KPMG: “We believe that AI is key to unlocking sustainable growth in a way that will build a better future for our people, our clients and society.”

KPMG and Microsoft (NASDAQ: MSFT) have announced a partnership to invest over $2 billion in the development of cloud and generative AI tools over the next five years. This collaboration is significant as rival consulting giants like PwC and Accenture have also made substantial commitments to AI-powered advancements.

The expanded partnership will impact all of KPMG’s businesses, including audit, tax, and advisory services. KPMG’s 265,000 global employees will be trained on how to effectively utilize AI and the new products. (Axios)

The use of generative AI will enable faster access and interpretation of regulations for audit and tax teams, while consultants can test proposals and predict potential outcomes from:

• Infusing data analytics, AI and Azure Cognitive Services into the audit process, through the KPMG smart audit platform KPMG Clara
• Integrating Azure OpenAI Service and Microsoft Fabric into KPMG Digital Gateway, a KPMG single platform solution, to give clients access to the full suite of KPMG Tax & Legal technologies
• Developing an AI-enabled application development and knowledge platform on Microsoft Azure for the creation of specialized advisory solutions for clients, helping to enhance their competitive advantage and profitability.

This move by KPMG aims to optimize organizational processes and drive efficiency in the future. The investment in AI is expected to have a significant impact on future revenue, as the market for generative AI enterprise applications is projected to reach $98 billion by 2026.

The firm anticipates creating $12 billion in global revenue opportunities through this initiative.

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