial outcomes—than other companies within and beyond their industries, and they’re doing it at a faster pace.

Between 2019 and 2022, Reinventors saw their revenues grow by 15 percentage points more than their peers, with an average profit margin 5.6 percentage points higher. Notably, these Reinventors are pulling further ahead, widening the revenue growth gap by 2.4 times, creating a critical need for others to act.

AI is both accelerating the pace of change and enabling more ambitious reinvention. When we published our initial report, generative AI—particularly ChatGPT—was just beginning to make waves. What sets generative AI apart from recent technological innovations is its potential to reinvent every aspect of an organization—a truly unprecedented development.

Drawing from our experience with over 700 client engagements and our research, we predict a significant increase in companies embracing generative AI as a catalyst for reinvention over the next 12 to 24 months. The trend is already underway, as generative AI is rapidly disrupting every industry. Technology is the top lever for reinvention for 98% of organizations, with 82% identifying generative AI as a key driver.

In the past year, generative AI has already facilitated progress in organizational reinvention, unlocking opportunities for growth, productivity, and agility that were previously unimaginable. We anticipate that new Reinventors will emerge, and some current leaders may be overtaken, with the overall number of Reinventors expanding. Our research suggests that companies leveraging generative AI in their reinvention efforts could surpass today’s leaders within the next five years.

Where could reinvention take your business?

Unlock the full potential of your business transformation. Continue reading to discover how generative AI is driving the next wave of enterprise reinvention. Download the report now to stay ahead.

The Table of Contents of “Reinvention in the age of generative AI” Report:

• Preface
• Executive summary
• Reinvention as the strategy for success
• Generative AI accelerates and enables reinvention
• The picture of success and how to achieve it
• Are you ready for reinvention in the age of generative AI?

Number of Pages:

• 53 pages

Pricing: 

• Free

Methodology

1. We analyzed the intensity of investment in new data, AI, cloud applications, and related technologies based on intent (per earnings calls), spending, and extent of partnerships with technology vendors and suppliers. We place companies in quartiles based on their composite score. We find that 58% of companies with annual revenues above $50bn are in the top quartile and 23% of companies with revenues between $1-50bn are in the top quartile. The analysis accounts for structural differences between industries and is based on Q1 2022 to Q2 2023. For existing roles, we used data from LinkedIn to estimate the proportion of employees in technology-related roles. This was based on those outside of leadership positions (i.e., excluding owners, partners, CxOs, directors, and VPs). We compare the findings for companies with annual revenues above $50bn against companies with revenues between $1-50bn. For job postings, we analyzed the demand for innovative technology skills (based on IDC definitions) as a proportion of all skills in the Lightcast database.
2. Accenture Pulse of Change Quarterly C-suite survey, October 2023.
3. European Commission, Commission welcomes political agreement on AI Act (europa.eu), December 9, 2023.
4. Accenture Pulse of Change Quarterly C-suite survey, October 2023.
5. Accenture AI CEO survey, August-September 2023
6. Accenture data was developed for the Powered for Change report. Our analysis is based on forecast ranges of the total-, data center-, cryptocurrency- and AI-driven electricity demand from IEA WEO 2022, VU Amsterdam 2023, and Factiva.com. All other data is from our Total Enterprise Reinvention research. All non-sourced stories are based on Accenture client engagements.