Ernst & Young (EY), a prominent member of the Big Four global professional services providers, has made a significant foray into the realm of artificial intelligence (AI) technology. The firm recently unveiled a groundbreaking AI-powered platform, EY.ai, designed to cater to both its clients and internal staff.
In an announcement made on September 13, EY revealed a substantial investment of $1.4 billion in AI technologies to support the development and deployment of the EY.ai platform. This innovative platform is built upon EY’s proprietary large language model (LLM) known as EY ai EYQ.
EY’s strategic collaboration with Microsoft granted the firm early access to Azure OpenAI capabilities, including advanced models like GPT-3 and GPT-4. Additionally, EY entered into a joint investment venture with Dell to support Dell Generative AI Solutions, which focuses on streamlining the adoption of generative AI technologies featuring large language models.
The substantial AI investments are not limited to the EY.ai platform; they also encompass the integration of AI technology into existing EY services such as EY Fabric. EY Fabric is already in use by 60,000 clients, serving millions of unique users. Furthermore, the investments will facilitate the acquisition of technology to bolster cloud computing and automation capabilities within the organization.
Carmine Di Sibio, the global chairman and CEO of EY, emphasized the timeliness of their AI endeavors, stating, “The moment is ‘now’ for AI.” He underlined that AI adoption transcends mere technological challenges and is a pivotal step in unlocking new economic value while maintaining a responsible approach to harnessing the immense potential of this technological evolution.
EY’s proactive stance on AI integration is not new. In 2018, the company introduced a comprehensive AI, data, and analytics learning badge curriculum and credential program, anticipating the growing importance of these technologies. EY has consistently integrated emerging technologies into both its internal operations and external client services. Notably, in October of a prior year, the company assisted a governmental agency in Norway in establishing a presence within the metaverse.
EY’s strategic AI investment and platform launch align with a broader trend among major global enterprises. Many of these organizations are actively engaging with AI services and technologies, viewing them as a transformative force rather than a fleeting trend. On a related note, Goldman Sachs, on September 13, dispelled the notion that the current AI excitement is merely a speculative bubble, instead heralding an impending “revolution” in the field.
