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Data from PwC’s 2024 AI Business Predictions report suggests that generative artificial intelligence (GenAI) will fundamentally alter not just not just jobsnot just jobs, but also a variety of business and organizational practices — from revenue growth and operational efficiency to customer engagement and the development of entirely new business models.
According to a PwC survey, as of 2023, 73% of U.S. companies have already integrated AI into “at least some areas of their business,” with over half employing GenAI to improve various business functions.
However, the report stresses the importance of scaling usage of GenAI beyond isolated use cases to achieve more transformative value. Researchers at PwC are urging companies to adopt scalable patterns that can draw insights from unstructured data. This practice is said to help aid knowledge workers in making better decisions for their business.
PwC also highlights the critical role that trust plays in using AI systems.
According to the report, “No one yet knows the long-term impact of AI on overall employment, and 2024 will still be too soon for definitive answers. But AI will start to change how almost everyone — especially those at the highest levels — does their jobs. Whether in the C-suite or on the shop floor, people who know how to use AI will outcompete those who don’t. There’s long been talk about the need for AI skills in the workforce, and it’s true: Employees need skills, guardrails and incentives to use AI responsibly.”
The responsible use of AI is particularly important to ensure reliable and safe outcomes as GenAI takes on more complex tasks such as writing financial reports and analyzing proprietary data. Successful use of AI in the workforce requires upskilling initiatives like ai-related skills training, in addition to guardrails.
Investing in data modernization efforts is predicted to be a key factor in successfully adopting to the influence of GenAI tools. A reported 44% of business leaders in PwC’s survey are planning to implement such efforts in 2024 to maximize the benefits of GenAI. Additionally, the report suggests that GenAI, combined with cloud technology, can “accelerate nearly any data-related transformation initiative,” and help businesses “leapfrog several stages” of technological advancement.
The data coincides with the compelling vision of the future where GenAI enhances job performance across industries. However, this also demands a strategic approach to risk management and data governance to fully realize its potential.
