BUSINESS LEADERS that do not have a grasp of generative artificial intelligence (GenAI) may struggle to recognize the opportunities and benefits and mitigate the risks that come with the technology, according to PwC.
“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,” Scott McLiver, GenAI leader at PwC Asia-Pacific, said in a statement on Sept. 2.
In an AI Masterclass organized by PwC Philippines that was held on Aug. 12, Mr. McLiver said GenAI is a tool to “supercharge” employees and should not be seen as a human replacement.
“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.
Business leaders should invest in safe and robust AI tools for their workforce to prevent the use of “irresponsible” technologies, Mr. McLiver said.
“At PwC Philippines, we’re embracing the future of corporate efficiency through the strategic application of GenAI,” Mary Jade Roxas-Divinagracia, Deals and Corporate Finance managing partner at PwC Philippines, said.
“Our latest investment, ChatPwC, is a secure, in-house virtual assistant trained on our firm’s data and tailored to our unique needs.”
Ms. Divinagracia said the tool has provided a 40% increase in productivity in PwC territories globally.
“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,” said Maria Rosell S. Gomez, partner and Risk Services leader at PwC Philippines.
Ms. Gomez added that this approach allows them to maximize AI’s benefits while preserving the “essential” human involvement in decision-making processes.
For her part, Veronica Bartolome, Consulting Managing Principal at PwC Philippines, said that while many Filipinos are optimistic about GenAI’s benefits, workplace adoption remains limited, citing 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,” she added. — Aubrey Rose A. Inosante