Wednesday, May 24, 2023

Accounting: "PwC Has Set Aside $1,000,000,000 for AI"

Three from Going Concern. First up, April 27:

It wasn’t that long ago that Big 4 accounting firms were cagey about staff playing around with ChatGPT on company equipment, consumed by the fear of sensitive client information being fed into the AI black hole. But then they got over it and both PwC and KPMG proudly announced proprietary AI tools, leading the way in what will no doubt be a transformative time for professional services. In PwC’s case, the new AI on the block was a ChatGPT-based platform that uses natural language processing, machine learning and data analytics to automate and enhance various aspects of legal work called Harvey. PwC’s Global Tax & Legal Services (TLS) says Harvey will catalyze the ability of Legal Business Solutions professionals to deliver comprehensive, cost-efficient and market-relevant solutions to our clients. That’s a direct quote btw, if you couldn’t tell. Harvey, which is backed by the OpenAI Startup Fund, may even end up bringing in its own business as is working with the startup to take the platform to market “to help clients further streamline their in-house legal processes.

But they didn’t stop there. Yesterday, PwC US announced plans to invest an eye-watering one billion dollars over the next three years to “expand and scale its artificial intelligence (AI) offerings and help clients reimagine their businesses through the power of generative AI.” This investment, says the press release, builds on PwC’s long-standing commitment to AI, strengthening its ability to deliver human-led and tech-powered solutions and to build trust and drive sustained outcomes in line with its global strategy, The New Equation. Again, that’s clearly a direct quote....


And May 23:

EY Global Chairman and CEO Carmine Di Sibio and King Charles III stan showed up on Squawk on the Street today talking about the labor market and, more notably, how the firm is using an AI chatbot to answer payroll questions. The AI segment begins around 3:05....

....MUCH MORE (video)  

And with the Law School Admissions Test slated to die it probably doesn't matter that ChatGPT v. 4 does well and can even pass the Uniform Bar Exam:

In accounting the humans still rule, for now: 

Academics Pitted Human Accounting Students Against GPT-3, Students Won 

note however, that is far from the latest offering from OpenAI.

Here is Sam Altman and his minions bragging about the various tests (scroll down):

Still having trouble with English Literature though.