AI (artificial intelligence) is causing the relocation of people, the remodeling of processes and challenging businesses. Some will even disappear, according to Marco Castro, president of PwC in Brazil and Ecuador and interviewed on Capital Insights, a Broadcast program in partnership with CNN Brazil Money.
A study by the international auditing and consultancy company found that most executives have difficulty reporting financial returns on investments made in AI in their companies.
“There is a lot of pressure currently on the topic of AI,” said Castro, adding that a PwC survey shows that Brazil is lagging behind in adopting AI. According to him, the country is among the 20% least advanced in the use of artificial intelligence.
Foreign investment
The president of PwC states that Brazil offers interesting social, economic and geopolitical conditions for foreign investors. “The country has many advantages compared to other emerging countries,” he said.
He points out, however, that there is concern about the treatment of foreign capital and that the regulatory environment “is more critical than the economic one” for attracting long-term capital.
Castro also considers that the current level of the basic interest rate is a more worrying element for the success of business than this year’s presidential race. “Uncertainty with inflation and high interest rates weighs more,” he said.
Regarding recent corporate scandals, including the most recent one at Banco Master, Castro pointed out that audits do not exist to catch fraud, but rather to evaluate companies’ processes and governance.
“Fraud is carried out behind the scenes, outside the company’s processes,” he said.
Regarding the deadline for public companies in Brazil to comply with the obligation to publish sustainability reports in accordance with international standards, Castro points out that there is a lack of processes and systems that organize information.
“The environmental issue is important for the country,” he said.
