PWC to Pour $1 Billion Into Generative AI.
27 Apr 2023, 17:53
PWC to Pour $1 Billion Into Generative AI
🤖💵 PwC plans to invest $1 billion in generative artificial intelligence (AI) technology in its US operations over the next three years, in collaboration with Microsoft and OpenAI.
🧑💻 The investment will fund the recruitment and training of AI staff and acquisitions of AI software makers, as well as the development and embedding of generative AI into PwC's technology stack and client services platforms. Generative AI can produce natural-language responses, images or computer code from user text prompts. PwC aims to use the technology to automate its tax, audit and consulting services, enabling the quick production of reports, compliance documents, business strategy analysis, and marketing materials.
📈 Eric Boyd, corporate vice president of Microsoft’s AI platform, said the move will enable PwC to access OpenAI’s generative AI tools with the added compliance and data security of its Azure cloud-computing service. KPMG LLP, Ernst & Young, and Intuit Inc. are also planning to invest in generative AI. Its global market is expected to reach $42.6 billion by the end of the year, growing at a compound annual rate of 32% to $98.1 billion by 2026, according to PitchBook Data.
👥💼 However, generative AI requires validation by a professional in areas like tax preparation to avoid creating murky compliance issues. PwC isn't aiming to replace workers with generative AI but optimize their jobs by automating time-consuming, repetitive tasks. "We are not going to leave anybody behind. It’s going to be a team sport,” said Mohamed Kande, PwC’s vice chair and co-leader of US consulting solutions and global advisory leader.
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