Generative AI for business use is here and continues to rapidly evolve. The openness to tap into the power of generative AI will likely only continue to grow with an estimated $15.7 trillion dollars of potential contribution to the global economy by 2030.

Many companies are already realizing real cost and efficiency gains in various functions of their business including operations, marketing & sales, IT and engineering, risk and legal, tax and R&D. PwC included.

Now, we're turning our AI experience and knowledge into business outcomes for our clients, helping them innovate to realize 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.

What is generative AI?

Generative AI is a type of artificial intelligence that allows us to create, enhance, summarize, and analyze unstructured data, such as text, code, voice and images. This type of data makes up a large portion of enterprise data and affects everything that we do as knowledge workers. It is the best window into the needs and wants of the customers, employees, candidates and collaborators for your business.

What is the impact of generative AI?

Generative AI’s impact on business and society is expected to be enormous. As its capabilities expand, generative AI’s reach and its ease of use makes it more democratic.

With generative AI, developing and deploying new AI capabilities is no longer limited to data scientists, and thus, solutions can be both business and citizen-led. And, the resulting speed and productivity that generative AI brings to knowledge work can save time and money, allowing people to focus on higher-value activities. The coming explosion in AI use can allow organizations to transform their business — so long as they manage the new risks to security, privacy, bias, ethics and brands.

How can generative AI improve business?

Generative AI can automate and enhance aspects of almost all business operations, ranging from customer service to software development and data analytics. For example, it can:

Improve how you engage with your customers by enabling self service, providing everyone the best possible interaction
Automate high-volume tasks, such as processing insurance claims and communications or software development tasks
Make it easier for your teams to understand all the unstructured data that matters — contracts, invoices, customer feedback, policies, performance reviews

What is responsible generative AI?

Building and maintaining Trust with stakeholders, from your Board to your customers and regulators, means you need to consider how your organization uses AI responsibly. Generative AI is no exception - you need to be ready to demonstrate ongoing governance over data and performance, but also that your organization is responsive to emerging issues around human-machine interaction, job displacement, and unintended consequences of algorithms. It’s beyond compliance with regulation — building Trust is good for business and your brand.

Why PwC for generative AI?

We are a community of solvers — consultants, engineers, developers, data scientists and design specialists — with the experience and knowledge to implement and provide oversight on generative AI. Our human-led and tech-powered mindset drives our success in harnessing the power of GenAI, both in house and with the companies we work for. Complemented by alliances with other leading tech companies and academic institutions, we are creating solutions that help you reimagine certain areas of your business to unlock more value.