PwC Invests $11.5 Million to Enhance AI Capabilities in Australia

PwC is significantly enhancing its AI capabilities with a $11.5 million investment over the next 12 months to establish a new AI Centre of Excellence. This initiative aims to assist Australian businesses in navigating the complexities of AI technology while also strengthening their global competitiveness.

PwC announced that this multi-million dollar investment would lead to the creation of up to 30 new jobs, further advancing AI adoption and strategy for both its staff and clients in Australia. These new roles will complement PwC’s existing team of 320 specialists in data, advanced analytics, and AI.

The roles created by this initiative will span various disciplines, including AI business analysis, software engineering, machine learning, data science, transformation, upskilling, change management, AI model validation, and risk management.

PwC Australia’s CEO, Kevin Burrowes, emphasized that the launch of this center reflects the company’s dedication to AI transformation and building trust in the technology. He stated that the substantial investment would build upon PwC’s existing momentum, bringing together a comprehensive range of AI skills. This integration is intended to provide businesses with the transformation, technology, and trust capabilities they need to respond effectively to AI-driven changes through a cohesive set of end-to-end solutions designed to address critical business challenges.

According to PwC’s CEO survey, fewer than a quarter of Australian CEOs have begun integrating AI technology into their operations, despite 60% believing that generative AI will have a significant impact on the value their companies can deliver. PwC Australia’s AI leader, Tom Pagram, highlighted the importance of incorporating AI transformation as a critical step that more businesses need to take. He noted that while Australia has a tremendous opportunity to use AI to boost productivity growth, there remains a considerable gap between AI adoption and ambitions across many businesses.

Pagram also stated that PwC is deeply committed to understanding the challenges associated with AI adoption. To address these, PwC offers a comprehensive range of services in strategy, technology, workforce development, legal, data management, and risk management to help Australian businesses overcome these hurdles.

The launch of the AI Centre of Excellence follows PwC US’s $1 billion investment in April 2023 to expand and scale AI capabilities. This investment, made in partnership with Microsoft, led to the development of the PwC AI assistant and ChatPwC, tools designed to accelerate work in research, data analysis, and drafting.

Additionally, PwC recently announced its status as the first and largest company to sign a global deal with OpenAI and ChatGPT Enterprise. Pagram mentioned that PwC Australia views itself as a “client zero,” testing new AI solutions within the company to ensure the best outcomes for its clients. He reiterated that PwC is committed to integrating AI into its operations and will continue to lead by example.

Pagram also noted that Australia is a key hub for AI talent and innovation within the PwC global network. He highlighted that Australian businesses are well-positioned to lead globally in several areas, including AI applications in agriculture, mining and resources, sustainability, and research-industry partnerships focused on Responsible AI.

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