PwC US makes $1 billion investment to expand and scale capabilities in AI
Generative AI is poised to revolutionize how we work, live and interact. It’s clear that we are now at a tipping point. Generative AI will change business models and how work gets done and, in the process, reinvent entire industries. AI could contribute up to $15.7 trillion to the global economy in 2030. And it will also allow us to build trust and deliver sustained outcomes for clients and stakeholders.
AI is an area PwC has been making bets on for years. We were a first mover in this space, leveraging PwC’s Artificial Intelligence Services to help clients deploy AI across their applications in a way that is explainable, secure and robust. We are a pioneer and leader in responsible AI – delivering AI in a way that supports responsible and ethical use of AI technology and data. It’s no surprise that PwC has been recognized as a leader in AI by Gartner, IDC and Forrester.
That’s why PwC US is making a $1B investment over the next three years to expand and scale our AI capabilities.
The investment builds on PwC’s long-standing commitment to AI and strengthens its ability to deliver trust and sustained outcomes in line with its global strategy, The New Equation.
For a professional services firm like PwC, generative AI poses enormous opportunities for our clients and for us as well. The key will be in the how.
- How can businesses use AI to reimagine their business models to create new paths to growth?
- How can we confirm that the underlying data is protected and secure, especially when that data is confidential or proprietary?
- How can we drive trust in the models, confirming they are fair, explainable and transparent?
- How do we support people in developing the skills they need for the future – one where AI plays a bigger and bigger role?
Our investment will help us address all of these questions – and more. An industry-leading relationship with Microsoft, creating offerings using OpenAI’s GPT-4/ChatGPT and Microsoft’s Azure OpenAI Service, will allow us to harness the power of generative AI in a secure and responsible way to build trust and drive sustained outcomes to clients. Additional investments in upskilling our people will help make sure they have the skills they need to succeed in this rapidly changing environment.
These efforts will enable us to use our position as a leader in responsible AI to make sure that generative AI is used to help build and maintain trust with a variety of stakeholders.
Together, these investments enhance our ability to bring human-led and tech-powered solutions to our clients and deliver on The New Equation.
Using generative AI to drive business results
As part of a first-of-its-kind relationship with Microsoft and Azure OpenAI Service, we will create scalable offerings to generate richer insights and recommendations from large volumes of data, while driving greater productivity and new products and services.
PwC teams are already working on hundreds of AI and generative AI use cases to drive efficiencies, cost and time savings and new insights. Recently, we applied AI to an auto insurer’s claim estimation process and helped it realize 29% efficiency savings.
Helping companies capture the power of AI securely
According to our PwC Trust Survey, nearly all business leaders say their company is prioritizing AI-related initiatives and systems in the near term. But they are grappling with how to do this in a way that confirms the security and privacy of their data. According to the survey, in the next 12 months, only 35% of executives say their company will focus on improving the governance of AI systems and processes and monitoring and reporting on AI model performance.
Through our relationship with Microsoft and Azure OpenAI Service, we can help more companies do just that – harness the power of generative AI in a safe and secure environment. We are building out the capabilities – including governance, risks and controls, algorithmic confidence – backed by our responsible AI capabilities. This will allow our clients to protect the confidentiality and security of data and ultimately help build greater trust in AI platforms.
Helping people work smarter, faster and future-proof their skills
Our investment will help deliver significant benefits not only for our clients but for our people and our firm. We are committed to giving our people the tools they need to make it easier to do their jobs while also delivering value for clients and growing their own careers.
That’s why the US firm will also be making investments in upskilling all 65,000 people as part of My+ to give them the skills they need for a world that is increasingly being shaped by AI.
From talking to clients about generative AI capabilities to using the tools to work smarter and more efficiently, we are giving them the skills they need today – and for the future.
We are also retooling our internal platforms to embed and take advantage of our new secure generative AI environment. This includes a global investment in our internal platforms, powered by AI, to more effectively deliver tax, audit and consulting services to clients.
When we combine know-how, experience and relationships with the right technology, we solve problems and unlock opportunities. This investment – including the technology, collaboration with Microsoft and Azure OpenAI Service and our upskilled people – is another example of how we’re bringing our human-led, tech-powered strategy to life.
https://www.pwc.com/us/en/tech-effect/ai-analytics/scaling-ai-capabilities-with-generative-investment.html
