KPMG to invest $2 billion in AI, cloud services

KPMG said it will spend $2 billion on artificial intelligence and cloud services through an expanded partnership with Microsoft, closely following Accenture in betting on the latest technologies to weather a slowdown in advisory deals.
KPMG investment in AIThe accounting firm said it will incorporate AI into its core audit, tax and advisory services for clients as part of the five-year partnership.

The expanded partnership will help support KPMG’s clients and 2,500 customers serviced jointly by KPMG and Microsoft.

Microsoft said the collaboration includes a KPMG multi-billion dollar commitment in Microsoft cloud and AI services over the next 5 years that will help to unlock potential incremental growth opportunity for KPMG of over $12 billion.

The Microsoft cloud and Azure OpenAI Service capabilities will empower the KPMG global workforce of 265,000 to provide faster analysis and spend more time on strategic advice. This will enable them to help clients, including more than 2,500 KPMG & Microsoft joint clients.

Accenture earlier said it will invest $3 billion over three years into its data and AI practice, doubling the number of employees.

Accenture, which consults and services various clients on generative AI projects, said it will have 80,000 people working on AI as it hires, buys other companies and trains more employees.

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