Artificial Intelligence: EY Invests $1.4B In AI, Creates Large Language Model

September 13, 2023 | Artificial Intelligence, News

The platform now includes AI-embedded EY products.

EY, the consulting firm, has announced a significant investment of $1.4 billion into artificial intelligence (AI). This substantial commitment reflects the growing trend among professional-services companies to embrace AI technology. In addition to this investment, EY has developed its own extensive language model, EYQ, and has ambitious plans to train its vast workforce of 400,000 employees in AI. (WSJ)

While EY did not disclose the exact annual expenditure on AI, it emphasized that it would surpass the cumulative spending of the past five years. This financial commitment underscores EY’s dedication to AI development, with a focus on refining its large language model.

EY’s AI platform, unveiled recently, integrates AI into various existing products, including EY Fabric, which aids companies in data management. It also provides a library of use cases, offering guidance on deploying AI safely and effectively at scale. This comprehensive approach aims to assist companies in navigating the complex world of AI adoption, especially when starting from different points of technological maturity.

Juan Perez, CIO of Salesforce, highlighted the challenge faced by companies in defining AI strategies and roadmaps. The pressure from CEOs and boards to implement AI is met with a lack of clarity on how to do so effectively.

EY’s investment aligns with the broader trend of companies turning to consultants for guidance in navigating the AI landscape. Jennifer Hamel, Research Director at IDC, noted that platforms like EY’s offer comprehensive solutions, even if companies may not utilize every offering.

Furthermore, EY is addressing privacy and data security concerns associated with large language models. EY’s model is trained on publicly available internet data but ensures customer data remains private and secure. Future plans involve training the model on EY’s proprietary data and creating specialized models tailored to specific use cases.

In a proactive move, the global consulting firm intends to train its entire global workforce in AI, with thousands of employees already undergoing training. This strategic investment positions it as a key player in the evolving AI landscape, poised to provide expertise and solutions to clients worldwide.

Related Story:  Accounting Behemoth KPMG, PE Giants, And Hedge Funds Turn To AI For Investing Direction

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