If AI is atransformative force,
how do we ensure
it’s a force for good?
AI’s potential to create positive humanimpact will depend on a responsible,people-centered approach that focuseson creating value for allIntroduction
It’s easy to become weary of headlines that tellus the latest tech breakthrough will “changeeverything.” But generative AI and AI-driven
large language models (LLMs) are set to live up
to the hype, creating a new form of intelligencethat may even surpass the creation of the PC interms of impact.

Before generative AI, the skillsets of AI
were impressive but narrow — recognizing
objects in images, quantifying language
in text or crunching numbers in massive
data sets. But LLMs can do things wepreviously thought were uniquely human,
like creating art, writing books andmaking music. The intelligence of thesemodels includes “emergent” capabilities,
unexpected new abilities that haven’t beenprogrammed.
As the technology advances at speed,
what is certain is that AI is set tosignificantly reshape the global economy,
bringing new opportunities — and newrisks. So how can we make it a force
for good?

It’s time to start thinking bigger about how
the intelligence of AI could transform yourbusiness. Where are the opportunities
for value creation and augmenting thepotential of the workforce? Is it time toreimagine your entire enterprise? As AI
accelerates, companies that not only
understand and embrace the technology,
but wield it responsibly, can get an edge
on their peers.
EY takes a holistic approach to AI with
the EY.ai platform, a unifying platformthat combines our vast experience instrategy, transformation, risk, assurance
and tax, with EY technology platforms andcutting-edge capabilities. Facilitated by anecosystem spanning technology, businessand academia, EY.ai builds confidence,creates value, and augments potential.

Building confidence in AI

The AI market is booming, withGoldman Sachs forecasting global
investment to approach US$200b by
2025. But if businesses are broadly
embracing AI, why have only about
22% implemented it on a large
scale? For some, the limited scaleof implementation can be traced
back to various factors. These range
from a lack of specialized AI talentand concerns over cybersecurity tochallenges in aligning AI potential withstrategic goals and ensuring a futureproof investment in the technology.
But there’s another issue blocking
wider AI deployment in business —a lack of confidence. Much of
the uncertainty comes from theevolving state of global regulation.
Surveyed by EY, 65% of CEOs
believe that more work is neededto address AI’s social, ethical andcriminal risks. As concerns growover data privacy, misinformation,and intellectual property rights
around AI, governments are feelingthe pressure to establish effective
regulations. But the technology isevolving faster than they can keep
up, leaving governments to face
an ongoing challenge of regulating
against potential issues that haven’t
fully emerged.
At EY, we believe that a balanced
approach to AI governance promotes
innovation while mitigating risks.
It gives all stakeholders a voice indeciding how technology is used.
Ultimately, this creates a healthy

4| If AI is a transformative force, how do we ensure it’s a force for good?

information ecosystem likely to
optimize better outcomes foreveryone, while incentivizing the newideas that drive economic growth.
EY teams are already helping
shape responsible AI guidelines
and frameworks with the EY.ai
Confidence Index. This tool integrates
ethical, societal and public policy
considerations around AI. We’rehelping bridge understanding gaps
between stakeholders because
ultimately, effective AI regulation
requires coordination across sectors,
governments and countries. Drawing
from our extensive history as a global
leader in high quality audits, we’ve
helped built confidence in financialmarkets and we’re equally committed
to doing the same for AI.
EY.ai is designed to give organizations
everything they need to deploy
responsible AI with confidence. For
example, our work supporting a global
biopharmaceutical company helped it
spot where to improve AI governanceand risk mitigation, and becoming aleader ethical AI use in health.

Creating exponential value through a holistic AI approach

As AI accelerates, its ability totransform performance andproductivity could translate into hugevalue in varied sectors, from banking
and healthcare to consumer goods.
However, for many businesses, thebuzz around AI is yet to yield genuine
breakthroughs. While organizations
have adopted AI in a piecemeal formor launched pilot projects, theseimportant first steps are a realistic
response to uncertainty. But how doyou move from siloed projects to acohesive and comprehensive strategic
roadmap for transformation?
At EY, we believe that to thrive inan AI-enabled age, every enterpriseneeds to rethink its strategy andoperations by putting humans at
the center of transformation. Whilebusinesses in highly regulatedindustries will face different
considerations, all organizations first
pinpoint where value lies. Identifying

areas across the business where AI
can enable value creation — fromfinance, legal and tax, to risk,
customer service, supply chain andbeyond — supports the confident,
transformative approach vital tounlocking truly exponential value.
We’re helping clients realise thiswith the EY.ai Maturity Model. It
helps evaluates your enterprise’s
AI adoption, identifies growth
opportunities, and equips you with aclear understanding of your market
position and ethical compliance.
This fosters strategic planning anddevelopment of an efficient AI
roadmap, preparing your organization
to responsibly harness AI’stransformative capabilities.

debt collection. However, theirapproach, siloed across risk, strategy
and operations teams, achieved only
modest results. We helped themdevelop a connected solution thatleveraged AI across three areas —people, processes and technology — todeliver the transformative results theywanted. The project is reducing credit
losses by around US$25m annually,
while offering customers better,
personalized service. It’s an exampleof how reshaping an organization fromend to end can optimize performance,
enrich the customer and employee
experiences and ultimately tap into
new sources of sustainable growth.

The EY.ai Value Framework supports
the maturity model, by prioritizing
the initiatives that have the potential
to add the most value. For example,
a banking client used AI to improve

If AI is a transformative force, how do we ensure it’s a force for good? |5Augmenting people potential to drive
extraordinary outcomes

Could the intelligence of AI accelerate
solutions to some of the world’s mostcomplicated challenges, such asaddressing climate change, bridging
the digital divide or finding answers
to complex health problems? Could
AI even help reduce social inequity byequipping lower skilled workers withnew capabilities and facilitating accessto learning opportunities? We believethat when AI capabilities augmenthuman intelligence, the impact can beextraordinary. Businesses can start
now, using AI to innovate job roles,
empower their people and scale theircollective intelligence.
The potential of AI is exciting, not only
to enhance the productivity of teams,
but to also enrich customer andemployee experiences. When mundane
tasks are automated, employees arefree to spend more time in dialogue

with customers and colleagues, asking
new and better questions in addition
to providing answers. They have thetime and headspace to execute higher
level cognitive tasks that contribute tosolving more complex challenges.
Our commitment to AI’stransformative power can be seenin the products we develop, such as
our EY Intelligent Payroll Chatbot.
This tool, developed in collaboration
with Microsoft, is designed toefficiently handle approximately
50% of payroll queries, enhancing
support for our clients’ HR teams, thus
modernizing payroll and employeecare. The seamless integration of thischatbot into operational processes
streamlines functions, responds
efficiently to employee inquiries, andallows HR teams to better focus on
strategic work.

AI has the potential to create
opportunities for organizations toestablish new roles and enhance skill
development among their workforce.
This perspective is echoed by CEOs
we surveyed, with 65% saying theimpact of AI replacing humans in theworkforce will be counter-balanced bynew roles and career opportunities.
Of course, we know that changes
to how we work are not always
comfortable, even when they arepositive. That’s why we’re supportingclients to leverage AI in the workplace
to create that seamless human-AI
collaboration that delivers better
outcomes. This includes integrating
new tech with legacy systems
and helping create a culture oflifelong learning.

EY commits to help shape AI that builds
a better working world

Everything we do is anchored in ourpurpose of building a better working
world and core values — integrity,
respect and ethics — and brought tolife by EY people who are professional,collaborative and inclusive. We are
driven to build a better working world bycreating long-term value for our clients,people, communities, and societies.
6

While AI transforms aspects ofwhat we do or change how we do it,these values remain at our core. The
intangibles that govern our actions
become more important than everin an AI-enabled transformation. It
depends on a responsible, peoplecentered approach to its design,deployment and governance. EY is| If AI is a transformative force, how do we ensure it’s a force for good?

committed to be a leading voice for amore equitable and responsible use ofAI, enabling sustainable growth andempowering people and society for abetter working world.

If AI is a transformative force, how do we ensure it’s a force for good? |7

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