2 biggest misconceptions about AI, says PwC CEO

Companies keep making the same mistake with artificial intelligence, according to Paul Griggs, senior partner and US CEO of PwC. Firms that treat AI adoption as a pure technology upgrade, he says, will keep "stubbing their toe" while missing the bigger opportunity in front of them.

According to Griggs, businesses that restrict the role of AI within the scope of work of the CIO and CTO are failing to make full use of the potential that AI has for them. Instead, he suggests that the use of AI should be considered a business transformation project involving all departments of the business.

"It is a change-management exercise with all of your people and all of your processes," Griggs said, framing AI adoption as an organisational shift rather than a software rollout.

According to Griggs, who started out as an intern at PwC about 30 years ago, AI represents the greatest opportunity of his career, and there is no question that it increases efficiency. However, according to him, the more difficult part is how firms will apply the increased efficiencies.

Griggs said that it is “the lazy way” to simply put efficiency savings on the bottom line. Rather, he urged them to consider where they could grow in the business and whether they were prepared to reinvest AI savings in growth rather than keeping them.

The second myth pointed out by Griggs is that AI alone can fix a poorly run business. Using AI to fix poor practices, said Griggs, will not make them efficient but only add another layer of complexity using AI.

These remarks are part of the continuing series in Business Insider's interview of Griggs, who has also offered career advice based on his experience in the company.