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Sun 23 Dec 2018 10:25 AM

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Video: How is digital transformation going to impact businesses and individuals?

Companies in the UAE must make strategic shifts in order to unleash the intelligent enterprise, according to Mike Sutcliff, Group CEO of Accenture Digital, speaking to Arabian Business about Accenture's Technology Vision Report 2018.

He explains that the Intelligent enterprise approach – a management approach that applies technology to the challenge of improving business performance – is no longer a thing of the future. The report notes how it has already started mushrooming in the region thanks to the rapid advances made in Artificial Intelligence and emerging technologies. However, the UAE still needs to make strategic shifts to unleash its full potential. “The future is now but it is unevenly distributed,” he says as both a promise and a warning to future-minded companies.

This work is at the core of Accenture Digital’s mission as one of the largest end-to-end providers of digital transformation capabilities in the world. The digital division is five divisions of the US company, which was founded in 1951, and is now a partner with more than three-quarters of the Fortune Global 500, driving innovation to improve the way the world works and lives.

Research by Accenture shows that AI has the potential to boost economic growth in the UAE alone by 1.6 percent, adding $182bn to the economy by 2035. And in Saudi Arabia it’s estimated that the boost will be just over one percent adding $215bn to the economy by 2035. “There is a lot of trapped value and the digital tools and the techniques we are working with will help unlock that potential,” says Sutcliff. “We think there is the potential to unlock hundreds of billions of dollars of opportunity and that is across all industries. And we think we can help accelerate GDP fairly significantly,” in the process he adds.

Consulting firm McKinsey & Company estimates that 40 to 45 percent of current jobs in the region could be automated by 2030, but a more detailed look into it shows that while 57 percent of individuals with a high school education or less are suspected to be negatively impacted by job automation, this figure drops by half, to 22 percent, for employees with a bachelor’s or higher degree of education.

(Source: Arabianbusiness.com YouTube channel)