EY Positions Itself for Growth in the AI Revolution
September 13, 2023
In a strategic move, professional services firm EY has announced a massive investment of $1.4 billion in artificial intelligence (AI). They have also unveiled an AI-powered platform. The platform, known as EY.ai, will provide AI-infused versions of the firm’s consulting products to businesses. This marks a significant commitment to AI technology.
EY Joins the AI Race
EY’s significant investment in AI aligns the company with industry rivals such as KPMG and Accenture. All of them are making substantial bets on AI as the next major driver of growth. With the launch of EY.ai, the firm aims to tap into the potential of AI. It aims to strengthen its position in the highly competitive consulting landscape with this move.
AI Integration into Consulting
The EY.ai platform integrates AI into the firm’s existing products, including EY Fabric, a data management solution utilized by an impressive 60,000 clients. With this strategic move, It is poised to leverage the capabilities of AI, thereby enhancing its consulting services and delivering even greater value to its clients.
AI’s Moment is Now
EY’s Global Chairman and CEO, Carmine Di Sibio, emphasized the significance of AI in today’s business landscape. He stated, “AI’s moment is now.” Every business is considering how it will be integrated into operations and its impact on the future.” EY’s investment and platform launch reflect their commitment to staying at the forefront of this transformative technology.
EY’s Vision for AI
In addition to the platform launch, EY plans to invest in training its staff in AI technologies. This recognizes the importance of upskilling their workforce for the AI-driven future. The company also intends to release a large-language model (LLM) called EY.ai EYQ. Additionally, this LLM functions as the fundamental machine-learning software that drives AI systems.
Furthermore, EY has strategically positioned itself by securing early access to Microsoft’s Azure OpenAI capabilities, which include GPT-3 and GPT-4, through an existing partnership with the tech giant. Additionally, the firm has collaborated with leading technology and information companies such as Dell, SAP, and Thomson Reuters to explore and invest in AI technology, further solidifying its commitment to AI innovation.
As EY takes a bold step into the AI arena, it aligns itself with industry leaders, thus shaping the future of business through artificial intelligence. Furthermore, with EY.ai, the firm is well-positioned to provide innovative AI-driven solutions to its clients, assisting them in navigating the ever-changing business landscape.