PricewaterhouseCoopers (PwC), a leading accounting firm, has announced its intention to invest $1 billion over the next three years to expand its generative artificial intelligence capabilities. According to PwC, the investment in generative AI has the potential to help the firm and its clients create new growth strategies, ensure secure data, build fair and transparent models and develop AI-driven skills for the future.
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The accounting firm plans to work with Microsoft and OpenAI, the maker of ChatGPT, to automate its tax, audit and consulting services. PwC has said that its industry-leading relationship with Microsoft, coupled with OpenAI’s GPT-4/ChatGPT and Microsoft’s Azure OpenAI Service, will enable the company to use generative AI securely and responsibly to build trust and achieve sustained outcomes for its clients.
PwC is also planning to hire more AI technology specialists and provide further training for existing employees in AI-based capabilities. The company is also retooling its internal platforms to embed a generative AI environment, including a global investment in its AI-powered internal platform to effectively deliver tax, audit and consulting services to clients.
