EY's AI leader says companies are too focused on AI cost-cutting

• EY’s global consulting AI leader said cost-cutting represents the smallest ROI for companies.
• Dan Diasio said companies should focus on AI for growth, not just efficiency.
• He said by focusing on cost-cutting, leaders are creating fear, which can block creativity.

Diasio said AI’s bigger opportunity lies in driving growth by creating new business possibilities. Diasio said that potential “has no limit,” and the harder question to ask isn’t whether AI can perform a task, but whether the organization can redesign workflows around that capability, he said.

“The real promise is about unlocking new things, and that can be new businesses, that can be new markets, that can be new business models for companies,” Diasio said.

When leaders focus on growth and reimagining workflows, AI isn’t something to fear, but an exciting prospect, Diasio said. The leader added that companies have an opportunity to “reimagine an entirely new way of working.” For example, he said if AI gives people time back, the leadership question is where that time gets redeployed.

“Those are the companies that are positioning themselves to win,” Diasio said.