PwC and Microsoft Partner in $1 Billion Investment in AI

• ByStartupStory     |    April 27, 2023

PwC has announced its intention to invest $1 billion in artificial intelligence (AI) capabilities over the next three years. The goal is to assist clients in reimagining their businesses using generative AI. The investment reinforces PwC’s ongoing dedication to AI and aligns with its global strategy, The New Equation, which aims to provide tech-driven solutions led by humans to establish trust and achieve lasting outcomes.

PwC’s $1 billion investment in AI capabilities encompasses a pioneering collaboration with Microsoft to develop scalable AI solutions utilizing OpenAI’s GPT-4/ChatGPT and Microsoft’s Azure OpenAI Service. Through these cutting-edge technologies, PwC intends to assist clients in reimagining their organizations, improving productivity, generating deeper insights, and creating innovative products and services while fostering stronger stakeholder trust.

According to Mohamed Kande, PwC’s Vice Chair, US Consulting Solutions Co-Leader, and Global Advisory Leader, AI will transform both business and society on a fundamental level. Kande is confident that PwC’s recent investment and partnership with Microsoft will enable clients to fully leverage the capabilities of generative AI, ensuring ethical adoption and driving favorable outcomes.

PwC has already implemented the Azure OpenAI Service for clients across multiple sectors, including healthcare, aviation, and insurance. These solutions have proven effective in reducing expenses, increasing revenue, and saving time. Eric Boyd, Microsoft’s Corporate Vice President of AI Platform, believes that the partnership with PwC and OpenAI will revolutionize the way companies use generative AI, providing secure and reliable access to a range of innovative applications.

According to PwC’s recent Trust Survey, almost all business leaders prioritize AI initiatives, but only 35% of executives plan to concentrate on enhancing AI system governance. To address this issue, PwC has developed a Responsible AI framework that assists clients in developing and deploying generative AI technology with a focus on data security, transparency, fairness, governance, and explainability. By adopting this approach, PwC aims to promote trust in AI platforms while delivering outcomes and value for its clients.

PwC plans to update its internal platforms to integrate the new secure generative AI environment, in addition to external client offerings. AI will continue to be used by the company to boost productivity across tax, consulting, and audit services for clients. Moreover, PwC US will invest in upskilling its 65,000-strong workforce on AI tools and capabilities, as part of My+. This investment will allow the employees to work more effectively, advance their careers, and provide clients with advice on the advantages of AI and other transformative technologies.

PwC’s $1 billion investment in AI demonstrates its commitment to the technology. The company has partnered with Harvey, an OpenAI Startup Fund-supported firm that employs OpenAI and ChatGPT technology, through its Global Tax & Legal Services (TLS) division. PwC’s AI services have received accolades from industry experts such as Gartner, Forrester, and IDC for their ability to assist clients in securely and transparently implementing AI.

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