Innovation & Technology Investing

PwC leads with $1 billion AI invest2 min read

January 17, 2024 2 min read


PwC leads with $1 billion AI invest2 min read

Reading Time: 2 minutesReading Time: 2 minutes

PwC U.S. announced a $1 billion investment, focusing on expanding AI client solutions and partnerships with Microsoft and OpenAI.

Innovations include AI training for 75,000 employees, with Yolanda Seals-Coffield, Chief People Officer at PwC, spearheading the talent development. Their innovative ChatPwC tool, leveraging OpenAI’s prowess, is revolutionizing tasks like asset valuations and report summarizations, turning employees into pioneers testing AI’s potential. Collaborating with Harvey, PwC’s startup with custom AI solutions for tax, legal, and HR, demonstrating AI’s incredible versatility. Harvey utilizes natural language processing and machine learning to enhance legal work, such as contract analysis and compliance. This partnership aligns with PwC’s strategy of combining human expertise with technology to improve legal solutions. Harvey will be used across PwC’s global network, aiding in legal advisory and consulting services. “Nearly all business leaders say their company is prioritizing at least one initiative related to AI systems in the near term” – mentioned in PwC Trust Survey 2023.

This monumental $1 billion investment over three years isn’t just about technology. It’s a view of AI as an enabler, not a job replacer, underscores a future where AI and human expertise coalesce to create unparalleled value in professional services.

The AI trainings for employees include:
Upskilling on AI Tools and Capabilities: Focusing on enabling employees to work faster and smarter, grow their careers, and advise clients on AI benefits and other technologies.
Responsible AI Framework: Training in governance, fairness, transparency, and explainability of AI systems, as well as protecting data confidentiality and security.
Utilization of Azure OpenAI Service: Implementing capabilities within Azure OpenAI Service across various industries, such as insurance, aviation, and healthcare.
Application of Generative AI: Learning to deploy OpenAI’s generative AI technology across various applications in a secure, explainable, and robust manner.

This comprehensive training approach aims to modernize PwC’s internal platforms and enhance their service delivery, while embedding a secure, generative AI environment. Approximately 60% of U.S. employees have started training. PwC is not just riding the AI wave, they’re steering it towards a future where technology complements human potential. Read our recent article about Collective Intelligence and its connection with a new “team whisperer” – AI.