AI yet to pay off for many—but CEOs are aiming for scale
29th CEO Survey
AI is firmly on the CEO’s agenda, but for most organisations its impact is only just starting to show up in the numbers.
The 29th PwC CEO Survey reveals just 21% say AI has increased revenue in the last 12 months—and in many cases the gains are small. Three quarters (74%) report little to no change in revenue due to AI, while 60% report little to no change on costs.
Yet CEOs are not questioning whether AI matters—just how quickly they can move it from promise to performance.
A small vanguard of early adopters say they are already delivering measurable returns on AI investments including the scaling of AI solutions across their organisation (9%), the provision of AI-powered products and services to clients and customers (12%), and the deployment of agentic AI applications (8%).
While small, the pace at which that leading cohort now moves will determine just how spread out the field becomes, as many CEOs acknowledge they are still at least one or two steps behind. For example, 39% say they are in the early stages of providing AI-powered products and services to clients and customers, and 19% say they’re planning but not yet started.
Nearly half of CEOs say they are still in the early stages of foundational measures such as building the skills, infrastructure and governance needed to develop and maintain AI solutions.
It’s a similar pattern when it comes to more sophisticated AI applications. Over a third (36%) say they are still in the early stages on deploying agentic AI, while more than a quarter (26%) say they are planning to deploy agentic AI but have not yet started.
The foundational layers will increasingly be in place over the next 12 months. Then I think you’ll see some really good AI use cases come to life, and over the next few years we’ll find out who the winners and losers will be.
Graham Charlton
Softcat
For CEOs, the biggest hurdles to AI success are execution and organisational challenges. Strategy should be a critical focus, yet just 45% of CEOs say their organisation has a clearly defined roadmap for AI initiatives, and only a third believe their level of investment in AI is sufficient to achieve their company’s goals.
Claire Reid, Head of Risk, PwC UK, says: “There is no question that AI will have an integral part to play in how CEOs create and protect value for their organisations. The only questions are around how quickly, robustly and strategically they can get there, and how much ground organisations can afford to concede to faster moving competitors. There is risk to moving too fast, but increasingly there is a risk to moving too slowly. So, it is absolutely right that many CEOs are taking an approach to AI that starts with building the right foundations of skills, data, infrastructure and governance. But it is clear some are moving through those foundational stages slowly. CEOs need to take a strategic approach to AI that prioritises responsibility and commerciality, but with a focus on increasing velocity.”
AI represents a fundamental shift for our industry, but there is a lot of short-term noise. My role is to step back and look at the big picture—where this could take us and what investments we should make now.
Louise O’Shea
CFC
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Transcript
Explore the key findings of our UK CEO Survey
How the CEO role is evolving in the face of rising scrutiny and a need to reinvent across multiple time horizons.
Leaders look to cloud, AI, data and analytics to transform for growth, but question whether they’re moving fast enough.
While UK CEOs differ on routes to growth, most agree innovation is key for success. Yet some remain hampered by internal challenges.
CEOs share where they are on their AI journey and the steps they’re taking to realise value.
UK CEOs feel less exposed to risk than global counterparts but still expect a challenging outlook.
We’ve spoken with leaders from across industries and sectors to hear their unique insights on the forces shaping the business landscape.
Read exclusive CEO interviews
01/
Avril Palmer-Lavery
Constellation Automotive Group
‘Take risks, gamble and hold your nerve’
On the role of strong leadership, clear communication and shutting out negativity in driving growth.
02/
Louise O’Shea
CFC
Why CEOs are “never fully satisfied”
Why operating in a dynamic sector requires a relentless focus on innovation.
03/
Dominic Blakemore
Compass Group
“Do what only you can do”: CEOs must prioritise
On the value of carving out space to focus on growth and more entrepreneurial thinking.
04/
Russell Barnes
David Lloyd Clubs
“Premiumisation” is key to aggressive growth
On the power of knowing your customer and backing your investment decisions.
05/
Rain Newton-Smith
CBI
‘Hope, confidence and optimism’ can help accelerate UK growth
Why challenging perceived obstacles will be key to creating UK economic growth.
06/
Dhara Vyas
Energy UK
Energy transition is critical to economic growth, resilience and investment
Why a cleaner, smarter energy system is critical to the UK’s resilience and investor appeal.
07/
Michael Topham
Biffa
“Investment grade” policies are key to UK growth, clean jobs and net zero success
On delivering major transformation, keeping pace with regulation and knowing when to be a fast-follower.
08/
Graham Charlton
Softcat
Businesses and government must build stronger foundations for tech success
On taking a structured approach to AI and creating a future-proof team and business.
09/
Lee Perkins
Civica
The right senior leadership team is more important than ever
Why creating, developing and bringing in new leaders should be the priority for every CEO.
10/
Paul Ludlow
Carnival UK & P&O Cruises
A “north star” has never been more important
How knowing where you’re heading will inform better decisions for the short- and long-term.
11/
Mary Huen
Standard Chartered Hong Kong, Greater China and North Asia
CEOs must be connectors, custodians and cultivators in a shifting world
On aligning legacy and innovation to create stronger businesses and relationships.
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