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Accenture to embark on AI journey with a $3 billion investment

Date: June 14, 2023 Pooja Sharma Pooja Sharma
Accenture to embark on AI journey with a $3 billion investment 
The professional services company Accenture plc has reportedly declared its plans to invest $3 billion in the field of data and artificial intelligence (AI) over the next three years.



The renowned IT consulting firm aims to bolster its presence in cutting-edge technology and AI space by doubling its workforce to 80,000 employees. This expansion strategy involves recruiting new talent, acquiring companies specializing in AI, and providing advanced training to staff members, equipping them with the latest technological skills.



As per the sources familiar with the matter, the investment of $3 billion by Accenture will benefit businesses operating in 19 different industries. While the exact timeline for the funding was not disclosed, this initiative showcases the increasing trend among enterprises to incorporate generative AI into their operations. Tech giants like Microsoft and Alphabet view generative AI as a groundbreaking technology capable of revolutionizing various job functions.



It is to be noted that Accenture's fresh commitment to the AI sector follows a round of layoffs in March, which affected approximately 19,000 employees. The company attributed these job cuts to economic challenges such as high inflation and rising interest rates.



Furthermore, Accenture introduced a new tool called "AI Navigator for Enterprise." This tool will serve as a guide for businesses seeking to maximize the benefits of AI technology.



In a similar vein, Salesforce recently announced a significant expansion of its venture capital fund, earmarking $500 million explicitly for startups focused on generative AI. Additionally, the firm introduced an AI Cloud service, aiming to attract enterprise customers by offering a comprehensive suite of AI-powered products in a single package.



Accenture's latest investment comes at a time when the global community is engaged in discussions regarding the boundaries that should be placed on AI's integration into our lives. While some prominent technology leaders have expressed concerns about the risks associated with advanced AI platforms, others highlight their potential efficiency and benefits.



 



Source Credit: https://www.livemint.com/companies/news/accentures-ai-practice-to-have-80-000-employees-11686661260461.html

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Pooja Sharma

Pursuing her professional career as a content writer for over two years now, Pooja Sharma is endowed with a post-graduate degree in English Literature. The articles that she writes are a balanced blend of her ever-growing love of language and the technical expertise that she has gained over the years. Currently Pooja pens insightful articles for Newsorigins and numerous other websites, covering subjects such as business, finance, and technology.