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KPMG to Invest $2 Billion in Cloud and AI Services

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KPMG, a global leader in professional services, has entered a multi-year alliance with Microsoft to modernize its workforce practices, bolster its development, and integrate artificial intelligence (AI) solutions into its offerings. As part of this partnership, KPMG will invest $2 billion in Microsoft Cloud and AI services over the next five years.

The collaboration between KPMG and Microsoft aims to streamline client engagement across the audit, tax, and advisory industries by leveraging the capabilities of the Microsoft Cloud and the Azure OpenAI Service. By doing so, KPMG’s 265,000 professionals can have greater flexibility to innovate, expedite analysis, and concentrate on providing strategic guidance.

Through workforce transformation, secure development practices, and the integration of AI solutions, the partnership seeks to modernize KPMG’s professional services. Both companies are committed to deploying advanced AI and cloud services in an ethical manner.

Cherie Gartner, KPMG’s global lead partner for Microsoft, highlighted how the Microsoft Cloud and Azure OpenAI Service capabilities will enable their teams to help clients navigate the rapidly evolving AI landscape and address their most critical challenges. The partnership is expected to unlock an incremental growth opportunity of over $12 billion for KPMG.

With the introduction of the KPMG Clara smart audit platform, KPMG aims to incorporate data analytics, AI, and Azure Cognitive Services into its audit process. This will enable the company’s 85,000 audit professionals to better focus on high-risk areas and industry-specific risks and challenges.

To enhance its tax services, KPMG plans to integrate Azure OpenAI Service and Microsoft Fabric into the KPMG Digital Gateway, providing a more comprehensive approach to tax function management and increasing transparency.

KPMG and Microsoft have collaborated to develop an AI solution using the Azure OpenAI Service, allowing for effective analysis of ESG data, trend identification, and the generation of ESG tax transparency reports.

KPMG will utilize AI-powered virtual assistant for developing new client service models and improving data analysis efficiency for tax professionals and their clients. Moreover, KPMG intends to launch an AI-powered application development and knowledge platform using Microsoft Azure to expedite the development of customized solutions for clients in the advisory domain.

Emphasizing the security of its network and the privacy of its internal and external data, KPMG has implemented safeguards to ensure the ethical application of open-source AI models like ChatGPT. Additionally, KymChat, a proof-of-concept (POC) introduced by the company in Australia, provides customers with access to industry best practices and methodologies for optimization across various business aspects.

In conclusion, the alliance between KPMG and Microsoft has the potential to revolutionize the professional services sector through the adoption of AI and cloud computing. KPMG’s significant investment in Microsoft Cloud and Azure OpenAI Service aims to empower its global workforce to drive innovation and provide strategic direction more effectively.

KPMG intends to enhance its auditing process by integrating data analytics, AI, and Azure Cognitive Services, enabling its professionals to address high-risk areas and industry-specific challenges more efficiently. Furthermore, the company’s advanced platforms and AI-enabled application development on Microsoft Azure enable the expedited delivery of tailored solutions for clients in the advisory domain.

As part of its commitment to ethical and responsible AI development, KPMG prioritizes network security, data privacy, and client confidentiality. KymChat, an artificial intelligence (AI) accelerator introduced by KPMG, offers access to industry best practices and methodologies to support optimization efforts across businesses.

The partnership between KPMG and Microsoft exemplifies a responsible and ethical approach to AI and cloud services, setting a new standard for innovation and excellence in the professional services sector.

First reported on VentureBeat

Frequently Asked Questions

1. What is the purpose of the alliance between KPMG and Microsoft?

The alliance aims to modernize KPMG’s workforce practices, strengthen its development, and incorporate AI solutions into its offerings.

2. How much will KPMG invest in Microsoft Cloud and AI services?

KPMG has committed to investing $2 billion in Microsoft Cloud and AI services over the next five years.

3. How will the alliance streamline client engagement across industries?

By utilizing the Microsoft Cloud and Azure OpenAI Service, the alliance will empower KPMG’s workforce of 265,000 professionals to innovate, expedite analysis, and focus on providing strategic guidance to clients.

4. What areas of KPMG’s professional services will be enhanced through the alliance?

The alliance will enhance audit, tax, and advisory services by incorporating data analytics, AI, and Azure Cognitive Services into KPMG’s processes.

5. What is the incremental growth opportunity projected for KPMG through this partnership?

The alliance has the potential to unlock an incremental growth opportunity of over $12 billion for KPMG.

6. How will KPMG improve its auditing process through the alliance?

KPMG plans to integrate data analytics, AI, and Azure Cognitive Services into its audit process using the KPMG Clara smart audit platform. This will allow audit professionals to focus on high-risk areas and sector-specific risks and challenges.

7. How will KPMG enhance its 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. This will enable a holistic approach to managing tax functions and increase transparency.

8. What AI solution has been co-developed by KPMG and Microsoft?

The alliance has resulted in an AI solution that utilizes the Azure OpenAI Service to analyze ESG data, identify patterns, and generate ESG tax transparency reports.

9. How will KPMG utilize generative AI tools?

KPMG plans to employ a generative AI-powered virtual assistant to develop new client service models and increase efficiency in data analysis for tax professionals and clients.

10. What platform will be developed on Microsoft Azure?

KPMG intends to create an AI-enabled application development and knowledge platform on Microsoft Azure to accelerate the development of tailored solutions for clients in the advisory domain.

11. How does KPMG prioritize network security and data privacy?

KPMG has implemented safeguards to ensure the ethical use of open-source AI models and prioritizes the security of its network and the privacy of internal and external data and information.

Featured Image Credit: Unsplash

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