Marcum launches generative AI tool

Marcum, a Top 20 Firm, launched an in-house generative AI tool, Marcum.ai, powered by ChatGPT via Microsoft Azure OpenAI Service.

The tool, a direct product of Marcum Technology's innovation incubator, Marcum Labs, is embedded directly within Microsoft Teams to be used exclusively by firm employees. By building the solution within Teams, users have an interface they're already familiar with, and its outputs can be positioned within the firm's day-to-day workflow. The firm expects AskMarcum.ai to enhance communication, knowledge sharing and problem-solving.

Peter Scavuzzo, chief information and digital officer with Marcum and CEO of Marcum Technology, said the new AI tool stands as but one example of the firm's commitment to equipping its team members with technology that enhances their capacities.

"Marcum has consistently led the charge in technological advancement and innovation in the accounting industry," he said. "The launch of AskMarcum.ai is just another example of our commitment to delivering the most advanced tools available to enhance the work experience for our team. By equipping our workforce with cutting-edge resources, we generate excitement and set them up to thrive. Streamlining day-to-day tasks allows them to dedicate more time to their core job functions, utilizing their experience and unparalleled technical proficiency to deliver exceptional service to our clients."

Scavuzzo, in a previous story, had expressed some hesitation about the use of generative AI, particularly ChatGPT, in accounting work, pointing to both security issues and inconsistent reliability due to "hallucinations." Prior to the release of this new tool, he said staff members have mainly been using ChatGPT to generate code, summarize and analyze white papers, as well as refine their own content. By partnering with Microsoft, as some Big Four firms have done, Marcum's bot can be run in a secure environment, allowing more control over data usage.