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AI isn’t just a new set of tools. It’s the new world.
From automation to augmentation, generative AI and beyond, AI is changing everything. $15.7 trillion—that’s the global economic growth that AI will provide by 2030, according to PwC research. Who will get the biggest share of this prize? Those who take the lead now.
With AI pilots and projects live all over the globe, and new use cases added daily, we at PwC can add value in helping clients navigate the new world of AI safely and strategically. We institutionalise and deploy AI across the organisation and across their applications and we do it responsibly–in a way that is explainable, secure, and robust.
41% of CEOs in Malaysia foresee substantial impacts GenAI would have on their companies, workforce and markets within the next three years.
Source: 27th Annual Global CEO survey - Malaysia (2024)How can I accelerate AI adoption in my company sustainably?
Balancing the use AI to deliver near-term outcomes, transformative innovation and increased trust is not an easy task. Three guidelines can help.
Act to operationalise AI at scale
AI offers its greatest benefits when you use it at scale. For GenAI, this may require changes in your approach to model development and deployment, your technology architecture and skills.
Recognise new ROI opportunities
Boost your bottom line with AI strategies that capture indirect costs (such as new burdens on specialists and the new oversight needs of GenAI) and indirect benefits (such as improved employee and customer experiences).
Implement responsible AI to build trust
Responsible AI offers frameworks, templates and code-based assets to enhance the ethics, security, compliance and robustness of your AI usage and data governance. A responsible AI framework is a powerful tool to instill trust.
“Nearly all business leaders say their company is prioritising at least one initiative related to AI systems in the near term.”
2023 PwC Trust SurveyAI focus areas
GenAI for business use is here and continues to rapidly evolve. 30% of CEOs in Malaysia are optimistic about GenAI contributing to increased profitability in the next 12 months according to PwC's 27th Annual Global CEO survey (2024).
The openness to tap into the power of GenAI will likely only continue to grow, and companies are already realising tangible cost and efficiency gains in various functions of their business including operations, sales and marketing, IT and engineering, risk and legal, tax and R&D.
Our AI experience and knowledge can help you innovate to realise GenAI's potential today, and lay the foundations for future growth. Our business-driven approach, deep industry experience, and technical knowledge can help our clients identify business areas that can be improved with GenAI and train the right models for long-term value.
From identifying use cases to designing and building applications to better serve customers and employees, we start with a focus on governance, privacy, security, ethics, and responsible design.
AI has the potential to create significant economic and societal benefits for businesses, governments and individuals worldwide. But with great potential comes great risk: are your algorithms making decisions that align with your values? Do customers trust you with their data? Will your brand be tarnished if you can’t explain how your AI systems work?
Answering these questions is a responsibility that falls on all of us: board members, CEOs, business unit heads and AI specialists alike. PwC’s Responsible AI Toolkit—a suite of customisable frameworks, tools and templates ranked by Fast Company as a World Changing Idea, and winner of several awards at CogX—can help your organisation harness the power of AI in an ethical and responsible manner.
Think that AI is hard? Turns out, you’re right. Companies are investing, creating and deploying AI models using approaches more suited for traditional software development, but AI models are living artifacts that must be continuously improved and maintained. Traditional approaches struggle with efficient model production, and may result in missed opportunities and value decay.
What are ways Conversational AI and natural language processing (NLP) can be used to interact with customers, employees, and processes more easily? Conversational AI and natural language processing is moving beyond just consumer-facing virtual assistants into the enterprise space to help us work smarter and faster. Natural language machine learning techniques can be applied to unstructured audio and text data to extract information, analyse patterns and even generate sentences.
PwC's Conversational AI and NLP services and accelerators enable companies to satisfy customer and employee expectations while lowering costs. Using a combination of reusable assets, pre-trained models, and bespoke capabilities, we solve a wide range of information extraction problems for our clients. From invoice processing to contracts review, we can build or tailor the solution needed. Our solutions help reduce operational complexities, improve customer service, engage customers, and streamline internal processes.
How can we make better decisions in such an uncertain world? Uncertainties and disruptions are leading to a lack of confidence in strategy. AI-powered predictive models and simulation tools can help leaders quickly test strategic scenarios to make better decisions faster.
Traditional analytic approaches to strategy rely on “predict-and-act” models that are narrow in scope and inadequate to support the development of adaptive strategy. In contrast, simulation models focus on the dynamics of market development and the “new economics” of the value network created by innovation. PwC can help companies establish systems thinking practices to capture the richness of alternative futures, leverage strategic and operational simulation models at scale to help reveal strategies that are robust and minimise regret across many different futures.
How can the same capabilities used to improve customer experience and increase productivity benefit the broader society? With the increasing maturity of AI technology, there is potential to use AI to solve some of our society’s most pressing problems. Globally, we work with leading not-for-profit organisations and collaborate with major companies to research how AI can be used to benefit society and create applications that make a lasting impact.
We have helped not-for-profits and major organisations by simulating the network effects and economic benefit of including women in the workforce in emerging nations, researching the potential benefits of AI on our environment, and modeling the impact of planting a tree in a specific area on carbon footprint.
PwC's AI Maturity Assessment Tool
Successful adoption of AI to deliver the impact envisioned requires a holistic approach. There are 5 areas that organisations should consider and plan for in their AI roadmap to drive alignment, innovation and value creation.
Understand the implications of AI on your organisation, to define and inform your strategic response in implementing AI.
Identify and prioritise the opportunities for value creation, in order to invest in the right areas for growth or cost optimisation.
Ensure your organisation’s governance provides adequate safeguards for the use of AI.
Prepare your workforce and organisational culture with how AI can transform the ways of working.
Strengthen your organisation’s technical and security infrastructure as well as data protection capabilities to ensure scalable and safe use of AI.
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