KPMG, one of the Big Four accounting firms and professional services networks, is collaborating with Microsoft to establish an AI Innovation Initiative focused on delivering AI-powered solutions to clients across industries in the U.S.
Led by Cherie Gartner, KPMG’s Global Lead Partner for Microsoft, the initiative will also see both companies deploy Azure OpenAI Service across KPMG’s internal platforms.
According to the press release, some KPMG U.S. partners and employees now have the ability to apply Microsoft’s generative AI capabilities to KPMG’s proprietary data through the firm’s secure cloud platform, which is developed on Microsoft Azure. The firm will also embed generative AI capabilities across its client delivery models.
Through this partnership with Microsoft, KPMG will be able to layer Microsoft’s machine learning models, natural language processing capabilities, and enhanced analytics onto firm data sets and solutions within its secure cloud environment to protect client and company data.
“Embracing the capabilities of generative AI will shape business solutions and create new opportunities for growth and success at our firm, in our industry and for our clients,” Carl Carande, Vice Chair, Advisory for KPMG U.S. and Global Head of Advisory, said in a statement.
The collaboration focuses on three areas:
Establishing the AI Innovation Initiative and developing solutions to some of the market’s most pressing needs. For instance, KPMG Tax developed an AI solution using Azure OpenAI Service that rapidly analyzes clients’ ESG data, establishes fact patterns, and ultimately helps clients to develop their ESG data reporting and narrative.
Enhancing client engagement: Integrating Azure OpenAI Service and machine learning models, KPMG Tax will operate a generative-AI powered “virtual assistant” to create new client service models and revenue-generating opportunities.
Transforming internal operations: KPMG will be an early adopter of Microsoft 365 Copilot this summer to help employees work more efficiently using generative AI.
This is not KPMG’s first collaboration with Microsoft. In March, KPMG Australia launched a proprietary version of ChatGPT, dubbed KymChat. The latest initiative comes after another Big Four accounting and professional services network, PwC, announced in April that it will invest $1 billion in generative AI over the next three years. PwC has already integrated Azure OpenAI Service capabilities for clients across diverse industries such as insurance, aviation, healthcare, and more.
Other Big Four accounting firms and professional services networks, including EY and Deloitte, have also been integrating generative AI capabilities in their businesses. EY is using Azure OpenAI to develop a payroll chatbot while Deloitte announced a new Generative AI practice to help clients navigate the impacts of the disruptive technology and implement AI solutions built on foundational models.
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