Opportunity Amid Disruption

Half of Swiss executives feel their companies are well-equipped to capitalize on opportunities from technological disruptions, with generative AI (gen AI) being a key driver. Research shows Switzerland ranks third globally in terms of the impact of generative AI on work time. This technology has the potential to significantly enhance the Swiss economy, potentially adding CHF 92 billion in economic value by 2030 under a “people-centric” scenario.

A People-Centric Approach for Switzerland

To fully leverage this economic potential, Switzerland’s workforce must be prepared. Accenture’s analysis shows that 45% of work time in Switzerland is likely to be impacted by generative AI. This shift is seen not as a threat but as a chance to boost productivity, especially in the financial services sector.

Revenue Growth Over Productivity Gains

Generative AI offers more than just productivity improvements. In Switzerland, 91% of executives believe that gen AI will have a greater impact on revenue growth than on cost reduction. This optimistic outlook is supported by the proactive measures taken by companies like Helvetia, Roche, Novartis, Givaudan, ABB, and Swisscom.

Switzerland is recognized as a top innovative country, ranking first in the WIPO Global Innovation Index for the past 13 years. It also leads the INSEAD Global Talent Competitiveness Index, holding the top spot for the last decade.

Challenges to Overcome

For Switzerland to become a global leader in generative AI, it must address challenges in enterprise adoption, workforce readiness, and regulatory frameworks. While top Swiss companies have room to expand their AI usage, only a small percentage are currently scaling gen AI initiatives, and progress is slower compared to global peers. Swiss workers are open to generative AI, valuing its potential, and willing to learn new skills. However, they remain cautious about job security, work quality, and overall well-being.

Global focus on AI regulation has surged in the last decade, and Swiss policies largely align with OECD principles, though not entirely. This has sparked an ongoing public debate within the federal parliament, evidenced by frequent discussions on generative AI from 2019 to February 2024.

Action Points for Swiss Companies

Swiss companies should focus on five key imperatives to scale generative AI across their organizations: leading with value, developing a secure AI-enabled digital core, reinventing talent and work practices, closing the gap on responsible AI, and driving continuous reinvention.

Recommendations for Swiss Policymakers

Building on its strengths, Switzerland can capture the full benefits of generative AI by defining a strategic vision, fostering international collaboration, improving role transition mechanisms, strengthening dialogue and oversight on AI, and promoting generative AI literacy in society.

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Related report: Retail reinvented: Unleashing the power of generative AI | Accenture