KPMG and PwC Continue Global Adoption of Generative AI, Embracing ChatGPT

Generative AI is making a significant impact on the business world, with tech giants such as Microsoft and Google racing to develop and refine tools to help transform the way companies do business. Now, Big Four firms KPMG and PwC have joined the ranks of businesses embracing generative AI by adopting new tools based on ChatGPT to help support their staff.

KPMG announced that thanks to its partnership with Microsoft, which invested $10 billion into ChatGPT maker OpenAI in February, its staff will have access to the processing power of the world’s fifth largest supercomputer through a simple digital assistant on their desktop or phones. The custom tool, known as KymChat, will initially be used to safely support greater innovation and efficiencies, serving as a basis for the firm to train its own AI model for other purposes.

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“This proprietary solution will support the firm’s culture of innovation, boost efficiencies and create a better people experience,” stated John Munnelly, who was appointed KPMG Australia’s Chief Digital Officer in 2022 when the firm reinstated the executive role. “The information provided will better enable cross-team collaboration and help those new to the firm with a more seamless and efficient people-navigation experience,” Munnelly added.

According to Munnelly, the tool’s first use-case will be for identifying professionals with specific expertise among its 10,000 Australian team and summarizing their skills to improve efforts to build proposals for new client work.

PwC recently partnered with AI startup Harvey, whose ChatGPT-based platform will support its Legal Solutions team, enhancing and speeding up insights and solutions in the areas of regulatory compliance, contract analysis, due diligence, and claims management, in addition to legal counseling. The tool’s output will be reviewed by humans for accuracy and is widely expected to help free PwC’s legal team to focus on more complex and value-added work.

While much of the public face of generative AI is recognized in the form of enhanced digital artwork and entertaining and sometimes disturbing output from tools like Bard and ChatGPT, the growing adoption of AI tools to improve how people work is what stands to make the most resounding impact. While still in its infancy, generative AI has the potential to transform the way humans interact with technology, and some of the world’s most prestigious companies are taking notice.