KPMG, one of the world’s leading professional services firms, has announced the release of its custom ChatGPT tool, named KymChat, to its clients. The tool, built by Microsoft, was initially developed as a search tool to find experts within the organization. However, its applications have now expanded to include tasks such as writing proposals, drafting training video scripts, and answering internal policy-related queries.
Since introducing KymChat internally, KPMG has received numerous inquiries from clients interested in adopting the tool. According to Tony Munnelly, KPMG’s Chief Scientist, there is a growing customer demand to understand how AI will impact their businesses. Many clients are conducting proof of concepts and seeking to gain a better understanding of AI’s potential.
KymChat has undergone extensive training using documents from KPMG’s internal network as well as from the public internet. The tool provides answers to user questions, citing the source of the information it retrieves. For instance, KymChat has successfully analyzed KPMG’s quality risk manual, an extensive policy document spanning 909 pages. Junior staff members have tested the tool by posing questions related to client auditing and received accurate and impressive responses.
Lee Hickin, Chief Technology Officer of Microsoft Australia and New Zealand, noted that Australian businesses exhibit curiosity about AI but remain somewhat cautious. The introduction of KymChat offers them an opportunity to explore AI capabilities in a controlled and secure manner, ensuring they do not miss out on the technology’s advantages. According to Mr. Hickin, the true value of AI often emerges only when it is put to use and people have the chance to experiment with it.
Mr. Munnelly highlighted the incremental improvements KymChat has already brought about, such as reducing the time spent on tasks like reading lengthy policy documents. However, he anticipates that as the tool is applied to new use cases, it will ultimately transform the way people work.
Meanwhile, rival firm PwC has also ventured into AI-driven solutions with its chatbot service for lawyers. Developed through a strategic partnership with AI start-up Harvey, this project will facilitate faster completion of tasks ranging from due diligence and regulatory compliance to broader legal advisory and consulting services. Around 4000 PwC lawyers across 100 countries, including Australia, will have access to these chatbots.
The introduction of these AI tools by major consulting firms reflects the industry’s increasing focus on harnessing the benefits of AI technology. While KPMG’s KymChat and PwC’s chatbot service for lawyers are just the beginning, the potential for AI to enhance efficiency and productivity across various business sectors cannot be underestimated.
