Work out what AI means for your business
The starting point for strategic evaluation is a scan of the technological developments and competitive pressures coming up within your sector, how quickly they will respond. You can then identify the operational pain points that automation and other AI techniques could address, what disruptive opportunities are opened up by the AI that's available now, and what's coming up on the horizon.
Prioritise your response
In determining your strategic response, key questions include how can different AI options help you to deliver your business goals and what is your appetite and readiness for change. Do you want to be an early adopter, faster follower or follower? Is your strategic objective for AI to transform your business or to disrupt your sector?
Make sure you have the right talent and culture, as well as technology
While investment in AI may seem expensive now, PwC subject matter specialists anticipate that the costs will decline over the next ten years as the software becomes more commoditised. Eventually, we'll move towards a free (or 'freemium' model) for simple activities, and a premium model for business-differentiating services. While the enabling technology is likely to be increasingly commoditised, the supply of data and how it's used are set to become the primary asset.
Build in appropriate governance and control
Trust and transparency are critical. In relation to autonomous vehicles, for example, AI requires people to trust their lives to a machine - that's a huge leap of faith for both passengers and public policymakers. Anything that goes wrong, be it a malfunction or a crash, is headline news. And this reputational risk applies to all forms of AI, not just autonomous vehicles. Customer engagement robots have been known to acquire biases through training or even manipulation, for example.
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