Footnotes
- Source: KPMG LLP web site, “KPMG U.S. survey: Executives expect generative AI to have enormous impact on business, but unprepared for immediate adoption” (September 2023).
- Ibid.
Embedding GenAI into the workforce
Explore the four key areas private company leaders will want to consider when embedding GenAI into the workforce.
Generative artificial intelligence (GenAI) can deliver massive value for companies of all shapes and sizes. And many private market companies see the technology as an opportunity to radically transform their operating models. But embedding GenAI into the workforce isn’t like hiring a new employee or buying a new technology. Success requires workforce remodeling.
In this edition of Privately Speaking, we explore the four key areas private company leaders will want to consider when embedding GenAI into the workforce.
Say hello to your new AI employees
Adopting GenAI is not simply about upgrading to the latest technology. It is about using its revolutionary capabilities across the enterprise to create more productive, efficient, and innovative workers.
AI’s ability to process natural language, digest large amounts of data, and produce unique content makes it a potent tool for automating and enhancing knowledge work. This is the new frontier of AI-enabled productivity, where some private market companies will create much of their value.
However, it is clear that GenAI will disrupt how businesses and people work. Minimizing the shock to the workforce, managing organizational risk, and realizing the full value of the technology is possible through a cross-functional, holistic approach.
Indeed, with a well-constructed plan, organizations have an opportunity to design the workforce of the future and draw top talent to a best-in-class professional development environment employing leading-edge technology and work practices.
Generative AI has created huge opportunities to rapidly augment the power of people. Private company leaders need to understand how to effectively harness that power to get ahead of the competition and propel the business forward.
Conor Moore
Partner and National Leader, KPMG Private Enterprise, KPMG LLP
Here are four key areas private market leaders should consider as they start to embed a GenAI workforce.
1. Identifying capabilities, rules, and enablers
GenAI can automate and augment many knowledge-worker tasks. Understanding how work gets done and where GenAI can make a difference to work processes is critical to getting the most value from the technology.
Are you…
- Identifying high-impact knowledge worker roles and prioritizing them by value opportunity?
- Deconstructing work by role to explore how activities can be automated, enhanced with AI?
- Identifying AI solutions, alliances, partners, and technology enablers?
65%
of US executives think GenAI will have a high or extremely high impact on their organization in the next three to five years. (1)
2. Addressing risk and compliance
Deploy GenAI tools ethically and responsibly to limit risk and maintain the trust of customers, shareholders, and workers.
Are you…
- Revisiting safeguards of privacy and confidentiality when using data in the context of responsible AI?
- Actively managing relevant compliance and regulatory topics by jurisdiction?
- Setting ethical and intentional guidelines and policies?
3. Activating role augmentation
While GenAI is adaptable to all kinds of use cases, choosing the right tools for the right tasks will maximize the technology’s enterprise-wide value. Ensuring solutions are fit for purpose instead of taking a one-size-fits-all approach is critical, as is combining a continuous learning culture with a compliance culture.
Are you…
- Deploying solutions and vendor-specific AI capabilities through strategic alliance partnerships?
- Actively monitoring alliance and vendor-based GenAI innovation applicability?
- Adopting, monitoring, refining, training, and optimizing GenAI usage across the enterprise by role?
4. Capturing value
As GenAI matures, the structure of your workforce and organization must evolve in parallel to realize the full benefits. Understanding where the opportunities to contribute value lie, and adapting quickly to pursue them is key to achieving the productivity goals of the organization.
Are you…
- Using workforce shaping to capture selling, general, and administrative savings; productivity enhancements; and reinvestment?
- Anticipating and activating organizational changes from GenAI, ensuring employees are engaged, informed, and supported?
- Refreshing and modernizing your workforce strategy with work breakdowns and who does what?
77%
of US executives think GenAI will have a bigger impact on broader society than any other emerging technology currently in existence (2)
Companies that collaborate cross-functionally to deploy generative AI thoughtfully, govern it responsibly, and integrate it seamlessly will gain sustainable competitive advantage.
Conor Moore
Partner and National Leader, KPMG Private Enterprise, KPMG LLP
With humans, not instead of humans
The approach cannot be piecemeal. And without a thorough workforce review and overhaul, organizations risk missing out on the strategic and operational opportunities that implementing GenAI creates.
Organizations must commit to a holistic workforce transformation. By thoughtfully redeploying GenAI across critical roles, they can improve productivity, cost efficiency, innovation velocity, and revenue growth.
It is all possible without leaving human beings behind.
Private company leaders need to demonstrate their commitment to using generative AI in ways their people, partners, and customers will trust. For the workforce to embrace generative AI, it will need to understand how the organization governs its ethical application. Rigorous, ethical oversight will be critical.
Sal Melilli
Partner and National Audit Leader, KPMG Private Enterprise, KPMG LLP
Want a piece of the GenAI action? Conor Moore explains what is driving investor appetite for GenAI assets and start-ups in this recent blog post.
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Privately Speaking Series
Practical insights for private market leaders from private company advisors.
Meet our team
Conor Moore
Global Head of KPMG Private Enterprise, KPMG International, and Head of KPMG Private Enterprise, KPMG US
Salvatore Melilli
Partner, Audit Sector Leader – Private Enterprise, KPMG US
Conor Moore
Global Head of KPMG Private Enterprise, KPMG International, and Head of KPMG Private Enterprise, KPMG US
Salvatore Melilli
Partner, Audit Sector Leader – Private Enterprise, KPMG US
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