Professional services are on the precipice of a significant shift. KPMG and Microsoft, two global giants, recently declared a substantial enhancement of their existing collaboration. This strategic move is primed to redefine professional services across several pivotal domains, including the modernization of the workforce, the safe and secure implementation of AI solutions, and the overarching influence of these technologies on clients, industries, and society as a whole.
The symbiotic relationship between these two industry leaders involves KPMG’s multibillion-dollar commitment to Microsoft’s cloud and AI services over the next half a decade. This strategic investment has the potential to unlock a staggering growth opportunity of over US$12 billion for KPMG. The expanded alliance will be pivotal in enhancing KPMG’s client engagement, streamlining the employee experience, and driving the company’s growth in a responsible, trustworthy, and secure manner.
Also Read: Dukaan, the Indian Startup, Utilizes AI for Efficiency, Leading to Staff Reductions
Microsoft’s cloud and Azure OpenAI Service will enable KPMG’s global workforce of 265,000 to tap into their creative reservoir, conduct faster analysis, and dedicate more time to strategic advisory. This empowerment will support clients, including the more than 2,500 joint clients of KPMG and Microsoft, in navigating the rapidly evolving AI landscape, resolving their biggest business challenges, and successfully adapting to the future world of work.
As part of the partnership, KPMG professionals will pilot Microsoft 365 Copilot and Azure OpenAI Service technologies with selected business groups across the global organization. This amalgamation of cutting-edge tools with KPMG’s experience, insights, and sector-specific expertise is set to elevate client engagement and expedite digital solution development.
Bill Thomas, Global Chairman and CEO of KPMG International, expressed excitement about the expansion of their relationship with Microsoft. He underscored the importance of leveraging their multidisciplinary model by equipping their workforce with the right expertise, skills, and tools to surmount challenges and offer the best advice to clients. This strategic alliance will not only make KPMG more agile and resilient but will also contribute to the responsible use of revolutionary cloud and AI technologies.
Satya Nadella, Chairman and CEO of Microsoft, highlighted the enormous potential of the next generation of AI to transform every industry, including professional services. He emphasized the synergy of AI innovation across the Microsoft Cloud with KPMG’s tax, audit, and advisory expertise to empower employees and unlock insights for customers. This collaboration’s substantial expansion, founded on over a decade of mutual cooperation, promises substantial benefits to KPMG firms’ core business areas.
Also Read: Australia’s Disappointment Over China’s Delay on Barley Tariff Review; WTO Case Revival Looms
Firstly, the audit process will be revolutionized by the infusion of data analytics, AI, and Azure Cognitive Services through the KPMG smart audit platform, KPMG Clara. This will empower KPMG’s 85,000 audit professionals to focus more intensively on high-risk areas of the audit, sector-specific risks, and challenges. Secondly, in the tax domain, the integration of Azure OpenAI Service and Microsoft Fabric into KPMG Digital Gateway will give clients more integrated and transparent access to their data.
Finally, in the advisory field, an AI-enabled application development and knowledge platform on Microsoft Azure will expedite the creation of specialized solutions for clients. A joint engagement with Coca-Cola EuroPacific Partners (CCEP) serves as a testament to this successful collaboration.
Lastly, KPMG and Microsoft will work collaboratively to support businesses with their Environmental, Social, and Governance (ESG) agendas. This will include the KPMG Circularity Tracker and an ESG and climate data management and analytics solution, both built upon Microsoft Cloud for Sustainability and Microsoft Azure. Additionally, the two companies will continue exploring opportunities to drive social and community impact worldwide.
This information is based on Siliconcanals.
