By Veronica Uy
Business leaders need to understand generative artificial intelligence (GenAI) for a number of reasons, according to PwC.
In an AI Masterclass held last August, PwC Asia Pacific GenAI Leader Scott McLiver said knowing GenAI, for one, drives innovation.
“As business leaders, if you don’t have foundational knowledge of GenAI, it’s very hard for you to have strategic discussions with your own colleagues and drive meaningful innovation,” McLiver said.
He explained that without a solid understanding of GenAI, leaders may find it difficult to spot AI opportunities, mitigate implementation risks, and communicate its benefits to their stakeholders.
Organized by PwC Philippines, the AI Masterclass brought together business heads from various sectors for informative sessions by PwC leaders on leveraging GenAI.
McLiver provided an overview of GenAI’s potential to transform industries, emphasizing that GenAI is a tool to “supercharge” employees and should not be seen as a replacement for humans. “It’s not about removing people, but trying to make every person more efficient and having the tech do small, time-consuming tasks,” he said.
PwC Philippines invests in own ChatPwC
Mary Jade Roxas-Divinagracia, PwC Philippines Deals and Corporate Finance Managing Partner, said her company has invested in ChatPwC, a secure, in-house virtual assistant trained on the firm’s data and tailored to their unique needs. She said this tool has already increased productivity in PwC territories across the world by up to 40 percent.
“At PwC Philippines, we’re embracing the future of corporate efficiency through the strategic application of GenAI. Our latest investment, ChatPwC, [underscores] our commitment to innovation and our ability to deliver tangible results for our clients and teams,” said.
Before realizing these gains, McLiver emphasized that leaders must invest in safe, robust AI tools for employees. He explained, “If you don’t give your team responsible, safe AI, they will go and use irresponsible AI.”
Angelo Basuan, PwC Philippines’ Digital Transformation Director, shared valuable insights on the training of AI models and the development of knowledge bases. He emphasized the crucial role of prompt engineering and digital upskilling in fully harnessing the potential of GenAI technology.
Basuan also encouraged attendees to participate in the High-Level AI Maturity Assessment Survey, providing them with an opportunity to assess their organization’s readiness for AI adoption and gain a clearer understanding of how to embark on their AI journey.
GenAI governance measures
Maria Rosell S. Gomez, PwC Philippines Partner and Risk Services Leader, recommended that responsible GenAI governance measures should be in place to mitigate risks. She encouraged participants to give governance a seat at the table.
“As we explore GenAI, balancing risk with opportunities that can be derived from using the GenAI is crucial. Having an AI governance framework and adhering to ethical guidelines ensures responsible implementation. This approach allows us to maximize technological benefits while preserving essential human involvement in key decision-making processes,” Gomez said.
The final session delved into the impact of GenAI on the workforce. Will Collins, Management Consulting Director at PwC South East Asia Consulting, talked about how GenAI is already being used in every stage of the employee journey at PwC, from recruitment to performance coaching.
Limited GenAI adoption in PH
However, Veronica Bartolome, PwC Philippines Consulting Managing Principal, noted that while many Filipinos are optimistic about GenAI’s benefits, workplace adoption remains limited, according to PwC’s 2024 Global Hopes and Fears Survey.
To drive GenAI transformation, they emphasized that leaders should focus on skills development, employee involvement in AI strategy, and fostering a culture of learning and empathy so employees view it as an enabler, not a blocker.
Bartolome shared, “Realizing AI’s full benefits requires investing in your people, skills, behavior and cultivating a supportive culture and mindset.”
PwC Philippines has been integrating GenAI in its operations and supporting clients and stakeholders in doing the same. The firm offers GenAI strategy development services, including creating AI roadmaps, implementing strategies and establishing AI frameworks.
The company also works with organizations to co-develop AI governance structures and facilitate seamless AI integration into their operations. Additionally, it provides GenAI Proof of Concepts and Proof of Value initiatives, paired with assessments of an organization’s AI readiness.
A signed agreement between PwC US, PwC UK and OpenAI has made PwC the first and exclusive reseller for ChatGPT Enterprise and the largest user of the product. This groundbreaking investment in GenAI will expand PwC’s technology ecosystem and enable it to scale its GenAI capabilities across businesses to help drive accelerated impact for its clients.
PwC is a network of companies that provide professional services that include those in assurance, tax, and advisory.