PricewaterhouseCoopers to Invest Big in Generative AI

PricewaterhouseCoopers LLP to partner with Microsoft Corp. and ChatGPT creator OpenAI by investing $1 billion in generative AI.

PricewaterhouseCoopers LLP intends to partner with Microsoft Corp. and ChatGPT creator OpenAI to automate portions of its tax, audit, and advisory services by investing $1 billion in generative artificial intelligence technologies in its U.S. operations over the following three years. The large accountancy and consulting firm claimed the multiyear investment includes money for hiring new AI specialists, educating current employees in AI skills, and scouting out AI software developers for future acquisitions.

Tools for generative AI are intended to produce text input from users as natural-language responses, graphics, or computer code. The objective for PwC is to advise other businesses on how to utilize generative AI while assisting them in the development of those tools, in addition to developing and integrating it into its own technological stack and client-services platforms.

The decision would give PwC access to OpenAI's generative AI tools with the added compliance and data protection of Microsoft's Azure cloud computing service, according to Eric Boyd, corporate vice president of Microsoft's AI platform. The 2015-founded business OpenAI has received a multiyear, multibillion-dollar investment from Microsoft itself. This is about utilizing generative AI to manage the business more effectively. Using this technology effectively is essential.