PwC launches AI collaboration with Microsoft and Icertis

A new strategic collaboration between three global businesses is looking to accelerate enterprise digital transformation with AI-powered contract intelligence. The collaboration between technology giant Microsoft, software developer Icertis and PwC will offer clients of the Big Four consultancy a contract management platform that unlocks insights from data embedded in contracts, and use it to automate end-to-end business processes. 

With generative artificial intelligence captivating the tech world, audit and advisory firm PwC is looking to boost its AI offering to clients. The Big Four advisory giant recently said it would put $1 billion toward scaling its own AI capabilities as well as helping its clients do the same over the next three years – with its investment including access to Microsoft’s OpenAI Azure cloud platform and OpenAI’s GPT-4 and ChatGPT. It is also looking to provide more funding for AI-related projects and train the company’s workforce as a whole in the use of the tech.

As PwC rapidly grows its AI capacity, it has also entered into a strategic collaboration to accelerate enterprise digital transformation with AI-powered contract intelligence. The new collaboration with Microsoft and Icertis builds on existing relationships between the trio, to offer up a contract intelligence platform that provides C-suites a way to leverage AI to realise significant cost savings, while also delivering on ESG commitments, and better managing risk and compliance matters.

Laura Hinton, Leader of PwC UK’s Tax, Legal and People business said, “This collaboration underscores three of the biggest issues affecting business today – the advance of AI and cloud technologies, the risks in supply-chains, and the importance of ESG. Businesses want a better handle on everything in contracts with customers and suppliers – from inflation clauses to climate commitments - and whether obligations are being met. Using cloud platforms and AI, we can get far greater intelligence, and use this to drive better decisions, and cut costs and risk.”

Historically, PwC’s release suggests contract management was “a burdensome and disjointed process leading to siloed and inaccessible data”. The firm also claims this leads to companies costing themselves “anywhere between 5-40% of the contract value”, having overlooked important entitlements including rebates, volume-based discounts, and inflation-triggered price adjustments.

PwC’s collaboration with technology company Microsoft and software brand Icertis seeks to change this though, using AI to digitise the contracting process from contract creation to realising the contract’s intent to help enterprises better navigate today’s economic climate, including inflation and supply chain disruptions. PwC, serving as the transformation partner, will integrate Icertis into Microsoft Azure powered solutions, to help clients achieve this on an enterprise-wide level.

“Our expanded collaboration with PwC and Icertis will deliver innovative tools and solutions, built on the Icertis Contract Intelligence platform, powered by Microsoft Azure, that will transform the way global businesses approach contract intelligence and analytics,” added Nicole Dezen, Chief Partner Officer, Microsoft. “As Icertis and Microsoft further integrate generative AI into contracting, customers will realize even more increased productivity, improve bottom-line performance and drive growth.”