PwC Offers Advice From Bots in Deal With ChatGPT Firm OpenAI
PricewaterhouseCoopers LLP has teamed up with ChatGPT owner OpenAI to offer clients advice generated by artificial intelligence as the Big Four audit firms look to cut costs and boost productivity.
The accounting firm will use AI to consult on complex matters in tax, legal and human resources, such as carrying out due diligence on companies, identifying compliance issues and even recommending whether to authorize business deals.
The tie-up makes PwC the first of the Big Four to partner with OpenAI, which is regarded as one of the companies at the forefront of generative AI technology with its ChatGPT chatbot.
The major audit firms have been cutting costs to cope with a slowdown in professional services. PwC is freezing pay increases and bonuses for some of its 25,000 UK staff, Deloitte LLP is set to cut more than 800 jobs in the UK, Ernst & Young LLP is to cull about 5% of staff from its UK financial services consulting division, while KPMG LLP is planning to cut 125 consulting jobs.
The OpenAI partnership, which is not based on ChatGPT, won't result in jobs cuts in the near-term, PwC said.
PwC's new AI system is already “behaving like a 25-year tenure partner,” Bivek Sharma, chief operating officer for tax, legal and people at PwC UK, said in an interview Monday.
“The compliance burden globally is increasing and with geopolitics, the level of complexity that the C-suite is facing is like you've never seen before,” said Sharma. “A lot of people talk about how there's gonna be job displacement with AI, but the reality, to navigate these very complex situations, AI is going to be necessary to actually do that work.”
Harvey, an AI startup which is backed by OpenAI and specializes in professional services, is also part of the
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