2024-10-08 11:26:28
Source: Trend International Information Agency
PwC advises companies in Azerbaijan on artificial intelligence (AI).
As Day.Az reports, Farid Gattal, head of the consulting services department at PwC Azerbaijan, said this in an exclusive interview with Trend.
According to him, the main trends in Azerbaijan are related to the use of AI in highly transactional sectors such as telecommunications, retail, financial services and the public sector.
“These are industries where large amounts of data are created and processed. The outlook here is consistent with global trends: many companies see AI as a way to reduce costs and increase revenues. According to our global Emerging Technologies Survey, more than 55 percent of companies plan to invest in the development of AI, especially in its generative forms. More than 80 percent of organizations also intend to increase spending on technology solutions,” Gattal said.
He also spoke about the unique challenges that Azerbaijani companies face when introducing AI.
“The main challenges for Azerbaijani companies are related to the decision on the issue of “build or buy”. In most cases, companies choose to purchase ready-made solutions, such as SAP, IBM, Oracle and others. However, this is an expensive solution, since most products are purchased abroad. At the same time, creating your own AI product requires significant resources, which are not enough in the local market. Experienced AI specialists, of whom there are very few in the country, are especially valuable,” said the head of the department.
Gattal noted that artificial intelligence is used mainly in three areas.
“Firstly, it is the automation of routine processes. Artificial intelligence allows you to do this much more efficiently than traditional robotic methods. Secondly, it helps in making decisions based on cognitive analytics, which differs significantly from conventional analytical tools. Here we are talking about advanced analytics in situations where there is a lack of data or it is poorly structured. The third direction is the use of generative AI, which can recreate human behavior in processes such as communication, customer support through chatbots and other forms of interaction,” said the head of the department.
According to him, PwC approaches artificial intelligence with a forward-looking strategy.
“At a strategic level, it was decided to invest more than one billion dollars over two years in the development of this technology. This means that we plan to train more than 65 thousand employees worldwide, including our office in Azerbaijan. We have planned close cooperation with OpenAI to use GPT-4 technologies both for internal processes and for the provision of client services. Artificial intelligence helps to optimize our services and increase their efficiency. An important aspect is also the development and updating of internal policies that regulate where and how AI can be used, as well as. set the boundaries of its application,” he added.
The head of the department noted that PwC is currently reviewing its business model.
“PwC provides professional services in three areas: audit, tax advisory and consulting. The use of artificial intelligence has changed the understanding of the cost and speed of service delivery. We are reviewing the standards and calculation methods used before the introduction of AI. In addition, artificial intelligence opens up opportunities for the development of new products and services, which also becomes part of our strategy,” Gattal noted.
According to him, PwC sees the greatest potential for using AI in auditing and tax consulting.
“A few years ago it was predicted that the accounting profession could disappear. Artificial intelligence is already helping to make accounting and tax services more efficient, which is becoming an important task for companies like ours,” added the head of the department.
Gattal emphasized that among the main challenges one can note the company’s readiness to implement artificial intelligence.
“This includes three key aspects: the availability of data necessary to train and analyze AI; the availability of resources – specialists and finance; and the presence of policies and legislative regulations that determine how and where artificial intelligence can be used. For example, in jurisprudence, AI is not yet allowed to be used for analyzing court cases,” he said.
Farid Gattal also discussed how PwC is addressing the challenges associated with integrating AI into corporate culture and risk management.
“Risk management includes developing clear policies for the use of AI. We are updating our procedures to regulate where and how artificial intelligence can be used. Risk policies, HR policies and accounting standards are also being updated. The second important aspect is employee training. As soon as “When the decision was made to introduce AI, we organized a process to inform all participants about the technologies used, as well as how they will develop in the future,” he added.