Artificial Intelligence: PwC Rolling Out $1B Investment In Generative AI

“There’s probably not a technology development I’ve seen in 30 years that has a greater fear of missing out in the C-suite than this one.” – Joe Atkinson, PwC U.S.’s chief products and technology officer.

PwC is making a significant investment in AI technology to stay ahead in the rapidly evolving world of professional services. The initiative began after a realization at the Davos conference that AI was a transformative force. Joe Atkinson, PwC U.S.’s chief products and technology officer, observed a strong interest in generative artificial intelligence, which spurred the company into action. Within just four months, PwC announced a $1 billion investment over three years, expanding its AI solutions, partnering with Microsoft (NASDAQ: MSFT) and OpenAI, and providing AI training for its 75,000 employees.

This initiative is spearheaded by Atkinson and Mohamed Kande, the U.S. firm’s Consulting Solutions Co-Leader, with Yolanda Seals-Coffield, the firm’s chief people officer, leading the upskilling efforts. PwC is collaborating with startups like Harvey to deploy custom large language models in tax, legal, and HR work. This investment comes at a crucial time for professional services firms facing industry slowdowns, and it reflects the growing importance of AI in knowledge-intensive industries. (Forbes)

PwC has moved swiftly to implement AI training, covering topics such as ethics, responsible use, and maximizing AI tools. The company is committed to upskilling all its employees, ensuring they remain relevant in the evolving market. The approach includes deploying “activators” who facilitate change management within the company.

PwC is already leveraging AI with internal tools like “ChatPwC,” which utilizes OpenAI’s technology to help employees streamline tasks, such as asset valuations and summarizing reports. The U.K. unit is also incorporating AI for tasks like contract review and due diligence.

While AI is transforming how PwC operates, it is not seen as a job eliminator. Instead, it is viewed as an enabler that enhances human work, emphasizing the continued importance of independent thought and judgment in delivering their services.

Related Story: KPMG And Microsoft Ink $12B Multi-Year Cloud And AI Alliance

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