Masters of Scale
Re-skill for AI w/PwC’s Tim Ryan
Thu Jul 13 2023Description
The episode discusses A16Z, PWC's billion dollar investment in AI, the importance of AI and technology, challenges faced by clients, PWC's approach to AI, and the need for individuals to embrace change and build wisdom in times of rapid technological advancements.
Insights
PWC's billion dollar investment in AI
PWC recently announced a billion dollar investment in AI to retrain their workforce. The decision was driven by client demand, feedback from employees, and the partnership with Microsoft and OpenAI.
Challenges faced by clients
Clients are seeking guidance on scaling AI, managing risk, and navigating regulations. Non-regulated businesses are expected to adopt AI faster than highly regulated industries like finance and healthcare.
PWC's approach to AI
PWC is incorporating AI into auditing, tax, and consulting functions to improve efficiency and accuracy. They are also focusing on retraining and reskilling their entire workforce of 65,000 people.
Embracing change and building wisdom
Companies succeed or fail based on the quality of their people and how they adapt to new technologies. It's important for individuals to be willing to try new things and become familiar with AI in order to build wisdom in times of rapid change.
Chapters
Introduction
00:00 - 07:03
- A16Z is a podcast from Andreessen Horowitz that features movers and shakers in the business world.
- PWC, the Global Professional Services Network, recently announced a billion dollar investment in AI to retrain their workforce.
- Tim Ryan, chair and senior partner of PWC, shares key lessons on reinforcing human skills when using new technology.
- PWC's previous investment in a tech platform for their workforce led to the current commitment to enhance AI capabilities.
- The billion dollar investment will focus on developing solutions for clients and teaching PWC employees about AI.
- The decision to invest in AI was driven by client demand and feedback from PWC employees.
- The partnership with Microsoft and OpenAI played a significant role in PWC's decision to invest in AI.
- The rapid advancement of generative AI like CHAP GPT influenced PWC's decision to scale up their AI capabilities.
The Importance of AI
06:44 - 13:56
- The world economic forum highlighted the importance of AI and technology
- CEOs are uncertain about how to respond to the imperative of taking action with AI
- Challenges faced by clients include inflation, geopolitical tensions, and pressure from investors and customers
- Clients are seeking guidance on scaling AI, managing risk, and navigating regulations
- Non-regulated businesses are expected to adopt AI faster than highly regulated industries like finance and healthcare
- Early use cases for AI include automating repetitive tasks in areas such as database management, call centers, insurance claims processing, and data ingestion
- PwC is incorporating AI into auditing, tax, and consulting functions to improve efficiency and accuracy
- AI frees up time for critical thinking, analysis, innovation, and soft skills while still requiring human involvement
- PwC's strategy is human-led and tech-powered
PWC's Approach to AI
13:30 - 20:51
- Over 20,000 riders in 30 countries and 300 cities
- Unique issues with branches in different countries
- Language challenges in the app
- Fast adoption and rapid growth helped shape the business
- Iterative approach and speed of market key to success
- Using roadmap to change an entire industry
- PWC is spending a billion dollars on AI
- Retraining and reskilling the whole workforce of 65,000 people
- Teaching everyone the basics of AI with gamification and rewards
- Deep AI learnings available for those who want to go deeper
- CEO personally studying research and experimenting with AI tools
- AI increases competitiveness, high-quality management teams will win
- Competing on people understanding an industry, not just technology
- History shows people are crucial for success, not just technology
Embracing Change and Building Wisdom
20:23 - 26:28
- Companies succeed or fail based on the quality of their people and how they adapt to new technologies.
- The average life of a Fortune 1000 company has decreased from 34 years to 17 years, but those who evolve their workforce are succeeding.
- AI will drive productivity and efficiencies, leading to more growth and job opportunities.
- Irresponsible use of AI is a concern, but the main worry is that people don't embrace new tools and environments to achieve their full potential.
- It's important for individuals to be willing to try new things and become familiar with AI in order to build wisdom in times of rapid change.