PwC to invest $1bn on AI

PwC to invest $1bn on AI

Big Four accountancy firm PwC has revealed that it will invest $1 billion in artificial intelligence to automate sections of its audit, tax and consulting services in its US business over the next three years.

PwC stated that the investment feautres an ‘industry leading relationship’ with Microsoft, creating scalable offerings using OpenAI’s GPT-4/ChatGPT and Microsoft’s Azure OpenAI Service.

The firm said this will enable PwC to transform the way they work while harnessing the power of generative AI. PwC will leverage this technology to help support clients in reinventing their businesses and delivering better outcomes by generating richer insights, driving more productivity and developing new products and services in a way that builds greater trust with their stakeholders.

Mohamed Kande, vice chair, US Consulting Solutions Co-Leader and Global Advisory Leader, PwC, said: “We are at a tipping point in business and society where AI will revolutionize how we work, live and interact at scale.

“PwC has long been a pioneer in responsible AI and this latest investment and collaboration with Microsoft will help our people and clients realize the augmented productivity and new growth opportunities associated with generative AI, doing so in a responsible way while driving the right results.”

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