Using Generative AI to Drive Innovation and Efficiency in Business
Generative artificial intelligence is the latest buzz in the tech industry, and companies like EY are taking notice. As the global chief innovation officer at EY, Jeff Wong is at the forefront of implementing emerging technologies, including AI, into business processes. Wong recently discussed with Quartz how EY is utilizing generative AI, its ethical considerations, and the potential impact of AI on jobs.
EY, like many other companies, is using generative AI both internally and for its clients. Wong explains that they are carefully selecting projects to ensure they are implemented securely and thoughtfully. One example is the use of generative AI in EY’s payroll system. By loading the payroll tax laws into a generative AI system, EY is able to provide accurate and timely answers to payroll-related questions, improving efficiency and customer satisfaction.
An important aspect of using generative AI is ensuring data privacy and ethical use. Wong emphasizes that this is primarily a data policy question rather than a generative AI question. EY has a customer clause in its contracts that allows them to use customer data in a privatized manner for training AI systems. Additionally, EY has a strict information security review process to ensure data, information, security, and privacy are maintained.
Ethics also play a significant role in EY’s use of generative AI. Wong states that they will not undertake projects where they are uncertain about controlling bias in the outcomes. Ensuring fairness and avoiding bias is a priority for EY, particularly when it comes to projects involving generative AI.
When it comes to AI regulation, EY recognizes the importance of regulatory frameworks and closely follows the evolving landscape. As a regulated business, EY maintains a close relationship with regulators worldwide and actively participates in discussions on AI regulation. They believe that regulatory frameworks are necessary and provide guidance for responsible AI use.
One concern often raised with the adoption of AI is the potential for job displacement. However, Wong sees generative AI as an opportunity to automate tasks and job functions, rather than a threat to white-collar jobs. EY has a track record of successfully applying AI and automation technologies, and their teams are excited about the possibilities offered by generative AI. EY also takes the responsibility of upskilling its employees seriously, providing training and educational opportunities to help them adapt to changing job requirements.
Diversity and inclusion in AI is another important aspect for EY and Wong. Recognizing the lack of diversity within the AI field, EY has made efforts to build a robust pipeline by starting initiatives in high schools. They believe that diverse voices and perspectives are crucial in eliminating biases and creating inclusive AI systems.
In conclusion, EY is taking a cautious and deliberate approach to generative AI, ensuring data privacy, ethical use, and regulatory compliance. They see generative AI as a transformative technology with the potential to enhance efficiency and innovation in various business processes. With a commitment to diversity and inclusion, EY aims to harness the full potential of generative AI while mitigating any risks associated with job displacement and biased outcomes.
Generative AI is rapidly changing the landscape of innovation and efficiency in business. EY’s approach to implementing this technology showcases their commitment to data privacy, ethical use, and regulatory compliance. By carefully selecting projects and upskilling their employees, EY is harnessing the power of generative AI while addressing potential challenges. The focus on diversity and inclusion further highlights their dedication to creating fair and unbiased AI systems. Overall, EY is at the forefront of utilizing generative AI to drive positive change in the business world.
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