Innovation for Growth and Sustainability in the Era of AI

Corporate lifespans are collapsing

S&P 500 companies historically remained on the index for 33-34 years, but that tenure is projected to shrink to just over 12 years due to rapid disruption.

AI capabilities multiplied exponentially in a decade

Just 12 years ago AI could barely identify cats in videos, but systems now pass 10 out of 12 professional accounting examinations and score highly on advanced mathematics assessments.

Generational shifts now occur within years

Traditional business planning assumed single generational shifts per era, but companies now face multiple technological disruptions within a single decade, outpacing legacy adaptation mechanisms.

Audit functions provide unmatched data access

EY's traditional audit and tax services provide login access to 60-70% of the world's enterprise ERP systems, creating a massive data moat invisible to the public.

Sampling enables innovation without full exposure

With 300,000 global clients, organizations can derive powerful AI insights using statistical sampling rather than exposing entire sensitive datasets, balancing innovation with security.

Scale of investment reflects strategic priority

Wong directed over $100 million annually across EY's global labs in AI, blockchain, quantum computing, and robotics, treating emerging technology as core infrastructure rather than side projects.

Leaders must get their hands dirty

Executives cannot delegate AI understanding; they must personally use large language models and machine learning tools daily to move beyond theoretical knowledge and identify real applications.

AI is a portfolio, not a single technology

The term 'AI' encompasses diverse technologies including large language models, computer vision, and machine learning, each requiring distinct technical strategies and governance approaches.

Abandon the genius model for systematic portfolios

Successful innovation mimics venture capital: systematic investment across multiple bets, rigorous monitoring of outcomes, and doubling resources on proven winners rather than hiring a singular 'Mark Zuckerberg' savior.

New contract frameworks enable data usage

EY successfully introduced new terminology allowing anonymized data usage for AI training, with most clients accepting updated terms once they recognized the mutual value in improved service delivery.

Regulated industries require conservative experimentation

Unlike startups, established firms must navigate SEC and international regulatory requirements, but sampling methods and anonymization allow progress without violating client confidentiality or regulatory constraints.