PricewaterhouseCoopers (PwC) plans to invest $1 billion in generative artificial intelligence (AI) technologies in its US operations over the next three years.
In brief:
-The accounting firm is collaborating with Microsoft and OpenAI to automate parts of its tax, audit, and consulting services
-The technology is anticipated to be used to analyze corporate plans, spot operational inefficiencies, manufacture marketing materials, and launch sales campaigns faster after the generative AI models have been trained and tested.
-PwC's $1 billion investment will be used to hire AI specialists, educate current employees in AI skills, and hunt down AI software developers for future acquisitions.
What does this mean?
"AI presents a whole set of opportunities, but also presents a whole set of risks. And I think we've already seen ways in which it could be used to turbocharge fraud and scams," Khan said.
