Embrace GenAI, local firms urged

Global consultancy giant PwC is making waves in the Philippines, accelerating the adoption of generative artificial intelligence (GenAI) among local companies. This comes as PwC takes the lead role as the first official reseller and the largest user of ChatGPT, a powerful GenAI tool developed by OpenAI, a US research firm backed by tech titans Elon Musk and Microsoft.

Scott McLiver, PwC’s head for GenAI in Asia Pacific, recently visited the Philippines to address a gathering of business leaders from the Management Association of the Philippines, CFA Society Philippines, and PwC Philippines’ partners and directors.

In his speech, McLiver emphasized the transformative potential of GenAI, stating, “The arrival of non-human intelligence is a big deal, and we’re not even one percent along that journey.”

Data harvester

GenAI, in essence, is a form of artificial intelligence capable of generating creative text formats, videos, audio and images. It accomplishes this by drawing on a vast pool of data stored online and within user systems, responding to user instructions and codes to produce the desired output. ChatGPT, for example, leverages its language learning abilities to craft essays, poems and other written content.

McLiver envisions a future where GenAI becomes an integral part of everyday business operations.

“Over the next couple of years, we’re going to see GenAI embedded into everything that we do,” he declared.

“Whether those are creative tasks like creating videos or logos or diagrams, or analytical tasks like programming or report writing, we’ve now got basically a digital brain that we can use to help us accomplish our goals.”

To empower companies in harnessing the power of GenAI, PwC Philippines offers a comprehensive package of support.

This includes training programs for company executives on effective GenAI utilization, consultations on crafting a customized AI roadmap, and guidance on developing policies for the safe and responsible deployment of this technology.

McLiver enthusiastically highlighted the accessibility of GenAI, stating, “If you’ve got a mobile device and an internet connection, you can have the smartest person on the planet in your pocket for free. As professionals, our task is to figure out how to maximize the benefits of these digital brains for our clients.”

The potential benefits of GenAI are significant. PwC’s 2024 Global CEO Survey revealed that a staggering 70 percent of company leaders believe GenAI has the power to significantly enhance their operations and customer service. Moreover, PwC estimates that users of GenAI can potentially experience a profit margin increase of up to 20 percentage points.

Prime sectors to benefit

According to PwC, industries poised to reap the greatest rewards from GenAI adoption include those involved in computers, luxury goods, entertainment, telecommunications, hospitality and pharmaceuticals.

PwC’s proactive stance in promoting GenAI positions Philippine companies at the forefront of this technological revolution.

By equipping businesses with the knowledge and tools to leverage GenAI effectively, PwC is paving the way for a wave of innovation and enhanced competitiveness in the Philippine market.

As McLiver aptly stated, “We’re not even one percent along that journey,” but with PwC’s leadership, Philippine businesses are now well-equipped to embark on this exciting exploration of GenAI’s vast potential.