BAKU — In an exclusive interview with Trend, Farid Gattal, Head of Advisory Services at PwC Azerbaijan, detailed the company’s aggressive push into artificial intelligence (AI) and its implications for the future of Azerbaijani businesses. Gattal outlined the primary sectors for AI integration and discussed the unique challenges local companies face in adopting this technology.

According to Trend News Agency, Gattal emphasized that telecommunications, retail, financial services, and the public sector are leading the AI adoption curve in Azerbaijan. These sectors process vast amounts of data, making them ripe for AI efficiencies that can potentially lower costs and boost revenues. Gattal noted, “More than 55 percent of companies globally plan to invest in generative AI forms, with over 80 percent intending to increase their technology spend.”

Gattal highlighted a critical dilemma facing Azerbaijani firms: the decision to develop in-house AI solutions or to purchase pre-existing ones from major providers like SAP and Oracle. The latter option, while expedient, comes with high costs due to international procurement. Conversely, creating bespoke AI solutions demands substantial local resources and expertise, which are currently limited in Azerbaijan.

PwC’s strategic approach to AI involves a significant investment exceeding one billion dollars over two years, aimed at both enhancing internal capabilities and improving client services. This strategy includes training over 65,000 PwC employees globally, leveraging partnerships with AI innovators like OpenAI, and incorporating GPT-4 technology for advanced customer and internal process management.

Furthermore, Gattal discussed how AI is revolutionizing PwC’s core operations across audit, tax consulting, and advisory services. “AI not only speeds up our service delivery but also helps us innovate new product offerings,” he explained. This technological pivot is prompting a thorough review of PwC’s business models, service delivery costs, and regulatory frameworks.

Lastly, Gattal shed light on the overarching challenges of AI implementation, which hinge on data availability, resource allocation, and regulatory compliance. He also stressed the importance of integrating AI into the company’s risk management and corporate culture, which involves updating policies and training staff to adapt to new technologies.

Source: Trend News Agency