Ernst & Young (EY), a leading global professional services firm, has announced a substantial investment of $1.4 billion in artificial intelligence (AI) and unveiled the EY.ai platform.
This initiative aims to offer AI-powered versions of EY’s consulting products to businesses, aligning the firm with industry peers such as KPMG and Accenture, all betting heavily on AI as a pivotal growth driver.
The EY.ai platform introduces AI-embedded versions of EY’s signature products, including the widely-used data management solution, EY Fabric, which boasts a user base of 60,000 clients. The platform represents a significant step toward enhancing EY’s ability to provide innovative and data-driven solutions to its clients across various industries.
Carmine Di Sibio, Global Chairman and CEO of EY, emphasized the timeliness of this move, stating, “AI’s moment is now. Every business is considering how it will be integrated into operations and its impact on the future.” This investment underscores EY’s commitment to staying at the forefront of technological advancements in the professional services sector.
EY has outlined plans to train its staff in AI technology to ensure they can effectively leverage the platform’s capabilities. Additionally, the firm is set to release a large-language model (LLM) named EY.ai EYQ. LLMs serve as the foundational machine-learning software that powers AI systems.
As part of its AI strategy, EY has secured early access to Microsoft’s Azure OpenAI capabilities, including GPT-3 and GPT-4, through its existing partnership with the software giant. This partnership enhances EY’s AI capabilities and positions it to deliver cutting-edge solutions to clients.
Furthermore, EY has fostered collaborations with prominent technology and information companies like Dell, SAP, and Thomson Reuters to invest in and explore the diverse applications of AI technology.
The launch of the EY.ai platform signifies EY’s dedication to driving innovation and supporting its clients’ evolving needs in an increasingly AI-driven business landscape.