NEW YORK — The rapid advancement of artificial intelligence is prompting more businesses to consider how to implement this technology both swiftly and responsibly.
Dan Priest has stepped into the role of Chief AI Officer at PwC, a leading consulting firm globally. His focus is on assisting companies from various sectors as they integrate AI into their daily operations and evolve their business models for the future. For 2024, he emphasizes the importance of demonstrating the benefits that AI can offer, while looking ahead to 2025 when the conversation will shift towards scaling these technologies.
In a recent discussion, Priest shared insights into his new responsibilities and offered predictions regarding AI trends in the upcoming year. The following interview has been condensed for brevity and clarity.
**Q: When did PwC feel the need to create the Chief AI Officer position?**
**A:** The position was initiated in early July, following a comprehensive AI impact analysis and strategic planning for the firm. The primary intention behind this role is to ensure we harness AI’s full potential responsibly, to effectively meet our clients’ needs. Our company collaborates with firms across various industries, including technology, healthcare, and hospitality.
**Q: What feedback have your clients shared regarding their AI adoption?**
**A:** AI is increasingly being utilized among a significant portion of our clients. A recent survey of Fortune 1000 companies revealed that nearly half of the respondents reported that AI is fully integrated into their operational workflows, while around a third have incorporated it into their products and services. AI isn’t merely a technological upgrade; it also influences overall business strategies. A substantial number of CEOs acknowledge AI’s potential impact on their business models, with approximately 73% expressing beliefs that AI will drive such shifts. We’re particularly observing the rise of generative AI influencing consumer experiences and product development.
**Q: Can you highlight specific examples of this integration?**
**A:** The competitive landscape has shifted; companies can no longer solely anticipate consumer preferences. They now need to offer personalized products and services, a task that generative AI facilitates incredibly well. For instance, consider a cruise line. Traditionally, cruise operators would have to guess consumer desires for food, products, and excursions. Now, with generative AI, they can create a personalization engine that recognizes preferences. If a customer indicates a liking for luxury items, the cruise line can ensure those products are available onboard. Or, if someone is partial to a specific cuisine, that food can be featured on the menu. This level of personalization enriches the customer experience in ways previously unattainable.
**Q: What precautions should companies consider when implementing AI?**
**A:** It’s crucial to recognize that AI is not a one-size-fits-all solution; different applications have varying levels of maturity. For instance, there have been instances in contact centers where AI agents have delivered incorrect information, creating confusion for customers. It’s vital for organizations to conduct a “maturity test” to confirm that the technology in use is ready for deployment, particularly in customer-facing roles. This vigilance also applies to safeguarding internal data, which should not be inadvertently used to train large language models.
This represents one aspect of the risks involved. Conversely, there’s a danger in moving too slowly, which can lead to companies falling behind. An effective AI strategy can either propel a company forward or hinder its progress, akin to the Internet boom where early adopters often reaped the rewards over the following decades. We anticipate a similar outcome for businesses that engage with AI today, not only taking early steps but doing so in a trustworthy manner.
