PwC plans to invest $1 billion over the next three years to bolster its AI offerings, with a focus on generative AI, the company announced Wednesday.
The investment roadmap builds on an existing relationship with Microsoft, and will broaden the firm's ability to create scalable offerings through OpenAI’s GPT-4 and ChatGPT, as well as Microsoft’s Azure OpenAI Service, the company said.
“PwC has long been a pioneer in responsible AI and 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," said Mohamed Kande, vice chair, U.S. Consulting Solutions co-leader and global advisory leader at PwC.
PwC has already worked to implement solutions that will save time and money using Azure OpenAI Service for clients across industries, including insurance, aviation and healthcare.
PwC will couple its investment plans with upskilling efforts to train 65,000 employees on AI tools and capabilities through its workforce development program, My+.
As generative AI has taken hold of global enterprise interest, PwC has already found internal use cases for the technology.
In March, the company struck a partnership with AI startup Harvey, which provided PwC’s Legal Business Solutions professionals with access to its platform. It uses natural language processing, machine learning and data analytics to automate aspects of legal work.
But the investment plan is geared toward expanding what PwC can offer customers as interest in generative AI grows.
"PwC will leverage this technology to help support clients in reinventing their businesses and delivering better outcomes by generating richer insights, driving more productivity and developing new products and services in a way that builds greater trust with their stakeholders," the company said.
