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UAE business: Digital-physical world gap narrowing, report says

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A new era of business is upon us as technology continues to rapidly develop, bringing the physical and digital worlds closer than ever.

The convergence of these worlds is driven by generative artificial intelligence and other breakthrough technologies, according to new research from Accenture.

In its Technology Vision 2023 report, titled “When Atoms Meet Bits: The Foundation of Our New Reality,” Accenture examines the trends shaping this convergence and how businesses can harness its potential to transform their operations.

Paul Daugherty, CEO of Accenture Technology Group, said that with cloud computing, metaverse and artificial intelligence becoming the three major technology trends in the next decade, the distance between the digital world and the physical world is about to disappear.

“While generative AI will have a profound impact, leaders must invest in it now to realize its full promise, as it will require significant investments in data, people and custom underlying models to meet the unique needs of organizations,” he said.

The meteoric rise of ChatGPT has drawn worldwide attention to the power of generative artificial intelligence to augment human capabilities. Accenture estimates that as much as 40% of work hours will be powered or augmented by language-based AI. Among business leaders, 98 percent believe AI-based models will play an important role in their organization’s strategy in the next three to five years, the report said.

Accenture’s Technology Vision 2023 identifies four trends that are key to unlocking this new shared reality:

• Generative AI: Serving as a co-pilot, creative partner or advisor, nearly all executives believe that generative AI will spark significant creativity and innovation (98%) and usher in a new era of enterprise intelligence (95%).

• Digital identity: The ability to authenticate digital users and assets — the basis of crossing the digital and physical worlds — is now seen by 85 percent of executives as a strategic business need, not just a technology issue.

• My data, your data, our data: AI cannot reach its full potential until companies figure out the data. That means breaking down data silos and modernizing your data foundation. In fact, 90 percent of executives believe that data is becoming a key competitive advantage within their organizations and across industries.

• We’re always on the cutting edge: The feedback loop between science and technology is accelerating, with each accelerating the other’s progress, in a way that 75% of respondents believe may begin to unlock the world’s grand challenges.

Based on years of research and client work, Accenture has built a company-wide team, the Generative AI and Large Language Models (LLM) Center of Excellence, bringing together 1,600 professionals dedicated to generative AI and leveraging more than 40,000 The depth and experience of Accenture’s AI and data experts. To help guide and inform business leaders, Accenture released “The New Era of Generative AI for Everyone,” an in-depth study of Generative AI/LLM on how leaders can best leverage this disruptive technology Provides actionable insights. – trade arab news agency

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