KPMG and Microsoft Partner to Enhance Professional Services with AI
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⇨ KPMG and technology leader Microsoft announced a new partnership focused on infusing AI into professional services offerings.
⇨ KPMG said the partnership will provide a growth opportunity of more than $12 billion.
⇨ Users will be able to access new features in the areas of audit, tax, advisory, and ESG.
Recently, global professional services firm KPMG and technology leader Microsoft announced a new partnership that aims to revolutionize the way professional services are delivered. As part of the collaboration, KPMG will make a multibillion-dollar commitment in Microsoft’s Cloud and AI offerings over the next five years. In a press release, KPMG said the partnership will provide a growth opportunity of more than $12 billion.
“This expansion of our global alliance builds on the combined power of two world-class organizations that share a common set of core values, working together to responsibly use cutting-edge cloud and AI technologies. KPMG is embracing the future, and 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,” said KPMG Global Chairman and CEO Bill Thomas.
KPMG predicts that the combined power of Microsoft cloud and Azure OpenAI Service will help its global workforce provide key analysis more quickly and spend more time on strategic advice. As organizations aim to work smarter and more efficiently, the AI-infused collaboration between KPMG and Microsoft can provide a framework for how technology and professional services can meld and maximize efficiency.
“We have a real opportunity to apply this next generation of AI to help transform every industry, including professional services. Our expanded partnership with KPMG will bring together AI innovation across the Microsoft Cloud with KPMG’s tax, audit and advisory expertise to empower its employees and unlock insights for its customers,” said Microsoft CEO Satya Nadella.
This partnership aims to benefit four main areas of KPMG’s business:
KPMG will infuse Microsoft’s AI, data analytics capabilities, and Azure Cognitive Services into its audit platform, KPMG Clara. This allows KPMG professionals to point to client data, rather than having to process it. This can save important time, allowing audit professionals to focus more closely on high-risk parts of the audit and challenges that are specific to the sector of business the client is in.
As part of the collaboration, KPMG clients will be able to have more transparency into their financial data and take a holistic approach to their tax process. The Azure OpenAI Service allows users to create ESG tax transparency reports more quickly than ever before.
KPMG firms can also access a new virtual assistant powered by generative AI. That will help tax professionals do their jobs more efficiently. It provides these users with assistance navigating complex tax laws, enhancing their product experience, and creating new client service models.
AI offers enhanced analytics for KPMG’s advisory offerings through a unique application development and knowledge platform. This platform, hosted on Microsoft Azure, aims to help boost competitive advantage through machine learning. KPMG also stressed that this offering prioritizes ethics and security in addition to its business focus.
More and more enterprises are putting environmental, societal, and governance considerations at the heart of their plans. KPMG is aiming to help. This partnership combines the power of KPMG’s Circularity Tracker and ESG considerations with the data management capabilities of Microsoft Azure. This allows companies to unify data sources so they can make the decisions that best meet their sustainability commitments.