At the World Economic Forum in Davos, Julie Sweet, Accenture’s chief, announced that the company allocates an annual budget of $1 billion for training its employees in generative AI. According to Sweet, the technology, though at a nascent stage, is moving fast. GenAI is not a fad; rather, it is developing at a rate ten times faster than that of earlier major advances. 

Sweet said that in order to better basic education, collaboration with governments is necessary. She also said, “It’s not going to help now, but we need to think 10-20-30 years ahead.” According to her, leadership is the single most important factor that decides whether the business or government successfully uses GenAI or not. 

She also said that “you actually have to understand it at a very deep level because it is not that there are millions of use-cases…. but you have to operationalise it.” 

Similarly, Arvind Krishna, chairman and CEO of IBM, who was sitting alongside Sweet in the panel, claimed that Gen AI is a rapidly developing technology that is advancing more quickly than earlier major ones.

In order to apply AI, Krishna underlined the significance of reskilling talent because it will create new employment and solve numerous issues. To secure the success of AI, he also emphasised the necessity for businesses and governments to collaborate on reskilling. 

Moreover, he suggested controlling use-cases rather than the technology itself. Additionally, he forecast that before the end of the decade, AI in its current form will produce $4 trillion in yearly productivity.