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KPMG to Invest $2 Billion in Cloud and AI Services

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KPMG to Invest $2 Billion in Cloud and AI Services

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

KPMG and Microsoft have joined forces to streamline client engagement across the audit, tax, and advisory industries by putting the power of the Microsoft Cloud and the Azure OpenAI Service to use. The 265,000 professionals who make up KPMG’s global workforce will have more freedom to innovate, move more quickly through analysis, and focus on providing strategic guidance.

Through workforce transformation, secure development practices, and the incorporation of AI solutions, the partnership aims to modernize KPMG’s professional services. Both companies are dedicated to ethically deploying cutting-edge AI and cloud services.

KPMG’s global lead partner for Microsoft, Cherie Gartner, recently spoke about how the Microsoft Cloud and Azure OpenAI Service capabilities will allow their teams to assist clients in navigating the rapidly developing AI landscape and resolving their most pressing problems. KPMG stands to gain an incremental growth opportunity of over $12 billion through this partnership.

With the KPMG Clara smart audit platform, KPMG intends to incorporate data analytics, AI, and Azure Cognitive Services into its audit procedure. KPMG’s 85,000 audit professionals will be better able to concentrate on high-risk areas and industry-specific risks and challenges as a result of this merger.

To better serve its clients in the tax services sector, KPMG has decided to incorporate Azure OpenAI Service and Microsoft Fabric into the KPMG Digital Gateway. This will allow for a more holistic approach to tax function management and increase openness.

KPMG and Microsoft have worked together to create an AI solution using the Azure OpenAI Service. This service provides an effective method for analyzing ESG data, discovering trends, and generating ESG tax transparency reports.

KPMG will create new models for servicing clients and increasing output with the help of an AI-powered virtual assistant. The use of generative AI tools will greatly enhance the efficiency and timeliness with which tax professionals and their clients can analyze data.

In addition, KPMG intends to use Microsoft Azure to launch an AI-powered application development and knowledge platform. To increase clients’ competitive advantage and profitability in the advisory domain, this platform will facilitate the rapid development of customized solutions without compromising on ethics or security.

KPMG is very concerned with the security of its network and the privacy of its internal and external data and information. Safeguards have been set up to guarantee the ethical application of open-source AI models like ChatGPT.

KymChat is a proof-of-concept (POC) that was recently introduced by the company in Australia. KymChat gives its customers access to industry-standard practices and methods, allowing them to maximize performance in a variety of areas, such as marketing, product development, innovation, and education.

In conclusion, the partnership between KPMG and Microsoft has the potential to transform the professional services sector through the adoption of AI and cloud computing. KPMG is making a sizable investment in Microsoft Cloud and Azure OpenAI Service so that its worldwide staff can better encourage innovation and provide strategic direction.

KPMG plans to improve its auditing process by incorporating data analytics, AI, and Azure Cognitive Services in order to better equip its professionals to deal with high-risk areas and industry-specific challenges. Faster delivery of individualized solutions for clients in the advisory space is made possible by the company’s cutting-edge platforms and AI-enabled application development on Microsoft Azure.

KPMG places a premium on network security, data privacy, and client confidentiality as part of its commitment to ethical and responsible AI development. KPMG’s KymChat is an artificial intelligence (AI) accelerator that provides access to industry best practices and methodologies to back up optimization efforts across businesses.

KPMG and Microsoft’s partnership exemplifies a responsible and ethical approach to AI and cloud services, and it establishes a new benchmark 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

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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