PwC to become OpenAI's largest enterprise customer amid genAI boom (PricewaterhouseCoopers)

msn.com/Reuters ^

[RoosterRedux]

PwC will become the largest customer and first reseller of OpenAI's enterprise product as part of a new deal, the accounting giant said on Wednesday, as businesses rush to adopt and capitalize on generative artificial intelligence.

PwC will roll out ChatGPT Enterprise, a version of the Microsoft-backed AI startup's chatbot aimed at large companies.

The firm will provide ChatGPT Enterprise to its 75,000 U.S. employees and 26,000 UK employees, according to the Wall Street Journal which first reported the agreement.

"We are actively engaged in genAI with over 95% of UK and US consulting client accounts, alongside discussing the use and implications of AI with many of our audit clients," PwC said.

However, it did not disclose the financial terms of the deal or details on its plans to resell the AI product.

OpenAI did not immediately respond to a Reuters request for comment.

PwC said it has been developing custom GPTs to help its employees with tasks such as reviewing tax returns and dashboard and report generation.

The OpenAI agreement builds upon PwC's previously announced plans to invest $1 billion in generative AI technology, the company said.

OpenAI has been making efforts to add enterprise customers beyond Microsoft.

[FreedomPoster]

Ping. A tuppence for your thoughts.

[VanShuyten]

What’s the ChatGTP accounting version of a black Viking?

[Lazamataz]

My only concern is if they de-democratize OpenAI.

Individuals should have unrestricted, nominal-fee access... as it is now.

[monkeyshine]

Let AI do your tax returns but keep the humans to audit them.

[RoosterRedux]

I asked ChatGPT and here is what it said:

Question: What’s the ChatGTP accounting version of a black Viking?

ChatGPT:

In the context of accounting, a "black Viking" could be interpreted as an audacious and aggressive strategy or tool that stands out and challenges conventional methods. Here's a playful take on what that might look like:

The "Black Viking" Accounting Tool:

1. Aggressive Cost Control:

Implement rigorous cost analysis and control measures. Use advanced data analytics to scrutinize every expense line item and eliminate inefficiencies. This might involve renegotiating supplier contracts, automating routine tasks, and optimizing resource allocation.

2. Advanced Predictive Analytics:

Deploy cutting-edge predictive analytics to forecast financial performance with high accuracy. This includes using machine learning models to predict cash flow trends, identify potential financial risks, and uncover new revenue opportunities.

3. Dynamic Financial Reporting:

Move beyond static financial reports and implement real-time financial dashboards. These dashboards provide instant insights into key performance indicators (KPIs), allowing for proactive decision-making. Ensure these dashboards are customizable and can integrate data from multiple sources.

4. Aggressive Tax Planning:

Develop and implement innovative tax strategies that minimize tax liabilities while ensuring compliance with regulations. This might involve taking full advantage of tax credits, deductions, and incentives, and considering international tax planning opportunities.

5. Risk Management and Fraud Detection:

Utilize advanced forensic accounting techniques and AI-driven fraud detection systems. These systems can continuously monitor transactions and financial activities to detect and prevent fraudulent activities, ensuring the integrity of financial data.

6. Strategic Financial Transformation:

Lead bold financial transformation initiatives that align with the company's long-term strategic goals. This could include restructuring the finance department, adopting new financial technologies, or revising the company's financial strategy to better align with market dynamics.

7. Comprehensive Stakeholder Communication:

Develop a robust communication strategy to keep all stakeholders informed about the financial health and strategic direction of the company. This involves transparent and timely reporting, investor presentations, and regular updates to the board and other key stakeholders.

8. Innovation in Financial Technology:

Embrace and integrate the latest financial technologies (FinTech) into the accounting processes. This could include blockchain for secure and transparent transactions, robotic process automation (RPA) for repetitive tasks, and AI for enhanced decision-making support.

By implementing these strategies, the "Black Viking" in accounting embodies a fearless and innovative approach to managing and optimizing the financial aspects of a business. This would ensure not only survival but thriving success in the competitive financial landscape.

[srmanuel]

One of the things I found useful about ChatGPT, I was working on a complex Excel formula, I was having a hard time figuring out how to use the Index and Match functions, I had never used either one before, I worked with ChatGPT, and it fixed the issue in the matter of a couple of minutes.

Once you get used to the interface and ask the right questions and provide the right information, the product can be extremely useful.

[monkeyshine]

Oh I have no doubt AI can help create or help explain formulas and lookups and indexes etc. It’s been a while since I did anything semi-sophisticated with Excel. I use it regularly but the days of using advanced database style functions are behind me. A lookup, or just calculation across columns and formatting is what I do.

[VanShuyten]

Hilarious!!!

Did I just invent a new financial term for Maria Bartiromo? (If AI can plagiarize, so can I!)

[monkeyshine]

Oh I have no doubt AI like ChatGPT can help create or help explain formulas and lookups and indexes etc. And many other things. I’ve used some to help explain or lead me to answers in areas way outside my sandbox. (Don’t use Meta AI it is crapola - though I never used it my wife tried it to ask about news and the answer was so idiotic it ended up apologizing to her lol). It’s been a while since I did anything semi-sophisticated with Excel. I use it regularly but the days of using advanced database style functions are behind me. A lookup, or just calculation across columns and formatting and setting print areas is what I do.

[RoosterRedux]

Yep. I use Excel daily to analyze stocks, options, markets, etc. and ChatGPT and Claude are very helpful.

If you haven't written VBA routines for your Excel work, these platforms can walk you through it and write the code for you. They make complex jobs easy. I increasingly rely on AI to look up the best formulas for my analyses and for suggestions as to how I can improve my work.

As a podcaster said the other day, AI is going to be great for people who use it and awful for those who refuse (they will be left in the trash bin of history). AI won't replace jobs as such but will replace and streamline tasks.

[RoosterRedux]

I thought ChatGPT was pretty clever about that black Viking term. I have asked ChatGPT and other AIs about copyright of their material and they have said, "It you prompted it, it's yours."

I love Maria and she will love your "black Viking" creation. Email her right away. Since it was your idea, ChatGPT was just helping and has no ownership. Same for me.;-)

[srmanuel]

I could see ChatGPT or some other AI tool being extremely useful in the Wall Street world analyzing complex financial markets and investment strategies

[Albion Wilde]

"We are actively engaged in genAI with over 95% of UK and US consulting client accounts, alongside discussing the use and implications of AI with many of our audit clients,” PwC said

Interesting. I seem to recall maybe around 2002 that after the Arthur Anderson SEC dust-up over Enron, big accounting firms like PwC had to divest their "business consulting" services, as it was seen as a conflict of interest, rather than just doing their books and letting them make their own operatonal decisons. I wonder where these discussions fall?