Rohan Sen
Recently, the broad availability of generative AI (GenAI) has accelerated the rate at which AI is becoming a core component across every aspect of an organization – from strategy to operations, from the front office to the back office, and in products and services.
For a modern chief executive officer, making AI part of a company’s future is an imperative. Based on our 2024 Chief Executive Officer Survey, 65% of U.S. chief executive officers believe that in the next three years, GenAI will increase competitive intensity in their industry. This means adapting their roles and strategies to fully leverage AI’s possibilities while also establishing trust through responsible use.
Realize AI’s Potential—Every Employee Can Use It Daily
At PwC, we have seen firsthand how AI is fundamentally changing how work gets done. GenAI, in addition to advancing the state of the art in AI, has also democratized it. As such, AI is no longer solely the domain of data scientists working with complex coding tools. Rather, it is now accessible to anyone who can provide prompts. This democratization is creating the momentum that will make AI intrinsic to an organization.
Chief executive officers are facing a scenario where every employee can use the power of AI in their day-to-day tasks, transforming the way companies operate. Their challenge is to harness this potential in a way that furthers strategic goals while managing the risks associated with the development, deployment, and use of these technologies and earning the trust of stakeholders.
Establish Trust With Responsible AI Practices
To earn stakeholder trust, chief executive officers must set the tone that AI technologies within the organization are built with due care – where the capabilities are balanced with the risks. PwC’s Responsible AI (RAI) approach is a set of practices that span the entire organization and help uncover AI’s potential, while addressing inherent risks.
Our 2024 Responsible AI survey showed that many executives are realizing the value of RAI practices, with the top five reported benefits including: risk management and cyber security program enhancements, improved transparency, customer experience, coordinated AI management, and innovation.
Balance Innovation With Responsibility
AI systems are complex, and their risks can be unpredictable and difficult to understand. Balance innovation with responsibility, foster an AI forward culture, and embrace AI-driven transformation that preserves opportunity while managing risks through RAI principles.
Rohan Sen is Data Risk and Privacy Principal at PwC US.