KPMG and PwC the latest consultancies to embrace ChatGPT
Tentative in the initial rush, some of the world’s biggest consultancies are now embracing the revolutionary power of Open AI’s ChatGPT technology, with KPMG and PwC both developing new tools.
Big Four professional services firms KPMG and PwC have dived into the burgeoning realm of generative AI with ChatGPT tools to support staff.
PwC recently partnered with AI startup Harvey to give its global Legal Solutions teams exclusive access to the platform, including those based in Australia, while KPMG’s Australian arm has released its own proprietary version of ChatGPT as one of few companies worldwide to be given access to develop its own private tool.
KPMG stated that thanks to its partnership with Microsoft the firm’s employees can now access the processing power of the 5th largest supercomputer on the planet through a simple digital assistant on their desktop or phones. Dubbed KymChat, use of the customised tool will initially be focused on safely supporting greater innovation and efficiencies, while in the future KymChat will allow the firm to train its own AI model for other specific purposes.
“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 last year 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,” added Munnelly.
Munnelly also noted that while still early days, the consultancy expects the KymChat model to rapidly improve as fresh data is added and the tool is trained to perform new tasks, including via internally “crowd-sourced” use-cases, with some five dozen promising ideas already generated through such exercises. “KymChat is just the start of KPMG’s AI journey, and in time will be one of many products within our broader AI strategy.”
The first use-case, according to Munnelly, is finding professionals within KPMG’s own 10,000 strong local team, such as by quickly sifting through internal databases for those expert in transfer pricing in say Sydney and then summarising their skills, so as to more easily put together proposals for new client work.
While discussion around the ethics of generative AI still abounds, it seems a more honest means of winning new contracts than PwC’s recent approach.
Ironically, while the sharing of confidential government tax information among partners left PwC on the brink of potential legal strife, it is the firm’s lawyers who now have their own new powerful AI tool built on ChatGPT technology. The partnership with Harvey is expected to enhance and speed-up insights and solutions in areas such as contract analysis, regulatory compliance, claims management, and due diligence, along with legal consulting.
“Harvey will transform the way we provide legal solutions for clients across the globe,” said PwC Australia partner Tony O’Malley, the firm’s global head of legal services. “The Harvey platform provides a generational-leap forward for our legal professionals in terms of insights, research and analysis. Combining our deep expertise with cutting-edge AI technology heralds a paradigm shift in the way that we solve complex problems for our clients.”
