(Reuters) – Professional services firm EY announced on Wednesday that it has invested $1.4 billion in artificial intelligence (AI) and is introducing a platform that offers AI-powered versions of its consulting products to businesses. This move puts EY in line with competitors like KPMG and Accenture, who are also heavily investing in AI in hopes that it will drive future growth.
The newly launched platform, called EY.ai, contains AI-embedded versions of EY’s products, such as EY Fabric, a sought-after data management product used by 60,000 clients. “AI’s moment is now. Every business is considering how it will be integrated into operations and its impact on the future,” said EY Global Chairman and CEO Carmine Di Sibio.
EY intends to provide training in AI for its employees and will introduce a large-language model (LLM) known as EY.ai EYQ. An LLM is the foundational machine-learning software that powers AI systems. Through its existing partnership with Microsoft, EY has gained access to early capabilities of Azure OpenAI, including GPT-3 and GPT-4.
To further advance the use of AI, EY has established partnerships with technology and information companies such as Dell, SAP, and Thomson Reuters, the parent company of Reuters News.
In a statement, EY expressed its commitment to leveraging AI to enhance its consulting services and help clients navigate the evolving business landscape. By investing in AI and forming strategic alliances, EY aims to remain at the forefront of AI adoption and innovation.
This significant investment reflects the growing recognition among professional services firms of the potential of AI to revolutionize the industry. AI has the capacity to automate tasks, improve decision-making, and enhance the overall efficiency of organizations.
The integration of AI into services offered by consulting firms presents exciting possibilities for businesses. As AI continues to evolve and mature, it is expected to have a profound impact on industries and reshape the way businesses operate.
In conclusion, EY’s $1.4 billion investment in AI and the launch of their AI-powered platform demonstrate the firm’s commitment to embracing the potential of AI. By utilizing AI technology, EY aims to stay competitive and provide innovative solutions to its clients.
(Reporting by Jaspreet Singh in Bengaluru; Editing by Pooja Desai)
Credit: The Star : Tech Feed
