PwC offers advice from bots as part of a deal with ChatGPT OpenAI.

Oct 17
PricewaterhouseCoopers LLP and OpenAI, the company that owns ChatGPT, have partnered to provide clients with artificial intelligence guidance as the Big Four audit firms seek to reduce costs and boost productivity.

The company will employ AI to guide on intricate tax, legal, and HR matters, including conducting due diligence on businesses, spotting compliance problems, and even proposing how to resolve business transactions.
With their chatbot ChatGPT, PwC is the first of the Big Four to collaborate with OpenAI, regarded as one of the leading providers of generative AI technology.

According to Bivek Sharma, chief operating officer for tax, legal, and human resources at PwC UK, "PwC's new AI system already acts like a partner with 25 years of experience."
The cooperation also includes Harvey, an artificial intelligence startup with support from OpenAI that focuses on professional services.

In the UK, where the system is now being implemented, about 650 employees will have access to testing and training. The company intends to give 10,000 employees access to more than 50 countries over the next few months.

PwC representatives claim that this will enable staff members to launch numerous sizable initiatives at a higher level and in less time than it would take to implement one. Additionally, partnerships enable large-scale undertakings that would have been prohibitively expensive or time-consuming in the past.

In a Zoom interview, Brad Lightcap, OpenAI's chief operating officer, said, "Professional service is an area that we're excited about." "These models can be really powerful aids in legal, accounting, and tax processes."

The Big Four audit firms are increasing their reliance on AI to boost efficiency. While Ernst & Young LLP recently announced a cooperation with IBM to leverage artificial intelligence to improve HR operations, rival KPMG recently announced a multi-billion-dollar investment in generative artificial intelligence and Microsoft cloud services.

Since March, PwC has also started employing a chatbot tool to expedite activities like document summarization. The company did not disclose the financial terms of the agreement with OpenAI and Harvey, but it did state that the UK company would invest £100 million ($122 million) in AI this year.

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