PwC invests $1bn in AI tools – but insists jobs are safe
PwC will invest $1bn to develop AI tools for its staff to use across its audit, tax and consulting services in its American business, but has insisted that it won’t lead to job losses.
The Big Four accountant will work with the creator of ChatGPT, Microsoft-backed OpenAI, to develop generative tools, which it hopes will allow its employees “to work faster and smarter”.
Generative AI refers to software that can create text, images or other media in response to prompts in normal language.
“We are at a tipping point in business and society where AI will revolutionize how we work, live and interact at scale,” said PwC’s Mohamed Kande.
“This latest investment and collaboration with Microsoft will help our people and clients realize the augmented productivity and new growth opportunities associated with generative AI, doing so in a responsible way while driving the right results,” he said.
But Kande said that jobs won’t be lost, adding that this investment was meant to help staff deal with repetitive, time-consuming tasks. “We have 65,000 people in the U.S.,” Kande told The Wall Street Journal. “We are not going to leave anybody behind. It’s going to be a team sport.”
It comes after its UK unit announced a “strategic alliance” with OpenAI-funded startup Harvey last month to support employees with contract analysis, regulatory compliance and due diligence.
Other Big Four firms have also invested in the technology. KPMG and Blue J Legal last year teamed up to create an AI tax analysis tool designed to save employees’ time, according to Stuart Tait, Chief Technology Officer for Tax and Legal at KPMG UK.