Artificial Intelligence has the potential to supercharge growth, but without clean, relevant, and labelled data - and the workforce to harness this - organisations are stymied in their efforts to move aggressively on AI.
CEOs overwhelmingly say AI will significantly impact their business within the next five years (86%), and almost three-quarters (73%) believe it will be good for society. But that doesn’t mean they are prepared to sit in the back seat of an autonomous vehicle just yet.
Despite their bullish views the majority of organisations in Australia and countries like the UK, US and Canada have not introduced AI initiatives on a grand scale. Only 6% of Australian CEOs have wide-scale or fundamental use of AI in their organisations, while only 29% have plans to introduce AI in the next three years.
CEOs will need to move from experimenting on the fringes to using responsible AI in wide-scale applications across the organisation. It’s the companies that are able to find the optimal fusing of people and machines - and do this responsibly - that will benefit most in what is becoming the bionic era.
As the use of AI grows, questions are being raised about how and to what extent the technology should be regulated.
Australia's business leaders have mixed opinions. About one in two (52%) believe governments should allow organisations to self-regulate, while on the other hand, more than three quarters think governments should develop a national strategy and policies for AI.
CEOs need to continue their focus on making sure AI is used responsibly: just because it’s legal, doesn’t mean it’s OK. Considering these five critical areas will help ensure that AI leads to good outcomes for your customers and your business.
PwC estimates suggest that there will be a net creation of jobs as a result of new technologies, including AI. Though the current AI skills gap is one factor stalling progress, fixing it is not only a matter of hiring or developing AI specialists and data scientists. It is equally important to cultivate a workforce ready to use AI-based systems and to foster customers and citizens who can recognise and practice good data management and self-protection.
There will also be a need to consider the impact as workforces adjust to the disruption. The majority of CEOs (80%) disagree that governments should intentionally slow down the replacement of workers by AI to avoid widespread job displacement, though 47% believe governments should provide a safety net to people displaced by AI.
The benefits of using AI are significant. But CEOs need to make sure all stakeholders - customers, regulators and employees - are part of the journey too.
Partner, Chief Data Scientist, PwC Australia
Tel: +61 (3) 8603 1274
Partner, Marketing, Sales & Service GTM Leader, PwC Australia
Tel: +61 2 8266 6388
National Thought Leadership Leader, PwC Australia
Tel: +61 2 8266 3229
National Thought Leadership Manager, PwC Australia
Tel: +61 (2) 8266 0252