EY rolls out AI-powered platform after $1.4 bln tech investment
EY rolls out AI-powered platform after $1.4 bln tech investment: As the latest enterprise to place a significant wager on the technology, professional services giant EY said on Wednesday that it has spent $1.4 billion in artificial intelligence and is launching a platform that provides companies with AI-powered versions of its advisory products.
The initiative puts the consulting business in line with competitors like Accenture and KPMG, which are investing billions in AI in the hopes that it will be their next major source of growth.
The data management solution EY Fabric, which is used by 60,000 customers, is one of the products that the business offers AI-embedded versions of on the EY.ai platform, according to the company.
“The time for AI is now. Every company is thinking about how technology will fit into operations and how it will affect the future,” said Carmine Di Sibio, chairman and CEO of EY Global.
According to EY, it will release a large-language model (LLM) dubbed EY.ai EYQ and educate its employees on the technology. The main machine-learning program that drives AI systems is called an LLM.
Thanks to an existing connection with the software giant, the business was able to get early access to GPT-3 and GPT-4, two of Microsoft’s (MSFT.O) Azure OpenAI capabilities.
In order to invest in the technology and investigate its applications, it has also teamed with information and technology firms including Thomson Reuters (TRI.TO), SAP, and Dell (DELL.N).
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