How Will EY’s $1.4 Billion Investment In An AI-driven Platform Benefit Its Clients?

H-EY! Have we got some exciting news for you!

That is if you’re a business interested in artificial intelligence (well, at the moment, who isn’t?).

Ernst & Young Global Limited, often referred to as its trade name EY, a firm that provides consulting, assurance, tax and transaction services to businesses of all sizes the world over, made a huge announcement on Wednesday, September 13, staking its claim on the artificial intelligence (AI) landscape.

Getting straight into it, what’s new with EY? Let’s explore:

What Did EY Announce?

EY announced the launch of its newest platform – EY.ai.

The company said it invested $1.4 billion to bring this AI-powered platform to life.

In addition to serving as a foundation for the platform, the investment also helped secure “a series of EY technology acquisitions with supporting cloud and automation technologies.”

EY.ai is a unified platform that offers AI-powered versions of the company’s consulting products, that are used by businesses globally. This includes its data management and business insights product, EY Fabric, which is used by over 60,000 clients and more than 1.5 million unique client users.

The company will also be releasing a large language model (LLM) called EY.ai EYQ, following an initial pilot that consisted of 4,200 EY technology-focused team members.

EY will also train its staff with bespoke AI learning and development programs.

This move brings EY level with rivals like KPMG, Accenture and others, who have already invested a lot in AI.

The company is also keen on building an AI ecosystem through EY.ai, which will further extend AI capabilities and benefits.

What Does The AI Ecosystem Involve?

EY’s AI platform will create an AI ecosystem that encompasses " a range of business, technological and academic capabilities in AI.”

This consists of alliances with leading innovative companies like Dell Technologies, IBM, Microsoft, SAP, ServiceNow, Thomson Reuters, UiPath and more.

Thanks to its already existing partnership with Microsoft, EY got early access to Azure OpenAI capabilities like GPT-3 and GPT-4. Accordingly, the company will look to advance its generative AI solutions.

TechDogs-"An Image Of Carmine Di Sibio, EY Global Chairman And CEO"

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What Did The EY Top Brass Say?

Carmine Di Sibio, EY Global Chairman and CEO, said, "AI’s moment is now. Every business is considering how it will be integrated into operations and its impact on the future. However, the adoption of AI is more than a technology challenge.”

[contd.] “That's why EY teams help clients identify how to capture the transformative power of AI from every seat at the boardroom table and across the enterprise. It’s about unlocking new economic value responsibly to realize the vast potential of this technological evolution.”

Nicola Morini-Bianzino, EY Global Chief Technology Officer, said, “EY.ai reflects the culmination of work and knowledge that the EY organization has been building for a decade. The AI capabilities that EY teams have built and work with clients to date further validates that AI is transformative.”

[contd.] “I am highly confident that a human-centered approach to transformation using AI will empower EY people, enhance the quality of client work and ultimately change our working world for the better.”

TechDogs-"An Image Of Nicola Morini-Bianzino, EY Global Chief Technology Officer"

Source

Do you think EY’s new AI endeavor will fetch favorable results for the firm and its clients, while maintaining an edge over its industry rivals?

Let us know in the comments below!

First published on Thu, Sep 14, 2023

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Artificial Intelligence (AI)Emerging Technology (LLM) Large Language Model Ernst And Young EY ServiceNow Thomson Reuters EY.ai

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