The auditing and accounting firm is collaborating with Microsoft and OpenAI to automate parts of its tax, audit, and consulting services.
The accounting firm is collaborating with Microsoft and OpenAI to automate parts of its tax, audit, and consulting services, according to the PwC vice chair, Mohamed Kande.The Wall Street JournalThe technology is anticipated to be used to analyze corporate plans, spot operational inefficiencies, manufacture marketing materials, and launch sales campaigns faster after the generative AI models have been trained and tested.
Educational institutions and several other big accounting firms, such as KPMG LLP and Ernst & Young, are also making investments in generative AI. 53% of corporate IT decision-makers surveyed recently indicated they would evaluate, use, or dedicate more resources to OpenAI's ChatGPT platform. Tools for generative AI are made to produce text input from users as natural-language responses, pictures, or computer code.PwC's $1 billion investment will be used to hire AI specialists, educate current employees in AI skills, and hunt down AI software developers for future acquisitions.
In the financial services industry, generative AI is viewed as presenting a variety of alluring use cases, such as assisting in identifying and retrieving information and preparing reports with less human work. "Generative AI offers many attractive use cases for companies like this," Rowan Curran, an analyst at the information technology research firm Forrester Research Inc., toldModels like GPT-4 can be used to enhance report preparation with "much lower effort from the human auditors," he added.
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