EY, one of the world’s leading consulting firms, announced on Wednesday that it has invested $1.4 billion in artificial intelligence (AI) and launched a new platform called EY.ai, which offers AI-powered versions of its consulting products to businesses.
The platform includes AI-embedded products such as EY Fabric, a data management product that is used by 60,000 clients, the company said in a statement. EY said it aims to help businesses integrate AI into their operations and prepare for its impact on the future.
“AI’s moment is now. Every business is considering how it will be integrated into operations and its impact on the future,” said Carmine Di Sibio, EY Global Chairman and CEO.
EY said it plans to train its staff in the technology and will release a large-language model (LLM) called EY.ai EYQ, which is the core machine-learning software that powers AI systems. The company had secured early access to Microsoft’s Azure OpenAI capabilities like GPT-3 and GPT-4, which are among the most advanced LLMs in the world.
EY has also partnered with technology and information companies like Dell, SAP and Thomson Reuters, to invest in the technology and explore its use. The company said it expects AI to be a key driver of its growth in the coming years.