Skip to main content Skip to Footer

Hello,
opportunity

How AI Boosts Industry Profits and Innovation

UNLEASHING AI POWER IN SINGAPORE

The steady decline in business profitability across multiple industries threatens to erode future investment, innovation and shareholder value. Fortunately, a new factor of production—artificial intelligence (AI)—is emerging that can help kick-start profitability.

Our research shows that businesses that successfully apply AI could create up to US$215 billion in gross value added (GVA) across 11 industries in Singapore by 2035. GVA is a close approximation of gross domestic product that accounts for the value of goods and services produced.

What's Next?

How AI will reverse falling profit growth

How AI will reverse falling profit growth

AI can reverse the cycle of low profitability across industries through three channels:

INTELLIGENT AUTOMATION

Whether enhancing the production chain with improvements to supply chain management or streamlining the sales process, AI offers huge advantages over traditional automation.

LABOR & CAPITAL AUGMENTATION

Workers can delegate low value-added tasks to AI and be more productive in their main tasks. AI can also help businesses maximize their asset utilization rates.

INNOVATION DIFFUSION

By accelerating the development of new products, AI helps to increase innovation, eliminate redundant costs and generate new revenue streams to increase profitability.

What's Next?

The impact of AI in your industry

To maximise the benefits of #AI, organisations need to move beyond automating for efficiency and cost reduction to true growth.

Tweet This >

FUELING INDUSTRY GROWTH

AI has the potential to markedly increase industry growth. Business services, financial services, and manufacturing are the three sectors in Singapore that will benefit most from the application of AI.

We compared the economic growth rates of 11 industries by 2035 in a baseline scenario showing current assumptions of expected growth, to an AI scenario showing expected growth with AI integrated into economic processes.

The impact of AI on Singapore’s growth by 2035 (in US$ billion)

The impact of AI on Singapore’s growth by 2035 (in US$ billion)

Source Accenture and Frontier Economics
Business services include Legal, Accounting, Real Estate and Consulting
Other services include arts and entertainment

What's Next?

Eight AI strategies to lead in the new

EIGHT AI STRATEGIES

To help organizations prepare their AI strategies to lead in the new, consider how to:

Augment Your People

Augment
your people

  • AI strategy and leadership from the top of the company is critical to attaining value from AI.
  • Reinvent the CHRO role to manage humans and supervise AI.
  • Adapt learning and training to fully exploit the combination of human and machine intelligence.
  • Appoint a chief data supply officer to construct an integrated, end-to-end data supply chain.
Advance Your Business

Advance
your business

  • Create an open AI culture to cultivate trust, openness and transparency that supports human and machine relationships.
  • Step beyond automation strategies to use self-learning and self-governing machines for competitive advantage.
  • Combine crowdsourced data in the cloud with AI capabilities to create new and disruptive business opportunities.
  • Build new financial metrics to properly assess the “Return on AI."

ABOUT ACCENTURE RESEARCH

Accenture Research shapes trends and creates data-driven insights about the most pressing issues global organizations face. Combining the power of innovative research techniques with a deep understanding of our clients’ industries, our team of 250 researchers and analysts spans 23 countries and publishes hundreds of reports, articles and points of view every year. Our thought-provoking research—supported by proprietary data and partnerships with leading organizations such as MIT and Singularity—guides our innovations and allows us to transform theories and fresh ideas into real-world solutions for our clients.

CONNECT WITH US

Stay in touch with Twitter

Get bite-size insights on the latest in technology and business.


Follow Us

Find us on Instagram


Sharing #accenturemoments and exciting Accenture Adventures, one photo at a time.

Instagram
Instagram Image 2
Instagram Image 4
Instagram Image 5
Instagram Image 6
JOIN US ON THIS JOURNEY

Stay connected wherever you are with Accenture:  

Suggested Content