On 17 October 2023, PwC announced to ally with OpenAI and Harvey, leveraging OpenAI’s advanced foundation models, Harvey’s expertise in domain-specific models, to create advanced solutions in tax, legal and human resources, such as carrying out due diligence on companies, identifying compliance issues and even recommending whether to authorize business deals.
This collaboration signals PwC’s commitment to capitalising on the transformative possibilities of AI. It’s a strategic move to address industry challenges, such as slower growth and cost pressures, and reflects the trend towards innovation across the sector.
OpenAI and Harvey bring crucial expertise to this partnership, helping PwC enhance its services and navigate the growing global compliance challenges. The alliance will enable PwC to provide AI-generated advice on complex matters, from company due diligence to compliance issues and business deal recommendations.
Despite concerns about job displacement, PwC assures that the AI partnership aims to augment, not replace, its workforce capabilities. The AI system, currently being tested by PwC staff in the UK, is set to be rolled out to over 10,000 employees across 50 countries.
The partnership is expected to significantly accelerate project completion, allowing for multiple projects to be completed in the time traditionally required for one, while also raising the quality of output. It opens possibilities for handling new challenges in legal workflows, accounting, and tax processes.
Envision a future where AI, our ally, handles routine tasks in transaction support areas like due diligence, thus freeing the originators to focus on origination, making strategic decisions and creativity, facilitating M&A due diligence, and driving fundraising strategies. This is the future we at Pelican are also working towards, introducing an intelligent system that cooperates with AI to facilitate origination and discovering targets with high precision in M&A and fund raising deals. As we leverage AI to amplify our value to clients and secure our competitive edge, we would love to hear your insights.
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