Companies are spending millions to get AI into the hands of workers. Payback won't be quick

PwC is planning to implement a customized version of OpenAI’s generative AI technology for its workforce of 75,000 employees. The decision reflects the belief that AI will have a transformative impact. In order to sustain a healthy U.S. economy amidst declining workforce participation levels, it is crucial to enhance employee productivity, and AI is seen as a way to achieve that.

While CFOs express concerns about the high cost of implementing AI technology, PwC’s Chief Products & Technology Officer, Joe Atkinson, maintains that the primary challenge lies in preparing the workforce for AI usage at scale, rather than the business case versus the price.

PwC US is introducing its internal generative AI tool, “ChatPwC,” powered by OpenAI and operating within the secure Microsoft Azure environment, to all of its employees by the end of the year.

Atkinson believes that the hyperbole surrounding AI is justified because it will transform everything. However, CFOs and other executives continue to debate the worthiness of the investment in AI deployment. While some believe AI will lead to financial savings in the near-term, others, such as Eric Kutcher, the CFO at McKinsey & Co., anticipate that the return on investment (ROI) may take longer than a year to materialize.

Despite these debates, many firms, including McKinsey, have created their own AI platforms to enhance productivity. McKinsey’s platform, called Lilli, allows its consultants to accomplish tasks within minutes that would have otherwise taken weeks. The firm views AI as essential for sustaining economic growth and increasing employee productivity.

Atkinson suggests that generative AI tools can alleviate employees’ daily administrative tasks, enabling them to focus on more strategic projects and maximize productivity for clients. PwC has already generated over 3,000 internal and client use cases for AI within six weeks of launching its “AI factory.”

The challenge for organizations lies in managing licensing and deployment costs. While AI providers are investing heavily in AI tools and enhancements, Atkinson believes that the true value will reside in customizing AI at the firm level. However, the cost of AI will only decrease in the future as it becomes commoditized.

Healthcare tech firm Doximity and data analytics giant Palantir Technologies are among the companies leveraging AI to improve productivity. AI is particularly helpful in enabling doctors to stay informed with new medical information while reducing time spent on administrative tasks. Palantir is using AI to enhance operational decision-making and is now offering AI “boot camps” to its customers.

Ultimately, CFOs and executives emphasize the importance of recognizing and utilizing AI to drive productivity and revenue. While the costs of AI may decrease over time, they acknowledge that implementing effective AI strategies will be a multi-year journey rather than a quick solution.