OVER half (59%) of Chinese companies intend to increase their investment in digital transformation projects next year, according to a survey by global management consulting giant Accenture.

An increasing number of enterprises are planning to reinvent their business with the help of advanced technologies, such as artificial intelligence (AI), according to the results of a survey done by Accenture on 450 Chinese firms from eight industries.

In terms of which fields Chinese companies plan to increase their digital transformation investment in, 48% indicated manufacturing, 45% finance, and 42% supply chain, according to the survey.

Chinese firms accelerated their digital transformation in the process of going global, as their application of generative AI in the globalization process is significant, said Yu Yi, Accenture Digital Lead’s managing director for China, as quoted by yicai.com.

Globalization requires various software packages, such as cloud and data compliance, Yu explained. Establishing shared service centers in different regions does need a comprehensive and strong digital transformation push.

If companies can massively apply generative AI and keep employees and innovation at the core, they could unlock more than US$2.86 trillion of additional economic value for China by 2038, Accenture predicted.

Chinese firms still have large room for improvements in overall planning, technological architecture upgrades, organizational changes, and other aspects, according to the report.

Only 15% of Chinese companies have set up an AI team with a specific strategy and budget. Only 32% are trying to redesign existing jobs to adapt to emerging technologies, such as generative AI, way below the global average of 46%, the report also showed.

(SD-Agencies)