May 29, 2024, a groundbreaking AI platform

EY Unveils Cutting-Edge AI Platform with $1.4 Billion Investment

Ernst & Young (EY), one of the leading global professional services providers among the Big Four, has unveiled a novel AI-powered platform for its clientele. In a statement released on September 13th, the firm headquartered in London disclosed that it had dedicated $1.4 billion to AI technologies to develop its groundbreaking platform, designed to facilitate AI adoption by organizations.

This platform is built upon EY’s proprietary extensive language model (LLM), known as EY AI EYQ.

The company highlighted its strategic collaboration with Microsoft, granting EY early access to Azure OpenAI capabilities, including ChatGPT-3 and ChatGPT-4. EY also engaged in a joint investment venture with Dell to support Dell Generative AI Solutions, a project aiming to simplify the incorporation of generative AI employing LLMs.

The substantial AI investments are intended not only for integrating the technology into EY’s existing services, such as EY Fabric, already in use by 60,000 clients with millions of unique users, but also for acquiring additional technology that supports cloud computing and automation.

Carmine Di Sibio, the global chairman and CEO of EY, offered his insights on this development, emphasizing that the time for AI is now. “The adoption of AI is more than a technology challenge. It’s about unlocking new economic value responsibly to realize the vast potential of this technological evolution,” he said.

EY had long anticipated the surge in AI integration, having introduced an extensive curriculum and credential program focused on AI, data, and analytics learning in 2018. According to their announcement, EY has thus far awarded 100,000 credentials to its employees, and the company has assembled a team of 4,200 members dedicated to technology-related endeavors. Di Sibio noted that every business is evaluating how AI will integrate into its operations and impact its future.

EY has proactively embraced emerging technologies, both internally and externally. In October of the previous year, the company assisted a Norwegian government agency in establishing a presence in the metaverse.

Nevertheless, EY is just one of many major global enterprises taking the lead in either incorporating or promoting AI services. On September 13th, Goldman Sachs dismissed the notion that the current enthusiasm surrounding AI is merely a speculative bubble, instead foreseeing an impending revolution.

Image by freepik

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