EY launches AI platform after $1.4B investment

• EY invests $1.4 billion in AI and launches platform with AI-powered versions of its consulting products.
• The platform includes new AI-powered tools for areas such as risk management, fraud detection, and customer service.
• EY also plans to train its staff on AI and release its own large language model called EY.ai EYQ.

Professional services firm EY announced on Wednesday that it has invested $1.4 billion in artificial intelligence (AI) and is launching a platform that offers AI-powered versions of its consulting products to businesses.

The move aligns EY with rivals like KPMG and Accenture, which are also investing heavily in AI. The consulting firms are betting that AI will be their next big growth driver.

The EY.ai platform has AI-embedded versions of the firm’s products, such as the data management product EY Fabric, which is used by 60,000 clients. The platform also includes new AI-powered tools for areas such as risk management, fraud detection, and customer service.

“AI’s moment is now. Every business is considering how it will be integrated into operations and its impact on the future,” EY Global Chairman and CEO Carmine Di Sibio said.

EY, a multinational professional services network, plans to train its staff on artificial intelligence (AI) and release its own large language model (LLM) called EY.ai EYQ.

An LLM is a type of machine learning software that is used to power AI systems. EY had secured early access to Microsoft’s Azure OpenAI capabilities, which include GPT-3 and GPT-4, through an existing partnership with the software giant.

EY has also partnered with other technology and information companies, such as Dell, SAP, and Thomson Reuters, to invest in AI and explore its use.

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