What happened: Accenture will double its AI staff and invest $3B in its data and AI practice over three years following recent job cuts of 19,000 employees. Why it matters: Accenture said it would heavily invest in generative AI, a rapidly booming area where it already consults and services clients. As part of the three-year investment, the company said it aims to double its AI workforce to 80,000 by 2026 through hiring, acquisitions, and training. Specifics: Accenture also launched the AI Navigator for Enterprise platform to guide clients in defining business cases and making responsible decisions regarding AI. It plans to create industry-specific accelerators for data and AI readiness and launch a Center for Advanced AI. The bigger picture: Other consulting firms, like PwC and EY, have also invested heavily in AI. The business world is embracing AI, with generative AI investments expected to reach $42.6B this year. Accenture's investment solidifies it as a major player in the AI landscape, alongside Salesforce, Oracle, and ServiceNow, though the effects on its existing partnerships are yet to be seen.
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