EY Pumps Billions into AI, Unveils New Tech Platform

JJohn September 14, 2023 2:57 PM

Ernst & Young (EY), a global professional services provider, has announced a hefty $1.4 billion investment in artificial intelligence (AI) technologies. The firm also launched a new AI-driven platform, EY.ai, hoping to facilitate organizational AI adoption.

EY's Billion-dollar Investment in AI

EY's commitment to artificial intelligence is clear with their recent $1.4 billion investment. This goes towards their newly announced platform, EY.ai. Designed with AI at its heart, the platform's main goal is to serve as a catalyst for organizations aiming to integrate AI into their operations. EY's generous funding demonstrates their belief in the significant role AI will play in the future of businesses and industries.

Tech Collaborations Boost EY's AI Ambitions

EY has not only put its money where its mouth is but has also joined hands with tech giants to ensure the success of its AI endeavors. Collaborating with Microsoft, EY got early access to Azure OpenAI capabilities such as ChatGPT-3 and ChatGPT-4. Furthermore, their joint investment with Dell in Dell Generative AI Solutions reflects their commitment to simplifying the adoption of generative AI with large language models.

AI Investments Enhance Existing EY Services

The billions spent on AI will not only foster new advancements but will also breathe new life into existing EY services. For instance, AI will be embedded into EY Fabric, a service already utilized by thousands of clients. Additionally, a part of the investment will be steered towards the acquisition of more cloud and automation technology, supporting EY's drive to stay ahead in the tech landscape.

EY's interest in AI is not something new. Their foresight led them to introduce an 'extensive' AI, data, and analytics learning badge curriculum and credential program back in 2018. This move has enabled EY to educate thousands of their associates, equipping them with the necessary expertise to navigate the AI landscape and, in turn, support their clients effectively.

EY's proactive stance in integrating emerging technologies extends beyond its internal operations. In a notable instance, the firm assisted a governmental agency in Norway to open an office in the metaverse last year. EY's efforts in such groundbreaking projects underline its dedication to pushing the boundaries and exploring the potential of AI and other emerging technologies.

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