In a remarkable turn of events, the world of consulting and finance is undergoing a transformative journey with the rise of generative AI. KPMG, one of the Big Four accounting firms, is making waves by embracing this cutting-edge technology to enhance its operations. With a commitment of $2 billion to an AI partnership with Microsoft and notable collaborations with Google Cloud, KPMG is heralding a new era of innovation in the industry. Join us as we explore the exciting developments in KPMG’s generative AI journey and its potential impact on the future.
Also Read: Applications of Machine Learning and AI in Banking and Finance in 2023
Generative AI: A Bold Move for KPMG
The consulting and finance sector has shifted from uncertainty to excitement over generative AI in the past year. KPMG, a prominent player in the industry, has harnessed the power of generative AI, akin to ChatGPT, to develop an in-house system that harnesses its proprietary data for improved efficiency and insights. The company’s enthusiasm for AI doesn’t stop there – it recently announced a substantial investment of $2 billion in an extended AI alliance with Microsoft. This comes after KPMG’s earlier commitment in 2019 to dedicate $5 billion over five years to advanced technologies, including AI.
Also Read: Microsoft Invests in No-Code App Builder Builder.ai
A Wave of Change: Generative AI’s Impact on the Big Four
KPMG isn’t alone in its pursuit of generative AI excellence. PwC is also on a mission, with plans to allocate $1 billion for advancing generative AI in its U.S. operations within the next three years. By partnering with Microsoft and OpenAI, PwC aims to automate key tasks by revolutionizing tax, audit, and consulting functions. The drive for efficiency, cost reduction, and novel perspectives has spurred multiple teams within these companies to innovate and develop a plethora of AI and generative AI applications.
Also Read: US Stock Market Finds Boost From Artificial Intelligence (AI)
Unveiling the Power of Generative AI in Action
Last month, KPMG and Microsoft joined forces to propel professional services into the AI era. Their partnership leverages generative AI to streamline client engagement in auditing, taxation, and advisory sectors. By utilizing Microsoft Cloud and Azure OpenAI services, KPMG aims to invest $2 billion over five years to expand these services. Furthermore, KPMG’s collaboration with Google Cloud earlier this year promises to blend the firm’s expertise in cloud computing and data analysis with Google Cloud’s advanced infrastructure and generative AI capabilities.
Also Read: AWS and Accel Launch “ML Elevate 2023” to Empower India’s AI Startup Ecosystem
Breaking Down the Selection Process: Collaboration with GenAI Providers
According to Sachin Arora, partner and head at Lighthouse (Data, AI, and Analytics), KPMG India, choosing a generative AI service provider involves considering critical factors such as reputation, customization, data privacy, scalability, ethical considerations, and costs. This underlines the significance of selecting the right partner for successful GenAI integration.
GenAI Unleashed: KPMG’s Innovative Approach
KPMG’s integration of generative AI revolves around utilizing open-source vector embeddings and databases. This strategy seamlessly incorporates organizational data into widely-used language models, resulting in quicker responses and enriched interactions. By leveraging this bespoke framework, KPMG is at the forefront of harnessing generative AI to deliver enhanced customer experiences and operational efficiency.
Also Read: The Fascinating Evolution of Generative AI
The Multifaceted Impact of Generative AI
Generative AI’s influence spans many dimensions within consulting and finance firms. It powers customer support through AI-driven chatbots, enhances data analysis for informed decision-making, optimizes marketing with AI-generated content, and personalizes financial services by offering tailored banking assistance and investment recommendations.
Also Read: Google Cloud Helps Macquarie Bank Enhance AI-Banking Capabilities
Navigating Early Challenges and Future Prospects
Sachin Arora highlights the initial hesitations surrounding generative AI, including data security, ethical concerns, and regulatory compliance. Initially, concerns about data privacy, biased AI-generated content, and adherence to regulations hindered the industry’s embrace of generative AI. However, technological advancements, user-friendly AI platforms, and ethical guidelines have led to transformative changes, making generative AI a valuable asset.
Our Say
The future holds promising developments in the world of generative AI, machine learning, and analytics. KPMG envisions amalgamating generative AI with traditional AI and analytics to significantly boost employee productivity. This fusion has the potential to accelerate the introduction of new products and innovations, disrupting traditional information practices and shaping the landscape of the consulting and finance sectors.
Sabreena Basheer is an architect-turned-writer who's passionate about documenting anything that interests her. She's currently exploring the world of AI and Data Science as a Content Manager at Analytics Vidhya.
