PwC, one of the leading professional services firms, is set to introduce a customized version of OpenAI's generative AI technology to its workforce, which comprises 75,000 employees. The move is an acknowledgment of the transformative impact that AI is expected to have on various industries. Joe Atkinson, PwC's Chief Products & Technology Officer, emphasized that AI has the potential to revolutionize operations and increase employee productivity.

The AI tool that PwC is adopting, called ChatPwC, is a proprietary generative AI platform built on OpenAI's technology and securely integrated with Microsoft Azure. By the end of this year, each of PwC's 75,000 workers will have access to this internal AI tool. Atkinson, who participated in the CNBC CFO Council Summit in Washington, D.C., highlighted the significant role AI is expected to play in transforming business processes.

Debates regarding the cost-effectiveness of implementing AI technologies have been ongoing among CFOs and business leaders. According to a recent survey conducted at the CFO Summit, 44% of CFOs expressed concerns that deploying AI tools like ChatPwC would result in increased costs in the next 12 months. However, the remaining 56% remained optimistic that AI would lead to cost savings in the near future. Eric Kutcher, the Senior Partner and CFO at McKinsey & Co., believes that the return on investment for AI implementations may take longer than a year due to uncertainties surrounding the evolution of large language models.

McKinsey & Co. has already developed its own AI platform named Lilli, which has proven to be highly beneficial for the firm. Lilli enables consultants to complete tasks in minutes that would have previously taken weeks to accomplish. The platform has been implemented across 45,000 employees, significantly enhancing productivity. Kutcher stressed that while AI will eventually lead to cost savings, it is crucial to focus on what can be achieved with the technology and how it can be leveraged to drive increased productivity and revenue.

With declining workforce participation levels, boosting employee productivity is essential for sustained economic growth. Organizations like PwC view AI as a prime tool to achieve this goal. Atkinson believes that AI can alleviate employees' administrative burden, enabling them to dedicate more time to strategic projects. PwC established its internal "AI factory" a year ago, which has already generated over 3,000 use cases for both internal operations and clients.

Preparing the workforce for AI implementation at scale is a critical challenge. Atkinson stressed the need for organizations to focus not only on the cost of licensing and deployment but also on effective preparation and utilization of AI technologies. While major technology providers are heavily investing in AI tools and enhancements, Atkinson anticipates a downward cost curve once large language models are commoditized.

AI is also making significant strides in healthcare. Anna Bryson, CFO at healthcare tech company Doximity, highlighted AI's potential to support physicians in handling the influx of new medical information. AI can assist in streamlining administrative tasks, thereby allowing doctors to spend more time with patients. Data analytics giant Palantir Technologies, as well, aims to bring greater efficiency and insights to clients through AI.

Undoubtedly, the integration of AI technologies in various industries is gaining momentum. PwC's decision to equip its extensive workforce with OpenAI's generative AI technology represents a significant step towards embracing the transformative power of AI. While concerns about costs persist, the potential benefits of increased productivity and efficiency indicate a promising future for AI implementation. The journey towards maximizing the value of AI will be a multi-year endeavor, but business leaders recognize the long-term potential it holds for revenue growth and operational success.