EY invests $1.4 billion in AI tech, launches new platform

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Ernst & Young (EY), one of the Big Four global professional services providers, announced the development of a new artificial intelligence (AI)-powered platform for its clients.

In a post on Sept. 13, the London-based firm revealed it had invested $1.4 billion into AI technologies for its new EY.ai platform, which aims to help organizations adopt AI. The platform is based on EY’s own large language model (LLM), EY AI EYQ.

It said that a collaboration with Microsoft provided EY with early access to Azure OpenAI capabilities, including ChatGPT-3 and ChatGPT-4. EY also jointly invested with Dell in Dell Generative AI Solutions, which aims to simplify the adoption of generative AI with LLMs.

The billions in AI investments will also go to embedding the technology into existing EY services, such as EY Fabric, which is already used by 60,000 clients with millions of unique users, along with the acquisition of additional technology supporting cloud and automation.

Carmine Di Sibio, global chairman and CEO of EY, commented on the development, saying the moment is “now” for AI.

“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.”

EY has long been anticipating the boom in AI integration, and in 2018, the company introduced an “extensive” AI, data and analytics learning badge curriculum and credential program.

Related: Second-largest Thai bank creates $100-million AI fund

According to their announcement, 100,000 credentials have been awarded to EY people to date, and the company has compiled 4,200 technology-focused team members. Di Sibio said:

“Every business is considering how it will be integrated into operations and its impact on the future.”

EY has been proactive in integrating emerging technologies into its internal and external operations. Last October, it assisted a governmental agency in Norway in opening an office in the metaverse.

However, EY is only one of many major global enterprises taking the initiative to integrate or promote AI services. On Sept. 13, Goldman Sachs dismissed the sentiment that the current hype around AI is only a bubble waiting to burst but rather predicts an upcoming “revolution.”

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