2023-07-11 23:38:24
KPMG and Microsoft have announced an unprecedented expansion of their global relationship that will reshape professional services in a number of critical business areas. This includes modernizing the workforce, secure development and use of artificial intelligence (AI) solutions for clients, industries and society as a whole.
This industry-leading collaboration between the two global organizations sees a multi-billion dollar investment commitment by KPMG in the cloud and Microsoft AI services over the next five years. In this way, it will help promote business opportunities for the professional services firm for an amount of more than 12,000 million dollars (about 10,000 million euros).
Microsoft’s Azure OpenAI Service and cloud capabilities will enable KPMG’s global workforce of 265,000 professionals to unleash their creativity, deliver analytics faster and spend more time providing strategic advice. This will enable them to help customers, including the 2,500 that are common to the two companies, keep pace with the rapidly evolving AI environment and solve their main challenges in developing and accelerating digital solutions.
Bill Thomas, Global President and CEO of KPMG International, said, “Our renewed and strengthened relationship with Microsoft is an exciting time for our professionals and our clients. You’ll help unlock the potential of our multi-disciplinary model by ensuring our professionals always have the right know-how, skills and tools to overcome leftovers and deliver the best possible advice to clients. It will also help make KPMG a more agile and resilient firm, and continue to be an interesting and exciting place to work.
“This expansion of our global alliance builds on the combined power of two leading organizations that share a common set of core values and work together for the responsible use of cutting-edge technology and AI. KPMG has embarked on the journey to the future, and we believe that AI is essential to achieve sustainable growth to build a better future for our professionals, our clients and society,” added Thomas.
Satya Nadella, Microsoft Counsel, added, “We have a real opportunity to apply the next generation of AI to help transform all industries, including professional services. The expansion of the collaboration with KPMG will manage to contribute innovation in AI, through the Microsoft Cloud platform, to the business areas of KPMG to provide its employees with new tools with which to facilitate and improve the experience and knowledge with their customers”.
This collaboration, spanning more than a decade bolstered by this major expansion, will benefit KPMG’s core business areas in the following ways:
Audit
By incorporating data analytics, AI and Azure Cognitive Services into the audit process, through the KPMG Clara intelligent audit platform, 85,000 audit professionals who collectively work on hundreds of thousands of audits a year will be able to focus more specifically in areas of higher audit risk, sector-specific risks and challenges, to the benefit of both stakeholders and the capital markets. This integration also opens up new market opportunities for KPMG and its clients.
Legal and tax advice
The integration of Azure OpenAIService and Microsoft Fabric into KPMG Digital Gateway, KPMG’s single platform solution, will provide clients with access to KPMG’s full suite of Tax & Legal technologies, enabling them to gain more integrated and transparent access to their data. , as well as adopting a more holistic management approach in its tax functions. A very recent example that demonstrates this is an AI solution co-developed with the Azure OpenAI service that helps analyze ESG data, establish data patterns, and perform ESG tax transparency drafts, all at greater speed and scale. Additionally, KPMG will operate a generative AI-based “virtual assistant” to create new customer service models and revenue generation opportunities.
Advice
Development of an AI-enabled application development platform on Microsoft Azure to expedite the creation of customized solutions for clients, helping to improve their competitive advantage and profitability by prioritizing ethics and security in their offer. The benefits of this ongoing collaboration already include a joint engagement with Xebia, a global IT consultancy where Microsoft Synapse Analytics and KPMG’s One Data Platform helped revolutionize data infrastructure, processes and workload to enable a more informed decision making and meet increased ESG regulatory and reporting requirements. With this digital starting point, Xebia is well positioned to further improve its productivity and competitive advantage through consistent use of Microsoft Fabric, Azure OpenAI Service, and Copilot.
ESG schedule
KPMG professionals will work closely with Microsoft to help companies with their environmental, social and governance (ESG) agendas. Building on the success of Circularity Trackery, KPMG’s climate and ESG data management and analytics solution, which integrates Microsoft Cloud for Sustainability and Microsoft Azure, the joint teams will continue to help clients unify their data sources, leverage the inputs required to assist in real-time value-added decisions, and help them meet their sustainability commitments.
Additionally, to enhance the business prospects of the agreement, KPMG and Microsoft will continue to explore and participate in joint opportunities where they can collaborate to create an impact in society and communities around the world. They currently include UNESCO’s Global Education Coalition and support for KPMG’s 10×30 strategy to financially help ten million disadvantaged youth by 2030 — through education, employment and entrepreneurship opportunities. In addition, the companies will continue to work together to improve the reliability of carbon accounting through the Carbon Call to which both KPMG and Microsoft were founding signatories.
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