Professional services firm EY has recently made a significant investment of $1.4 billion in artificial intelligence (AI), solidifying its commitment to staying at the forefront of technological advancements. As a result, the company has now announced the launch of its highly anticipated AI-powered platform aimed at providing businesses with enhanced consulting products.
Joining the likes of KPMG and Accenture, who have also heavily invested in AI, EY recognizes the potential of this technology as a key driver of future growth. The EY.ai platform incorporates AI capabilities into the firm’s existing range of consulting products, including the popular data management tool EY Fabric, which serves a staggering 60,000 clients.
EY’s Global Chairman and CEO, Carmine Di Sibio, expressed the company’s belief that AI has finally come into its own, asserting that “AI’s moment is now.” In an era where businesses across various industries are increasingly exploring the integration of AI into their operations, EY aims to leverage this technology to drive innovation and facilitate the transformation of organizations.
To ensure its workforce is knowledgeable and skilled in AI, EY plans to provide training in the technology. Additionally, the firm will release a large-language model (LLM) called EY.ai EYQ, which is powered by the core machine-learning software utilized by AI systems.
EY’s strategic partnerships have also played a vital role in their AI investments. Through their existing collaboration with Microsoft, the company has gained access to Microsoft’s Azure OpenAI capabilities, including the powerful GPT-3 and GPT-4 models. Furthermore, EY has partnered with industry leaders such as Dell, SAP, and Thomson Reuters to both invest in and explore the vast potential of AI.
By taking this bold step forward, EY is positioning itself as a leader in the AI space, propelling the company and its clients into a future driven by technological innovation. With its AI-powered platform, EY aims to empower businesses to navigate the evolving landscape and harness the full capabilities of AI to drive success.
FAQ
What is the EY.ai platform?
The EY.ai platform is a new offering by professional services firm EY that incorporates artificial intelligence (AI) capabilities into its consulting products. It allows businesses to leverage AI technology to enhance their operations and drive growth.
What is an LLM?
LLM stands for large-language model, which is the core machine-learning software used to power AI systems. EY will be releasing an LLM called EY.ai EYQ as part of its AI initiatives.
What strategic partnerships has EY formed for its AI investments?
EY has partnered with Microsoft, gaining access to Microsoft’s Azure OpenAI capabilities, including models such as GPT-3 and GPT-4. Additionally, EY has collaborated with companies like Dell, SAP, and Thomson Reuters to further invest in AI and explore its potential applications.