PwC Offers Advice From Bots In Deal With ChatGPT Firm OpenAI
by upasana sarbajna Business 18 October 2023
PricewaterhouseCoopers LLP has teamed itself up with OpenAI, the owner of ChatGPT, to offer its clients advice that the artificial intelligence generates as the Big Four audit organizations look forward to cutting the costs and boosting their productivity.
The accounting organization will also be using AI to consult on tougher matters in tax or legal and human resources, like carrying out the due diligence on companies, identification of any compliance issues, and also recommending whether or not they authorize the business deals.
This tie-up will make PsC the first among the Big Fours to develop a partnership with OpenAI, which is considered as one of the organizations at the lead of generative AI technology with the ChatGPT chatbot.
The biggest audit firms have started cutting costs to cope with the slowdown in the professional services. PwC is stopping their increase in payments or bonuses for approximately 25,000 staff in the UK, Deloitte LLP has planned to cut over 800 jobs in the United Kingdom, Ernst & Young LLP has decided to lay off 5% of its UK financial services consultation division staff, and KPMG LLP is planning on cutting 125 consultation jobs.
“The OpenAI partnership, which is not based on ChatGPT, won’t result in jobs cuts in the near-term,” PwC added.
Bivek Sharma, who is the the chief operating officer for legal, tax, and people at PwC UK, mentioned in an interview on Monday that the latest AI system at PwC is already acting like a “25-year tenure partner.”
“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,” Sharma added.
“A lot of people talk about how there’s gonna be job displacement with AI, but the reality is, to navigate these very complex situations, AI is going to be necessary to actually do that work.”