Implementing artificial intelligence (AI) in every possible aspect is currently a key strategy for KPMG, one amongst the Big Four accounting organizations. A reserved budget of $2 billion is in place to ensure the successful transformation and training of its 270,000 global workforce for the utilization of generative AI, ranging from simple tasks, such as drafting meeting minutes, to complex ones, like tax document analysis. This initiative is being spearheaded by Steve Chase, KPMG’s Vice chair of AI and Digital Innovation for US. Chase has clearly stated this, “We’re attempting to put AI into everything we do”, a motto which reiterates their ambition.
KPMG’s global AI strategy comprises of creating ambassadors from its accountants and consultants. The firm is working tirelessly to equip them with the requisite knowledge and understanding of AI to enable them serve clients effectively. To this end, a marathon training spanned over a 24-hour time period for its staff was conducted in January. One major challenge identified is developing training content that marches up with the rapid advancement of the technology. Chase has predicted that proficiency in AI will soon be a essential requisite for job seekers from diverse fields, from accounting to coding.
Executives from major US companies are planning significant investments in generative AI in the upcoming year, with several firms willing to commit over $100 million. KPMG aims to position itself competitively to vie for these investments. David Rowlands, KPMG’s Global Head of artificial intelligence, opines that this transition to generative AI would lead to an expansion for KPMG as it anticipates an increased demand from clients looking to adopt generative AI.
KPMG is leveraging its partnership with Microsoft to distribute OpenAI and Microsoft’s co-pilot AI assistant in the hands of its employees. Interestingly, the firm has also independently developed its set of generative AI functions which includes a tool for tax clients to research their own documents.
In conclusion, it’s worth mentioning the initiatives of other major competitors in the industry who have also invested heavily in generative AI; like PwC’s commitment of $1 billion, EY’s creation of its own version of chatbot, ChatGPT, and Deloitte’s development of tools to assist the tax practice of its staff. Competition in the AI space amongst these majors will yet see interesting developments.
For more details, refer to the original article on Bloomberg Tax.