PwC has announced a substantial investment of $11.5 million over the next year to significantly enhance its artificial intelligence (AI) capabilities. This investment will fund the establishment of a new AI Centre of Excellence aimed at supporting Australian businesses in navigating the complex landscape of AI technology. This strategic move also seeks to bolster the global competitiveness of these businesses by equipping them with cutting-edge AI tools and expertise.
The AI Centre of Excellence is a cornerstone of PwC’s broader strategy to drive AI adoption across various sectors in Australia. With this initiative, PwC is expected to create up to 30 new jobs, further advancing its AI adoption strategies both internally and for its clients. These roles will complement the firm’s existing team of 320 specialists who are already working in the areas of data, advanced analytics, and AI.
The newly created positions will span a wide array of disciplines, reflecting the multifaceted nature of AI technology. These roles will include AI business analysts, software engineers, machine learning experts, data scientists, transformation and change management professionals, AI model validators, and risk management specialists. The aim is to build a robust and diverse team capable of delivering comprehensive AI solutions tailored to the unique needs of businesses across different industries.
Kevin Burrowes, CEO of PwC Australia, emphasized that the launch of the AI Centre of Excellence is a testament to the company’s commitment to leading AI transformation efforts. He noted that this significant investment is designed to build upon PwC’s existing momentum in AI, integrating a wide range of AI skills into a cohesive offering. This integration is intended to equip businesses with the transformative technology and trust capabilities needed to respond effectively to the rapid changes driven by AI.
Burrowes also highlighted the importance of trust in AI technology, acknowledging that businesses are often cautious about adopting new technologies due to concerns over reliability and security. The AI Centre of Excellence will focus not only on developing advanced AI solutions but also on building trust in these technologies. By providing end-to-end solutions that address critical business challenges, PwC aims to foster greater confidence in AI among Australian businesses.
The urgency of this initiative is underscored by findings from PwC’s recent CEO survey. According to the survey, fewer than 25% of Australian CEOs have begun integrating AI technology into their operations. This is despite the fact that 60% of these leaders believe that generative AI will have a significant impact on the value their companies can deliver in the future. The survey results suggest a considerable gap between the potential benefits of AI and the current level of adoption among Australian businesses.
Tom Pagram, PwC Australia’s AI leader, reiterated the importance of accelerating AI adoption. He pointed out that Australia has a tremendous opportunity to leverage AI for productivity growth, yet many businesses have not yet taken the necessary steps to fully embrace this technology. Pagram stressed that incorporating AI into business operations is no longer optional but a critical step that businesses must take to remain competitive in the global market.
PwC’s investment in AI and the creation of the AI Centre of Excellence represents a forward-thinking approach to addressing these challenges. The firm is positioning itself as a leader in AI transformation, not just within Australia, but on a global scale. By building a comprehensive AI capability, PwC aims to provide Australian businesses with the tools they need to thrive in an increasingly AI-driven world.
In conclusion, PwC’s $11.5 million investment in AI is a strategic move designed to enhance the firm’s capabilities and support Australian businesses in their AI journeys. The AI Centre of Excellence will play a crucial role in driving AI adoption, fostering trust in the technology, and equipping businesses with the skills and solutions they need to navigate the complexities of AI. Through this initiative, PwC is not only strengthening its own position in the market but also helping to position Australia as a leader in AI innovation on the global stage.
