In a significant move highlighting the growing importance of artificial intelligence (AI) in the corporate world, Ernst & Young (EY), a renowned global consulting and professional services firm, has announced a staggering $1.4 billion investment into AI. This substantial investment is part of EY’s commitment to harness the power of AI to transform its operations and provide innovative solutions to its clients.
EY.ai EYQ is the company’s new large language model.
One of the most noteworthy outcomes of EY’s AI investment is the development of its proprietary large language model, EY.ai EYQ. This AI powerhouse is set to play a pivotal role in EY’s future endeavors, enabling the company to offer cutting-edge AI-driven solutions to its clients.
EY’s ambitious plan also includes training its vast workforce of 400,000 employees on AI, reflecting the company’s dedication to staying at the forefront of AI technology.
EY’s commitment to continued AI investment
While the exact amount earmarked for future AI investment remains undisclosed, EY has emphasized that it will exceed its cumulative spending over the past five years. This commitment underscores EY’s determination to remain a leader in the AI landscape and its dedication to providing top-tier AI services to its clients.
Peers’ billion-dollar AI investments
EY is not alone in recognizing the transformative potential of AI. Several of its industry peers have also unveiled billion-dollar investments in AI, showcasing the growing consensus on the technology’s significance in shaping the future of business.
KPMG: In July, KPMG announced a plan to allocate $2 billion to AI and cloud services globally over the next five years.
Accenture: Similarly, in July, Accenture unveiled a $3 billion investment aimed at expanding its data and AI practice.
PricewaterhouseCoopers (PwC): PwC declared its intent to invest $1 billion in generative AI within its U.S. operations over a three-year period.
Deloitte: Last December, Deloitte disclosed its $1.4 billion investment in employee training, with a focus on technologies like AI.
EY.ai platform {A comprehensive AI solution}
EY’s new AI platform, unveiled as part of its recent announcement, comprises both new and existing EY products integrated with AI capabilities. This comprehensive suite of AI-driven tools includes EY Fabric, designed to assist companies in managing their data effectively.
Guiding companies into the AI era
The EY.ai platform goes beyond technology offerings; it also provides a library of use cases, offering guidance to companies on how to deploy AI at scale safely and effectively. The platform includes guidelines and frameworks encompassing best practices for risk management, governance, and data management. This invaluable resource is aimed at helping companies, regardless of their starting point with AI, chart their path into the AI era.
The CEO’s dilemma
CEOs and boards are increasingly pushing for AI adoption within their organizations, but the road to implementation is often fraught with complexity and uncertainty. According to Juan Perez, Chief Information Officer of Salesforce, while there is a strong desire to implement AI technologies, there is a lack of clarity on how to do so effectively.
This uncertainty has led many companies to rely on the expertise of consultants, who have become early beneficiaries of the generative AI boom. Consultants who possess both technological acumen and an understanding of business workflows are well-positioned to guide companies through this transformative journey.
Addressing privacy and data security concerns
One of the critical challenges EY aims to tackle for its clients is the issue of privacy and data security when utilizing large language models (LLMs). EY’s new large language model, EY.ai EYQ, is trained on publicly available internet data but can be used securely and without concerns about clients’ prompts being incorporated into the model’s training data.
Looking ahead, EY plans to further enhance its LLM by training it on the company’s extensive library of data, paving the way for use-specific LLMs, such as one trained on EY’s vast repository of tax data.
Equipping the workforce for an AI-driven future
In addition to its monumental AI investment and the development of EY.ai EYQ, EY is making strides in equipping its global workforce of 400,000 employees with AI expertise. Over 5,000 employees have already embarked on AI training, signaling EY’s commitment to building a skilled and AI-savvy workforce capable of delivering cutting-edge solutions to clients.
EY’s $1.4 billion AI investment and the launch of EY.ai EYQ represent a significant step towards embracing AI’s transformative potential. As the business landscape continues to evolve in the era of AI, EY and its industry peers are poised to lead the way, providing companies with the guidance, solutions, and expertise needed to navigate this exciting yet complex frontier.
