PwC global chairman Mohamed Kande has said that a majority of companies are not seeing results from their artificial intelligence (AI) investments because they are missing basic groundwork. Speaking to Fortune on the sidelines of the World Economic Forum meeting in Davos, Switzerland, Kande highlighted a PwC survey which says that 56% companies are getting “nothing” out of AI, even as spending and adoption rise sharply. During the interaction, Kande said the role of CEOs has changed significantly, with leaders now expected to manage existing businesses, transform operations, and build new models at the same time. According to Kande, AI has become a key pressure point in this shift.
PwC global chairman: CEOs face a new kind of challenge
Kande said the job of a CEO has changed more in the past year than in the previous 25 years. He explained that business leaders are now expected to run current operations, make changes in real time, and prepare for future business models simultaneously. He said this three-part responsibility is something he has not seen before in his career.“This is one of the most testing moments for leaders,” Kande told Fortune. He added that while the pace of change is creating uncertainty, similar periods have occurred in the past, including during major economic and industrial shifts.
PwC global chairman: AI adoption rises, results still limited
PwC’s 29th global CEO survey, based on responses from 4,454 CEOs across 95 countries and regions, shows a wide gap between AI adoption and outcomes. Kande said companies have moved from debating whether to use AI to actively deploying it. “Nobody is asking that question anymore. Everybody’s going for it,” he said.However, the survey found that only 10% to 12% of companies report gains in revenue or cost savings from AI. At the same time, 56% said they are not seeing any benefit. Kande said the issue is not the technology itself but weak execution.He said companies that are seeing results have focused on clean data, clear processes, and proper oversight. “Somehow AI moves so fast … that people forgot that the adoption of technology, you have to go to the basics,” Kande said.
Confidence gap among business leaders
Kande also pointed to a gap in confidence among CEOs. While many leaders say they feel positive about the global economy, fewer are confident about growing their own businesses. PwC’s survey shows that only three in ten CEOs expect revenue growth over the next 12 months, the lowest level in five years.Kande said this uncertainty is also affecting how companies think about talent and careers, as AI takes over routine tasks. He said traditional entry-level learning models may need to change as a result.Kande said leaders should look at long-term trends rather than short-term disruptions. “I’m an optimist,” he said, adding that understanding change is key to dealing with it.
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