Accounting firm KPMG and technology giant Microsoft have announced a $2 billion investment in artificial intelligence (AI). The partnership will focus on developing AI tools that can help KPMG’s businesses automate tasks, improve decision-making, and identify new opportunities.
KPMG and Microsoft will also work together to train KPMG’s 265,000 global employees on how to use AI and the new products to their advantage.
“This is a significant investment in the future of our business,” said Paul Knopp, KPMG U.S. chair and CEO. “AI has the potential to transform the way we work and deliver services to our clients.” “We’re pretty confident that this investment will create $12 billion of global opportunities for additional revenue for KPMG,” Knopp added.
“We believe that AI is the future of our industry,” said Satya Nadella, CEO of Microsoft. “This partnership will help us accelerate the adoption of AI and deliver new value to our customers.”
The investment is expected to have a significant impact on KPMG’s businesses. Audit and tax teams will be able to more quickly access and interpret regulations by relying on generative AI to sort through large amounts of text. Consultants could test proposals for potential outcomes, such as how a digital strategy or product launch might resonate with a certain market.
The sources for this piece include an article in Axios.
