PwC announces $1 billion investment to expand generative AI capabilities

PricewaterhouseCoopers (PwC), one of the big four accounting firms, has announced an investment of $1 billion to expand its generative artificial intelligence capabilities. The investment would be made over a period of three years.

As per PwC, the investment in generative AI holds the potential for itself and its client businesses to create new growth strategies; ensure the underlying data is secure; make models fair, explainable, and transparent; develop the skills needed for a future driven by AI.

The accounting firm also said that it will work with Microsoft and OpenAI, the maker of ChatGPT to automate its tax, audit, and consulting services. “An industry-leading relationship with Microsoft, creating offerings using OpenAI’s GPT-4/ChatGPT and Microsoft’s Azure OpenAI Service, will allow us to harness the power of generative AI in a secure and responsible way to build trust and drive sustained outcomes to clients,” the company said in a blog. PwC is also looking at recruiting more workers specialising in AI technology and further training existing staff in AI-based capabilities.

The company is also retooling its internal platforms to embed a generative AI environment. It includes a global investment in its AI-powered internal platform and effectively deliver tax, audit, and consulting services to clients.

In March, PwC announced that it is building a generative AI chatbot to assist lawyers and streamline their work. For this, PwC partnered with legaltech company Harvey. Harvey is backed by OpenAI LLC’s startup fund and is founded on GPT-4 technology.

As per a report by market analytics firm PitchBook Data, the spending in the global generative AI market across sectors will grow to $42.6 billion by the end of the year. It will further grow at a compound annual rate of 32% to reach $98.1 billion by 2026.