PwC US has unveiled plans to invest $1 billion in expanding and scaling its artificial intelligence (AI) capabilities, with a particular emphasis on generative AI. The investment, which will be made over the next three years, is part of PwC's broader strategy, The New Equation, and aims to help clients reimagine their businesses through the power of AI. As part of this initiative, PwC has entered into an industry-leading relationship with Microsoft to create scalable AI offerings using OpenAI’s GPT-4/ChatGPT and Microsoft’s Azure OpenAI Service.
The investment underscores PwC's commitment to driving human-led, tech-powered solutions and building trust in AI platforms. The collaboration with Microsoft will enable PwC to transform the way it works and support clients in reinventing their businesses. The goal is to deliver better outcomes by generating richer insights, driving productivity, and developing new products and services that build greater trust with stakeholders.
Mohamed Kande, Vice Chair, US Consulting Solutions Co-Leader and Global Advisory Leader at PwC, commented on the significance of the investment: “We are at a tipping point in business and society where AI will revolutionize how we work, live and interact at scale. 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.”
PwC has already begun implementing capabilities within Azure OpenAI Service for clients across various industries, including insurance, aviation, and healthcare. These solutions have successfully enabled clients to save time and costs while helping accelerate revenue.
According to PwC’s recent Trust Survey, nearly all business leaders say their company is prioritizing AI-related initiatives and systems in the near term. However, only 35% of executives say their company will focus on improving the governance of AI systems. PwC aims to address this gap through its Responsible AI framework, which emphasizes governance, fairness, transparency, explainability, and data security.
In parallel, PwC will modernize its internal platforms to embed the new, secure generative AI environment. This move builds on PwC's existing foundation of using AI to deliver productivity gains across tax, audit, and consulting services. Additionally, PwC US will invest in upskilling its 65,000 employees on AI tools and capabilities as part of its My+ initiative.
Last month, PwC's Global Tax & Legal Services announced an agreement with Harvey, a startup backed by the OpenAI Startup Fund and built on OpenAI and Chat GPT technology.