PwC and Microsoft Join Forces in $1 Billion AI Investment
PwC's investment in upskilling its workforce on AI tools and capabilities enables them to work more efficiently, advance their careers, and advise clients on the benefits of AI
Thursday April 27, 2023,
3 min Read
PwC revealed plans today to invest $1 billion over the next three years in artificial intelligence (AI) capabilities, aiming to help clients reimagine their businesses using generative AI. The investment reflects PwC's ongoing commitment to AI and supports its global strategy, The New Equation, focused on delivering human-led, tech-powered solutions that build trust and drive sustained outcomes.
The investment includes a groundbreaking partnership with Microsoft to create scalable AI offerings powered by OpenAI's GPT-4/ChatGPT and Microsoft's Azure OpenAI Service. By leveraging these technologies, PwC aims to help clients reinvent their businesses, generate richer insights, boost productivity, and develop new products and services while building greater trust with stakeholders.
Mohamed Kande, Vice Chair, US Consulting Solutions Co-Leader and Global Advisory Leader, PwC, believes that AI will revolutionize business and society at large. He says that PwC's latest investment and collaboration with Microsoft will help clients realize the potential of generative AI, ensuring responsible implementation and driving positive results.
PwC has already begun deploying the Azure OpenAI Service for clients in various industries, including insurance, aviation, and healthcare. These solutions have helped clients save time, cut costs, and accelerate revenue generation. Eric Boyd, Corporate Vice President, AI Platform, Microsoft, sees the collaboration with PwC and OpenAI as a game-changer, enabling businesses to experience generative AI applications securely and safely.
PwC's recent Trust Survey indicates that although nearly all business leaders prioritize AI initiatives, only 35% of executives plan to focus on improving the governance of AI systems. PwC addresses this issue through its Responsible AI framework, helping clients build and deploy generative AI technology with a focus on governance, fairness, transparency, explainability, and data security. This approach aims to build greater trust in AI platforms while delivering value and outcomes for PwC clients.
In addition to external client offerings, PwC will modernize its internal platforms to incorporate the new, secure generative AI environment. The company will continue to use AI to enhance productivity across tax, audit, and consulting services for clients. Furthermore, as part of My+, PwC US will invest in upskilling its 65,000-strong workforce on AI tools and capabilities, enabling them to work more efficiently, advance their careers, and advise clients on the benefits of AI and other transformative technologies.
This investment reaffirms PwC's long-standing commitment to AI. Recently, PwC's Global Tax & Legal Services (TLS) announced a partnership with Harvey, an OpenAI Startup Fund-backed company built on OpenAI and ChatGPT technology. PwC's AI services have been recognized as industry-leading by Forrester, Gartner, and IDC, helping clients deploy AI in a secure, robust, and explainable manner.