European organisations are upping their spending on generative AI innovation, however face challenges recruiting the correct individuals to assist this
By
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Karl Flinders,
Chief reporter and senior editor EMEA
Published: 12 Sep 2023 12:45
European enterprises are rising funding in generative synthetic intelligence (AI) innovation on the quickest ever charge as they try to close the gap on their US-based counterparts.
A worldwide survey of two,300 senior executives carried out by Accenture exhibits that generative AI dominates the tech budgets of European firms, with 91% allocating a major proportion to it this 12 months, in contrast with 87% within the US.
Furthermore, the variety of AI patents filed in Europe between 2016 and 2021 elevated by 53%.
The survey discovered that European international locations lag the US when it comes to their readiness to “scale-up” their use of generative AI, with 17% prepared to achieve this, in contrast with 30% over the Atlantic.
While getting information methods proper and constructing a digital core are the largest challenges for organisations in Europe and the US, entry to expertise is an even bigger problem in Europe, with 42% citing a scarcity of sufficient expertise as a significant problem, in contrast with 34% within the US.
To deal with this, European firms have accelerated their funding in coaching workers to use generative AI instruments of their day-to-day work, with 66% introducing generative AI-specific coaching in 2023, and 49% providing on-the-job coaching for workers in use of the expertise, in accordance to the findings.
Businesses in Europe plan to improve their budgets for funding into generative AI even additional over the subsequent two years, with 94% anticipating to allocate a major or sizeable portion of their expertise budgets to it – in contrast with 91% in North America.
Jean-Marc Ollagnier, CEO of Accenture Europe, stated: “With 40% of all working hours set to be impacted by large language models like Chat GPT, it’s clear the value this technology has for businesses, their people and customers. European companies are picking up the pace in the Generative AI race, with ‘gen AI’ innovation in Europe experiencing its fastest growth rate yet.”
“To actually extract value from generative AI, businesses require a strong digital core of cloud and data, while ensuring it is implemented responsibly,” he added. “Many European firms are nonetheless constructing their information basis, nevertheless, which is appearing as a roadblock to significant experimentation. This is a matter that have to be addressed.
“It’s not about having a standalone technology strategy ready, though,” stated Ollagnier. “It’s about reinventing your business, putting digital at its heart, and designing a deliberate and holistic innovation strategy. This means redesigning jobs and tasks, and supporting people in re-skilling, to ensure the business is well-positioned to embrace AI technology.”
Accenture is investing closely in AI amid enormous enterprise demand for providers. In June, it stated it’s going to make investments $3bn over three years in its information and AI apply, which can embody including 40,000 AI consultants to the workforce, making acquisitions and coaching current workers. It additionally created an AI lab in Brussels to develop providers throughout Europe targeted on the well being, the general public sector and NATO.
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…. to be continued
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