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AI and a speech bubble on top of text | AccountingWEB | PwC launches AI tool in technology push

PwC launches AI tool in technology push


As part of a wider commitment to embracing technology, PwC has announced the launch of a new AI tool alongside Harvey and OpenAI.

13th Feb 2024
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PwC UK has taken a big step into the world of artificial intelligence (AI) with the launch of a new venture, alongside alliance partners Harvey and OpenAI.

The firm has unveiled a UK tax-trained AI model, which has been designed to generate tax content.

It cross references and has been trained on case law, legislation and other underlying sources, together with PwC UK’s own IP, with the data being “regularly refreshed to reflect changes and updates to tax rules”.

Wider strategy

The tool, said PwC, is part of a wider strategy to “lead the professional services market in the adoption of AI and technology, ensuring clients and our people benefit from the changing environment in which they operate”.

The underlying technology was developed by Harvey and OpenAI.

Laura Hinton, PwC’s tax, legal and workforce leader, noted that generative AI is “transformative and presents unprecedented possibilities for both our people and our clients”.

“Working with Harvey and OpenAI, we will be able to offer the most sophisticated tax AI-enabled services and model in the market and further differentiate what we do, driving growth for our business, our clients and our people,” she said.

“Our approach will always be human-led – tech-power and AI will complement our expertise, allowing our subject-matter experts to deliver deeper, more robust and transparent insights to our clients.”

Prime example

Winston Weinberg, co-founder and president at Harvey, added that the launch is a “prime example of how AI can augment human expertise and transform the way professional services are delivered”.

Brad Lightcap, chief operating officer at OpenAI, shed light on a “surge in the practical application of AI being built on our platform”.

“The innovative AI assistant built by PwC and Harvey is a prime example of AI’s power to supercharge the capabilities of knowledge workers and enhance the customer experience.

“We’re excited to continue partnering to help organisations across all industries thrive in an AI-first world.”

Replies (3)

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By FactChecker
13th Feb 2024 18:55

If it's such a no-brainer (intentional pun), then why do these puff pieces never mention (let alone commit to) any specific benefits of relevance to their clients - especially given that they continue to go to great pains to emphasise “Our approach will always be human-led.”

I understand a reluctance to be too detailed at this early stage, but they presumably do have specific new services in mind to offer clients (or at least improved delivery or something)?
If they're as yet unsure of these being deliverable, then it's too early to be promoting it ... but if they're truly confident, then promote away (which means being clearer about the proposition)!

Otherwise the diminishing law of returns quickly sets in - as people treat announcements as hot air.

Thanks (2)
By hje
14th Feb 2024 12:44

Shame they didn't use it at Babcock.

Thanks (1)
Replying to hje:
By FactChecker
14th Feb 2024 12:51

Never mind ... they've got plenty more such examples on which the AI can be trained (as they'd put it).
But from where will they find the 'best practice' examples?

Thanks (4)