Strategy Guide to unlock the value of AI in your company
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1. Where is Artificial Intelligence going?
Artificial Intelligence (AI) is one of the most groundbreaking technological developments of our time and is currently changing the world. Whether autonomous driving, chatbots or innovative diagnostics, AI is fundamentally transforming more and more areas of our lives. $ 15.7 trillion – that’s the global economic growth that AI will generate by 2030, according to PwC studies.
2. What are the benefits of AI?
Generative AI for business use continues to rapidly evolve. Real cost and efficiency gains can be achieved across multiple business areas including e.g. marketing & sales, services & operations, risk etc. AI can reduce costs by augmenting or automating certain business areas and freeing up employees for more cognitively demanding tasks. With a workforce that is already stretched thin, this can relieve pressure and improve performance in the short and long term.
3. Why is it still difficult for many companies to implement AI?
Many enterprises still find it diffcult to scale AI in their business. A major reason why companies still struggle to anchor AI in a value-adding manner is the lack of a strategy. Accordingly, organizations should keep an eye on the big picture: “What does the business model of the future look like, and how can we use AI as a fundamental pillar to drive this transformation?”
4. What’s the best way to start utilizing these benefits?
The best place to start is with a business problem. AI will likely be part of the solution, whether it´s for customer experience, compliance, billing etc. But solving problems is just the beginning. Long-term success requires an AI-focused strategy. In particular, the following aspects should be taken into account:
- Set strategic goals and define the necessary structure
- Set priorities and justify investments
- Develop enterprise-wide AI capabilities and build the right ecosystem
- Consider Governance & Change Management
5. What are the key factors to consider?
Since everyone in your company is a potential user of Generative AI, your organizational culture becomes more important than ever. Your employees should be able to embrace experimentation, iteration and persistence. If your employees aren’t willing to learn new skills and to experiment, your organization may not be able to take advantage of the new opportunities.
6. How can AI be used responsibly?
AI carries enormous potential, but also new challenges. Companies must therefore develop, implement and use AI solutions that are morally responsible as well as legally and ethically justifiable. An effective AI governance strategy is crucial in this respect.
This article provides general information and does not constitute legal advice from PwC Legal oehner & partner rechtsanwaelte gmbh. The article cannot replace individual legal advice. PwC Legal oehner & partner rechtsanwaelte gmbh accepts no liability whatsoever for the content and accuracy of this article.
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