Professional services company Accenture (NYSE:ACN) will pour $3 billion into its Data and AI practice over the next three years as it aims to enable clients across industries to responsibly advance and use the technology for higher growth.
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Notably, Accenture already has over 1,450 patents and pending patent applications in AI and provides a plethora of AI solutions to clients. Now, it is planning to invest $3 billion in a range of investments including assets, ventures, acquisitions, partnerships as well as industry solutions.
Further, its data and AI practice plans to double its AI headcount to 80,000. The company is also offering the new AI navigator, a generative platform that is targeted at enterprises. Impressively, it is also planning to set up accelerators across 19 industries to harness generative AI capabilities.
Paul Daugherty, Group Chief executive of Accenture Technology commented, “Over the next decade, AI will be a mega-trend, transforming industries, companies, and the way we live and work, as generative AI transforms 40% of all working hours.”
Overall, the Street has a $325.62 consensus price target on Accenture alongside a Moderate Buy consensus rating. Shares of the company have already zoomed nearly 14% over the past month alone.
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