EY Introduces Its AI Platform, EY.ai, Supported by a $1.4 Billion Funding Initiative.

Consulting services firm EY The consulting firm declared the launch of EY.ai, its brand-new AI platform, aimed at guiding clients towards responsible AI adoption. After a comprehensive 18-month development phase, the company is proud to report a multi-million dollar investment totaling $1.4 billion.

With this substantial investment, EY claims to have integrated AI into its proprietary technologies, notably EY Fabric. This crucial technology framework is utilized by around 60,000 clients of EY and boasts over 1.5 million unique users.

The firm's objective is to weave AI functionalities into EY Fabric, a critical infrastructure that reportedly supports nearly 80% of EY’s extensive $50 billion operational business activities. press release Additionally, part of this funding was allocated towards acquiring several AI technology firms, enhancing cloud capabilities and automation technologies.

"The time for AI is now. Companies are now eagerly contemplating how to weave it into their operations and the ripple effects it will have on the business landscape. Yet, embracing AI transcends merely solving technology hurdles,\" stated Carmine Di Sibio, the Global Chairman and CEO of EY.

Alongside the launch of EY.ai, the global entity is also preparing to introduce its proprietary large language model, termed EYQ. This follows a successful pilot program involving 4,200 team members who specialize in technology. To bolster its workforce's AI proficiency, EY is set to implement an extensive training program that builds upon a sophisticated curriculum established in 2018 regarding AI, data, and analytics.

The EY Alliance Ecosystem

In its quest to nurture a flourishing AI ecosystem, EY announced the infusion of diverse knowledge from business, technical, and academic arenas into its artificial intelligence initiatives. This ecosystem is powered by strategic alliances with esteemed global firms including Dell Technologies, IBM, Microsoft, SAP, ServiceNow, Thomson Reuters, and UiPath.

Capitalizing on its existing alliance with Microsoft, EY has obtained early access to Azure’s OpenAI functionalities, featuring GPT-3 and GPT-4. This advancement permits EY's teams to construct and implement advanced generative AI solutions, thereby enriching their service offerings.

The collaboration between EY and Dell Technologies involves joint investment in AI-focused capabilities, particularly the Dell Generative AI Solutions, a comprehensive suite designed to facilitate the integration of generative AI within full-stack LLMs.

This initiative is crafted to accommodate organizations at different stages of their journey into the realm of generative AI. EY maintains that clients can develop and deploy prototype use cases utilizing a robust framework that includes tailor-made hardware, software, and fortified security tailored for generative AI applications.

Similarly, the partnership with Thomson Reuters will merge insights and services in tax, legal, global trade, and ESG domains, expediting the development of innovative AI-driven solutions.

EY’s AI Offerings: What to Expect

The debut of EY.ai is merely a fragment of a larger plan by the firm to broaden its AI capabilities, which also includes initiatives such as the EY Intelligent Payroll Chatbot. This chatbot was initially trialed in March in collaboration with Microsoft to handle complex payroll inquiries, expected to relieve over half of the employers' workload.

In addition, the company recently rolled out The introduction of 20 new technological advancements in the Assurance sector, including the global rollout of AI functionalities. These AI enhancements, trained on a mixture of publicly available and proprietary EY data, are designed to integrate seamlessly into the EY Assurance tech framework and support experts in risk assessments.

Additionally, EY Assurance is unveiling novel AI-driven features encompassing predictive analytics, document intelligence, and content summarization, extending even to processes like reconciling financial statements.

"The AI functionalities our teams have developed and employed with clients up to this point underscore the transformative potential of AI,\" commented Nicola Morini-Bianzino, EY’s Global Chief Technology Officer. \"I firmly believe that a human-centric approach to AI transformation will empower our professionals, elevate the quality of client outcomes, and fundamentally enhance our working environment.\"

EY isn't alone in its ambitious AI investments; other firms in the professional services sector have similarly dedicated over a billion dollars to generative AI initiatives. In fact, PwC has previously articulated its plan to inject $1 billion into generative AI over the upcoming three years in pursuit of enhancing its U.S. operations. announced Furthermore, another firm has announced intentions to allocate $3 billion over a three-year span to expand its data and AI services aimed at improving efficiency for enterprise clients.

Likewise, in June, Accenture revealed It's crucial to understand that the information shared on this page is purely for informational purposes and should not be construed as legal, tax, investment, or financial advice. Always consider investing only what you can afford to lose and seek independent financial counsel when in doubt. We recommend reviewing the relevant terms and conditions and the help pages from the issuer or advertiser. MetaversePost strives for accurate reporting, but please note that market conditions can change without prior notice.