PwC Commits $1 Billion to Generative AI for U.S. Operations Expansion

PricewaterhouseCoopers, among the prestigious Big Four in the accounting world, is set to channel $1 billion into generative AI to bolster its U.S. operations.

The company announced on Wednesday They intend to leverage OpenAI's GPT-4/ChatGPT alongside Microsoft’s Azure OpenAI Service for modernizing their internal systems, thereby automating portions of tax auditing and consulting. Additionally, PwC aims to develop scalable AI solutions tailored to their clients’ business requirements.

The allocated funds will also be used to train around 65,000 employees in AI skills, equipping them with the expertise necessary to guide clients on the advantages of AI technology. PwC has already harnessed Azure OpenAI’s features for clients within various sectors, including insurance, aviation, and healthcare.

“We find ourselves at a pivotal juncture in both business and society, where AI is poised to transform the very fabric of our work, lifestyle, and interactions on a grand scale,” remarks Mohamed Kande, Vice Chair and Co-Leader of US Consulting Solutions, as well as Global Advisory Leader for PwC.

According to a WSJ report Mohamed Kande mentioned that PwC will invest in access to GPT-4, allowing the firm to create customized software tools. Once these tools undergo comprehensive training and testing, they are anticipated to assist in:

• write reports;
• prepare compliance documents;
• analyze business strategies;
• identifying operational inefficiencies;
• developing marketing strategies and promotional campaigns.

PwC has a long-standing relationship with AI technology, having delved into this domain even before the recent popularity of ChatGPT. Just last month, PwC made strides with Harvey, a generative AI legal tech firm, aiming to integrate its chatbot within PwC’s network of over 4,000 legal professionals to enhance internal legal processes. Recently, Harvey completed a funding round, backed by Sequoia and contributions from the OpenAI Startup Fund, Conviction, SV Angel, and Elad Gil. discussing the topic Similar to PwC, other major firms in the accounting sector are exploring generative AI for operational enhancements. For example, EY is utilizing Azure OpenAI to partnered with develop a unique version of ChatGPT, enabling the company to tailor its AI model for specific objectives. $21 million Series A round Midjourney plans to hire prompt engineers to refine its AI model.

The market for AR and VR is projected to reach an estimated $451.5 billion by the year 2030. develop a payroll chatbot while KPMG Australia launched KymChat Accenture emphasizes that businesses in the Metaverse should prioritize consumer needs rather than merely focusing on technological capabilities.

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