Big professional services firms are embracing the power of artificial intelligence to revolutionize their operations. In a bid to enhance productivity and gain a competitive edge, the big four consulting firms are investing billions of dollars globally to integrate custom-built virtual assistants powered by generative AI into their workflow.
These AI platforms, drawing on technology from companies like Microsoft and OpenAI, are designed to handle a range of tasks including crafting emails, creating PowerPoint presentations, analyzing corporate data, and even writing code. The successful adoption of these AI tools, which generate content such as text, images, and code, is expected to play a pivotal role in securing lucrative client contracts for these firms.
Locally, Boston Consulting Group employs a tool named Dexter for creating PowerPoint slides, while KPMG is gearing up to launch KymTax to provide tax advice. EY has introduced its AI assistant, EYQ, capable of performing over 1000 different tasks for both employees and clients.
PwC, with a $US1 billion investment over three years in generative AI tools and training, has established a dedicated team of data scientists, engineers, and AI analysts to spearhead the integration of generative AI within the firm and drive client engagement in this technology.
Tom Pagram, PwC Australia’s artificial intelligence leader, emphasized the significance of being a frontrunner in the use of generative AI within the professional services industry. He highlighted the transformative potential of generative AI in delivering knowledge work, stating that embracing this technology will be crucial for maintaining relevance in the market.
PwC Australia has rolled out generative AI assistant ChatPwC to thousands of staff, with another tool named Harvey trained in specialist legal knowledge to review and interpret legislation. Early data suggests that generative AI has led to a 35% reduction in the time taken to complete certain tasks at PwC.
KPMG Australia has also made substantial investments in its own generative AI tool, KymChat, with a focus on building trust and enhancing client services.
