PwC UK has unveiled a groundbreaking tax software AI assistant set to revolutionize the professional services market. The AI tool, specifically trained for UK tax purposes, is poised to become an indispensable asset for 2,300 PwC UK tax professionals. Developed in collaboration with OpenAI and Harvey, a company specializing in generative AI in the legal landscape, this innovative solution marks a significant milestone in PwC’s commitment to spearheading AI adoption across industries.
The transformative potential of generative AI
Laura Hinton, PwC’s Tax, Legal, and Workforce Leader in the UK, highlighted the transformative potential of generative AI in professional services. Hinton emphasized that this collaboration would enable PwC to offer the most sophisticated tax AI-enabled services and models in the market, driving growth for the company, its clients, and its workforce. By leveraging technology from Harvey and OpenAI, PwC aims to deliver enhanced insights, transparency, and quality to its clients.
PwC reaffirmed its commitment to responsible AI implementation, emphasizing a human-led approach complemented by technology. Hinton underscored that AI would augment expertise, enabling subject matter experts to provide clients deeper, more robust, and transparent insights. This approach ensures that AI serves as a tool to empower professionals rather than replace human intelligence.
Harvey co-founder Winston Winberg expressed excitement about the partnership, highlighting how AI can augment human expertise and transform professional services. The collaboration aligns with Harvey’s vision of leveraging AI to enhance human capabilities and streamline processes in various industries.
PwC UK strategic funding and collaboration
In December 2023, Harvey announced $80 million in Series B funding, with support from the OpenAI Startup Fund. This funding underscores the significance of AI-driven solutions in reshaping professional services. Brad Lightcap, COO of OpenAI, reiterated the organization’s commitment to partnering with companies like Harvey to empower organizations across all industries in an AI-first world. The collaboration between PwC, OpenAI, and Harvey signifies a strategic alliance to drive innovation and deliver unparalleled value to clients.
The tax AI assistant ensures accuracy and relevance per evolving tax regulations through continuous updates and refinement. Drawing on case law, legislation, and PwC UK’s intellectual property, the AI tool generates tailored content, surpassing the capabilities of publicly available large language models (LLMs) used in conventional chatbots.
PwC’s introduction of the tax AI assistant signifies a significant advancement in professional services, underlining the transformative power of AI in enhancing efficiency, accuracy, and client satisfaction. With a commitment to responsible AI implementation and strategic collaboration with industry leaders like OpenAI and Harvey, PwC is poised to lead the way in leveraging technology to drive growth and innovation in the professional services landscape.
