Professional services firm EY said it has invested US$1.4 billion ($2.2 billion) in artificial intelligence and is the latest company to bet big on the technology, rolling out a platform offering businesses AI-powered versions of its advisory products.
The move aligns the consultancy with rivals such as KPMG and Accenture, which are pouring billions into AI, hoping it will be their next big growth driver.
The EY.ai platform contains AI-embedded versions of the company’s products such as data management product EY Fabric, which is used by 60,000 clients, the company said.
“AI’s moment is now. Every business is thinking about how it will be integrated into operations and how it will impact the future,” said Carmine De Cibio, president and CEO of EY Global.
EY said it plans to train its employees in the technology and will release a large-language model (LLM) called EY.ai EYQ.
LLM is the core machine-learning software that powers generative AI systems.
The company had early access to Microsoft’s Azure OpenAI capabilities GPT-3 and GPT-4 through an existing partnership with the software giant.
It has partnered with technology and information companies such as Dell, SAP and Thomson Reuters to invest in the technology and explore its use.
Thomson Reuters is the parent company Reuters news.