PwC: AI agents will transform businesses and employment within 12 to 24 months

A major shift is on the horizon for industries as PwC predicts AI agents will boost productivity and cut product time-to-market by over 50%, especially in the financial services, retail and logistics sectors.

PwC Thailand also noted that the current workforce and future hiring trends will be impacted, urging business leaders to strategically balance profits with the effective integration of AI technologies.

Dr Pirata Phakdeesattayaphong, Consulting Partner at PwC Thailand, stated that AI agents are gaining global popularity for their ability to process data, make decisions and execute tasks for humans. AI agents reduce the need for human involvement and support employees in their daily work. While currently in the early stages of implementation, AI agents are expected to play a more significant role in Thai organisations soon.

"AI agents have the potential to elevate the collaboration between humans and AI beyond simple automation, and could unlock unprecedented productivity, innovation and efficiency within organisations. However, their introduction may impact the current workforce due to their ability to learn from data and operate autonomously. For instance, in a department of ten, AI agents could replace up to three employees, working around the clock. Organisations deploying AI agents for specific tasks might reduce their workforce while maintaining or even enhancing productivity," Dr Pirata said.

The article 'AI agents can reimagine the future of work, your workforce and workers' by PwC US highlights that in the next 12 to 24 months, AI agents will be instrumental in transforming business operations. They will empower companies to execute strategic operations more efficiently through their abilities in reasoning, managing workflows, understanding context, devising innovative solutions and self-learning from errors. Currently, AI agents are being employed in different areas, including software development, customer service and drug discovery, boosting productivity and reducing product time-to-market by over 50%.

Dr Pirata further explained that the rise of AI agents may impact routine and structured roles, especially low-skilled ones. Still, AI is also generating new job opportunities, such as AI specialists, data scientists and systems engineers. Moreover, AI can contribute to cost reductions within businesses, saving resources for additional investment or expansion.

"The integration of AI into Thai businesses will bring both opportunities and challenges for the current workforce and employment rates. To navigate this change effectively, it is crucial to prepare and adapt the workforce, as well as implement government policies that support skill development and transformation. This will ensure a balance between technological advancement and job creation in the future," she said.

Industries in Thailand expected to adopt AI agents this year include:

Financial services: Implementing AI agents for data analysis, advisory services, risk assessment and transaction monitoring to boost efficiency and security.

Retail and e-commerce: Using AI agents to manage inventory, analyse consumer behaviour, develop personalised marketing strategies and enhance the shopping experience through automated interactions.

Transportation and logistics: Employing AI agents to plan transportation routes, manage automated warehouses and monitor shipment status in real time.

Balancing profit, competitive-edge and trust Dr Pirata highlighted the need for Thai businesses to employ a strategy when integrating AI agents, focusing on balancing profit, competitive edge and the trust of both customers and employees. Key components of this strategy include:

Setting clear goals and objectives: Organisations should define specific objectives for AI use, such as increasing efficiency and cutting costs, supported by a clear plan to optimise AI deployment.

Designing an operating model that integrates AI agents with humans: Clearly outline the roles of employees and AI agents, assigning suitable tasks to ensure smooth collaboration and maximise human-AI synergy.

Upskilling employees: Invest in training to improve employees' ability to work with AI agents, providing the necessary tools and technologies for efficient operation.

Communicating regularly: Maintain open communication with employees about AI's role. Foster understanding and engagement by offering channels for questions and feedback.