KPMG commits $2 billion to AI in expanded Microsoft partnership

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KPMG, a renowned professional services firm, has announced a significant investment of $2 billion in artificial intelligence (AI) as part of an expanded partnership with Microsoft. This collaboration aims to enhance KPMG’s professional services across various sectors, including audit, tax, and advisory. The investment will be made in Microsoft Cloud and AI services over the next five years, with the potential to generate additional growth worth over $12 billion for KPMG.

By leveraging the capabilities of Microsoft Cloud and Azure OpenAI Service, KPMG intends to empower its global workforce of 265,000 professionals. These technologies will enable KPMG professionals to explore their creativity, accelerate analysis, and allocate more time to strategic guidance. Cherie Gartner, the global lead partner at Microsoft 360°, emphasized that this collaboration would allow KPMG to keep up with the evolving AI landscape and address clients’ challenges effectively.

The expansion of the global alliance between KPMG and Microsoft is built on their shared commitment to responsibly leveraging cloud and AI technologies. Through this collaboration, KPMG aims to tap into new markets and sectors while ensuring the responsible use of AI and innovative technologies. Steve Chase, U.S. consulting leader at KPMG, highlighted the potential for unlocking sustainable growth for clients and society as a whole.

As part of this partnership, KPMG will integrate data analytics, AI, and Azure Cognitive Services into its audit process through the KPMG smart audit platform, KPMG Clara. The goal is to empower KPMG’s audit professionals to focus on higher-risk areas and sector-specific challenges. Additionally, with the integration of Microsoft Fabric, KPMG teams will have real-time access to client data, enhancing audit efficiency.

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In the domain of tax services, KPMG will integrate Azure OpenAI Service and Microsoft Fabric into the KPMG Digital Gateway. This integration will provide KPMG’s clients with comprehensive access to KPMG Tax and Legal technologies, ensuring transparency in their tax functions and enabling holistic management.

One notable outcome of this collaboration is the co-development of an AI solution using Azure OpenAI Service. This solution will analyze environmental, social, and governance (ESG) data, identify patterns, and generate ESG tax transparency reports swiftly.

Furthermore, KPMG plans to develop an AI-enabled application development and knowledge platform on Microsoft Azure, accelerating the creation of tailored solutions for its advisory clients. This approach aims to enhance clients’ competitiveness and profitability while ensuring ethics and security.

KPMG emphasizes the importance of the integrity of its network and the safety and confidentiality of its own data and that of its clients. The company has implemented protective measures to ensure the secure use of AI technologies and plans to use Azure OpenAI Service for secure private instances of AI models.

KPMG’s recent introduction of KymChat, an AI accelerator, has proven successful in optimizing enterprise operations. The company plans to launch KymChat globally, allowing clients access to industry best practices and methodologies.

In conclusion, the expanded partnership between KPMG and Microsoft will drive substantial investment in AI technologies, streamlining client engagement and empowering KPMG professionals worldwide. This collaboration aims to unlock significant growth opportunities while ensuring responsible and secure use of cloud and AI technologies.

Frequently Asked Questions (FAQs) Related to the Above News

What is KPMG's investment in artificial intelligence?

KPMG has committed $2 billion to artificial intelligence (AI) as part of its expanded partnership with Microsoft.

What sectors will benefit from KPMG's investment in AI?

KPMG's investment in AI aims to enhance its professional services across various sectors, including audit, tax, and advisory.

How will KPMG leverage Microsoft's technology?

KPMG will leverage Microsoft Cloud and Azure OpenAI Service to empower its workforce and enhance its services.

What are the potential benefits of this collaboration for KPMG?

The collaboration has the potential to generate additional growth worth over $12 billion for KPMG.

How will AI technologies be integrated into KPMG's audit process?

KPMG will integrate data analytics, AI, and Azure Cognitive Services into its audit process through the KPMG smart audit platform, KPMG Clara. This will enable auditors to focus on higher-risk areas and sector-specific challenges.

What will be the impact on KPMG's tax services?

KPMG will integrate Azure OpenAI Service and Microsoft Fabric into the KPMG Digital Gateway, providing clients with comprehensive access to KPMG Tax and Legal technologies and ensuring transparency in their tax functions.

What is the goal of the co-developed AI solution?

The co-developed AI solution using Azure OpenAI Service aims to analyze ESG data, identify patterns, and generate ESG tax transparency reports swiftly.

What measures has KPMG taken to ensure the secure use of AI technologies?

KPMG has implemented protective measures to ensure the secure use of AI technologies and plans to use Azure OpenAI Service for secure private instances of AI models.

What is KPMG's AI accelerator called, and how will it benefit clients?

KPMG's AI accelerator is called KymChat. It optimizes enterprise operations and will be launched globally to provide clients with access to industry best practices and methodologies.

Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.

Advait Gupta
Advait Gupta
Advait is our expert writer and manager for the Artificial Intelligence category. His passion for AI research and its advancements drives him to deliver in-depth articles that explore the frontiers of this rapidly evolving field. Advait's articles delve into the latest breakthroughs, trends, and ethical considerations, keeping readers at the forefront of AI knowledge.

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