PricewaterhouseCoopers (PwC) recently announced plans to invest a whopping $1 billion in expanding and scaling its Artificial Intelligence (AI) portfolio over the next three years. Aiming to completely revolutionize customer workflows through generative AI, the firm is also entering a major partnership with Microsoft to harness OpenAI’s advanced GPT-4/ChatGPT technology within the Azure OpenAI Service.
The grand investment will see to the implementation of advanced AI capabilities into the company’s internal platforms, in addition to their plans to upskill the 65,000 employees by leveraging the full potential of AI tools and capabilities via the My+ program.
The company already began its work with the OpenAI-based Harvey application to automate and enhance various aspects of legal and tax work. Moreover, PwC has also built a custom generative language model to help a pharmaceutical company to draft safety narratives, in turn leading to over 50% savings in end-to-end processing time with an estimated Year 1 saving of $18 million with 2% revenue acceleration for the client.
Joe Atkinson, chief products and technology officer of PwC spoke to VentureBeat, emphasizing the importance of applying AI responsibly and how the company’s Responsible AI (RAI) team is helping their clients build AI systems that their stakeholders can trust. He also mentions that as AI evolves and advances, it is essential for every organization to implement an ethical AI framework and create a responsible-use policy.
Meanwhile, Eric Boyd, corporate vice president for AI Platform at Microsoft, sees the collaboration between PwC, Microsoft and OpenAI as a game-changer that will help businesses experience the full potential of generative AI in a safe and secure manner.
As a leading accounting, audit and consulting services firm, PwC believes AI will have an impact on every industry, transforming the way businesses operate. Through this planned investment, they are in the process of helping their clients bridge the gap towards a successful AI-integrated future and learning platform that promotes career growth.
