PwC to Invest $1B in Generative AI to Boost U.S. Operations
In Brief
PricewaterhouseCoopers will be using OpenAI’s technology to automate parts of its tax audit and consulting services.
Part of the funds will be used to hire more employees specializing in AI and train existing staff in AI capabilities.
PwC will also leverage AI technology to support their clients’ business needs.
Big Four accounting and consulting firm PricewaterhouseCoopers (PwC) is planning to pour $1 billion into generative AI over the next three years to enhance its U.S. operations.
The company announced on Wednesday that it would be using OpenAI’s GPT-4/ChatGPT and Microsoft’s Azure OpenAI Service to upgrade its internal platforms in order to automate parts of its tax audit and consulting services. The company will also create scalable artificial intelligence offerings to support their clients’ business needs.
Part of the funds in this investment will be allocated to training 65,000 staff on AI tools and capabilities to better equip them with the skills to advise clients on the benefits of AI. PwC has already integrated Azure OpenAI Service capabilities for clients across diverse industries such as insurance, aviation, healthcare, and more.
“We are at a tipping point in business and society where AI will revolutionize how we work, live and interact at scale,” says Mohamed Kande, Vice Chair, US Consulting Solutions Co-Leader and Global Advisory Leader, PwC.
According to a WSJ report, Mohamed Kande said that PwC will be paying to access GPT-4 so that the company can use the language model to create their own software tools. Once the tools have been fully trained and tested, they are expected to help:
- write reports;
- prepare compliance documents;
- analyze business strategies;
- identity operational inefficiencies;
- create marketing materials and sales campaigns.
PwC is no stranger to AI technology as the company has been discussing the topic even before ChatGPT became a media sensation. Last month, PwC partnered with generative AI legal tech startup Harvey, which will bring its chatbot to PwC’s network of more than 4,000 legal professionals to streamline in-house legal processes. On Wednesday, Harvey closed a $21 million Series A round led by Sequoia with participation from the OpenAI Startup Fund, Conviction, SV Angel and Elad Gil.
Like PwC, other Big Four firms have also been exploring generative AI to enhance operations. For instance, EY is using Azure OpenAI to develop a payroll chatbot while KPMG Australia launched KymChat, a proprietary version of ChatGPT, which enables the firm to train its own AI model for targeted objectives.
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About The Author
Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.
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Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.
