PwC's chief AI officer: AI is moving quickly. Here's how leaders can avoid getting left behind.

Dan Priest, who was appointed as PricewaterhouseCoopers' inaugural chief AI officer a year ago, emphasizes that while many corporate leaders are eager to embrace artificial intelligence, they often struggle with its practical implementation. As generative AI transforms various sectors including accounting, human resources, sales, and marketing, the leadership abilities of CEOs are increasingly being scrutinized. Priest warns that the strategies leaders choose to implement today will be crucial for determining their companies' success in the coming years. He indicates that the right approach could lead to significant cost savings and accelerated growth, while failure to adapt could result in companies lagging behind. A survey conducted by PwC revealed that nearly 40% of approximately 4,700 CEOs believe their current business models may not survive the next decade if AI continues to advance at its current pace. This finding suggests that organizations will need to innovate revenue generation methods, potentially leveraging AI, a task that is not without its challenges. Given the rapid development of generative AI, Priest underscores the necessity for CEOs to invest in AI technologies and to strategically plan their integration into business practices. However, differentiating one's company in a market where AI is becoming ubiquitous is a significant hurdle. "If AI is everywhere and everyone has access to it, it cannot serve as your sole competitive edge," he asserts. Leaders must also evaluate which job roles will benefit from AI assistance and which may become redundant. Additionally, identifying skill gaps within their workforce is essential, as is investing in training programs to help employees adapt to these changes. "If you recognize that people are vital to your future success, you should prioritize their reskilling," Priest advises. Moreover, Priest points out that employees interact with AI in varied ways based on their career stages. Younger team members may overly rely on AI for decision-making, while those in the later stages of their careers might hesitate to utilize it consistently. For those using AI in writing tasks, Priest recommends a balanced approach: create an initial draft independently before using AI for revisions. "The initial and final drafts should reflect your thoughts and voice," he emphasizes, advocating for a human-centric approach to AI initiatives in business. He concludes that while AI is an exciting development, it is ultimately the collaboration between humans and AI that drives meaningful change in organizations.