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PwC, one of the Big Four audit firms, has teamed up with OpenAI, the parent company of AI chatbot ChatGPT, to provide its clients with AI-generated advice. This collaboration will enable PwC to leverage AI technology to offer consultation on complex issues such as tax, legal, and human resources.
The AI chatbot can be used for tasks like conducting due diligence on companies, detecting compliance violations, and even advising whether to authorise business deals.
By using AI, PwC aims to reduce costs and improve productivity, while providing its clients with efficient and effective solutions.
Due to a slowdown in professional services, major audit firms such as PwC, Deloitte, Ernst & Young, and KPMG have implemented cost-cutting measures. However, PwC has stated that the OpenAI partnership will not result in job cuts in the near future.
PwC did not disclose the deal value with OpenAI, but stated that the UK business is investing $122 million in AI this year.
PwC’s AI chatbot as competent as a 25-year experienced consultant
Speaking to Bloomberg, Bivek Sharma, chief operating officer for Tax, Legal, and People at PwC UK, said that their new AI system is already performing like a 25-year experienced partner. He explained that AI will become necessary to navigate such complex situations due to the increasing global compliance burden and complexity in C-suite decision-making. Though there have been concerns about job displacement with AI, Sharma believes that it is essential for the technology to be utilised to handle these complex scenarios.
The consulting firm is rolling out the ChatGPT-powered AI chatbot in the UK. Initially, around 650 employees will have access to the system for testing and training purposes. Over the next few months, the firm plans to expand access to over 10,000 employees in more than 50 countries.
The system is designed to enable employees to complete several major projects in the time it would take to complete just one and to a higher standard.
Audit firms are investing heavily in AI to increase their productivity. PwC has also been using a chatbot service since March to speed up tasks such as summarising documents.
KPMG recently announced a multi-billion-dollar investment in Microsoft’s generative AI and cloud services. Meanwhile, Ernst & Young has partnered with IBM to use AI to streamline HR processes. Deloitte has expanded its partnership with Google Cloud to develop AI-powered solutions for clients.
The AI chatbot can be used for tasks like conducting due diligence on companies, detecting compliance violations, and even advising whether to authorise business deals.
By using AI, PwC aims to reduce costs and improve productivity, while providing its clients with efficient and effective solutions.
Due to a slowdown in professional services, major audit firms such as PwC, Deloitte, Ernst & Young, and KPMG have implemented cost-cutting measures. However, PwC has stated that the OpenAI partnership will not result in job cuts in the near future.
PwC did not disclose the deal value with OpenAI, but stated that the UK business is investing $122 million in AI this year.
PwC’s AI chatbot as competent as a 25-year experienced consultant
Speaking to Bloomberg, Bivek Sharma, chief operating officer for Tax, Legal, and People at PwC UK, said that their new AI system is already performing like a 25-year experienced partner. He explained that AI will become necessary to navigate such complex situations due to the increasing global compliance burden and complexity in C-suite decision-making. Though there have been concerns about job displacement with AI, Sharma believes that it is essential for the technology to be utilised to handle these complex scenarios.
The consulting firm is rolling out the ChatGPT-powered AI chatbot in the UK. Initially, around 650 employees will have access to the system for testing and training purposes. Over the next few months, the firm plans to expand access to over 10,000 employees in more than 50 countries.
The system is designed to enable employees to complete several major projects in the time it would take to complete just one and to a higher standard.
Audit firms are investing heavily in AI to increase their productivity. PwC has also been using a chatbot service since March to speed up tasks such as summarising documents.
KPMG recently announced a multi-billion-dollar investment in Microsoft’s generative AI and cloud services. Meanwhile, Ernst & Young has partnered with IBM to use AI to streamline HR processes. Deloitte has expanded its partnership with Google Cloud to develop AI-powered solutions for clients.
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