CEOs, to get real value from AI, put the right foundations in place

In PwC’s 29th Global CEO Survey, we asked CEOs what concerns them most these days. There was a clear winner: transforming the business fast enough to keep up with technology, including AI. But while CEOs are making large investments in AI, financial returns are elusive. More than half of our survey respondents say their company hasn’t reduced costs or increased revenue through AI use in the past 12 months. Less than one-third have increased revenue, and about a quarter are seeing lower costs. One in five are seeing costs increase, likely because of the need for continued investments in new solutions and applications.

AI high-fliers leaping ahead
Yet a subset—one in eight—has realised both higher revenues and lower costs from AI. What are companies in this group doing differently? They’re deploying AI more extensively across the business, in ways that align with their overall strategy. For example, 44% of companies in this group have applied AI to their products, services, and experiences, compared to only 17% for other companies.

Your next move: Build AI foundations. Our work with clients confirms mounting evidence that the companies gaining transformational value from AI aren’t confining its use to small efficiency gains. Instead, they’re using it to transform end-to-end workflows and redefine how they create value. This, in turn, demands strong foundations across the enterprise, in the following areas:

• Prioritise AI use cases that tie directly to business outcomes, and deploy the technology into workflows at the centre of the company’s value-creation activities.
• Invest in the infrastructure needed to make data accessible and reliable.
• Think through responsible AI and risk management to ensure the technology is being used in ways that build trust and create value.