Accounting giant KPMG and Microsoft will co-develop cloud and generative AI tools, with KPMG investing at least $2B over the next five years. The products developed will impact all of KPMG's audit, tax, and advisory services. In their extended partnership, KPMG also gains early access to Microsoft's AI assistant, Microsoft 365 Copilot. - KPMG's deal with Microsoft includes using the Azure cloud platform, through which it already uses OpenAI tech for app development.
- A KPMG executive claims the company doesn't want to use AI to replace jobs but to embed AI skills in its workforce.
- That will involve training and shifting employees to new roles, he said.
- KPMG asserts that the partnership could generate more than $12B in revenue over five years. Broken down by year, this equates to about 7% of KPMG's global revenue, which reached $34.6B in fiscal 2022.
In April, PricewaterhouseCoopers announced a $1B investment in generative AI over three years, also in collaboration with Microsoft. - Deloitte is spending $1.4B on employee training on AI and other tech.
- Ernst & Young has allocated $1B towards enhancing its audit technology capabilities, including AI, over the next four years.
- While not a Big Four accounting firm, Accenture recently unveiled a $3B investment in data and AI spanning three years.
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