Technology

Ernst & Young (EY) invests $1.4B in AI tech, unveils new platform

Ernst & Young (EY), one of the world’s leading professional services firms,

has made a significant announcement regarding its foray into artificial intelligence (AI).

On September 13, EY unveiled its groundbreaking platform, EY.ai,

which harnesses the power of AI to assist organizations in integrating this transformative technology into their operations.

EY.ai is the result of a substantial $1.4 billion investment by the London-based firm,

reflecting its commitment to AI advancements.

The platform is built upon EY’s own large language model (LLM),

known as EY AI EYQ. To enhance its capabilities, EY collaborated with Microsoft,

gaining early access to Azure OpenAI features, including the highly advanced ChatGPT-3 and ChatGPT-4 models.

Additionally, EY joined forces with Dell to invest in Dell Generative AI Solutions,

a venture focused on simplifying the adoption of generative AI with LLMs.

The significant financial investment in AI technologies will not only fuel the development of EY.ai but also facilitate the integration of AI across EY’s existing services.

EY aims to enhance offerings such as EY Fabric, a widely used platform with 60,000 clients and millions of unique users.

Furthermore, EY plans to acquire additional technologies that support cloud computing and automation,

further strengthening its AI capabilities.

Carmine Di Sibio, the global chairman and CEO of EY, emphasized the timeliness of this development,

stating that the moment for AI is “now.”

With its substantial investment and the launch of EY.ai,

EY is poised to empower organizations worldwide to chart their AI strategies, drive value creation, build confidence,

and empower their workforce in this era of technological transformation.

“The adoption of AI is more than a technology challenge… It’s about unlocking new economic value responsibly to realize the vast potential of this technological evolution.”

Ernst & Young (EY) Proactive Approach to AI Integration: Fostering Expertise, Exploring New Frontiers, and Embracing Revolution

Recognizing the immense potential of AI integration, EY has been at the forefront of preparing for this technological boom.

In 2018, the company introduced an extensive AI, data, and analytics learning badge curriculum and credential program,

demonstrating its proactive approach to equip its professionals with the necessary skills and knowledge.

Since its inception, the program has been highly successful, with EY awarding 100,000 credentials to its workforce.

This signifies the company’s commitment to fostering a culture of continuous learning and ensuring its professionals are well-versed in AI, data analysis, and analytics.

With a team of 4,200 technology-focused members,

EY is well-positioned to harness the power of emerging technologies and deliver innovative solutions to its clients.

“Every business is considering how it will be integrated into operations and its impact on the future.”

Di Sibio

EY’s dedication to embracing technological advancements extends beyond its internal operations.

In a notable move last October, the company assisted a governmental agency in Norway to establish an office in the metaverse,

showcasing its forward-thinking approach to exploring new frontiers and pushing boundaries in the digital realm.

EY is not alone in recognizing the transformative potential of AI.

Other major global enterprises,

such as Goldman Sachs, share a similar vision.

On September 13, Goldman Sachs dismissed the notion that the current hype surrounding AI is merely a bubble waiting to burst.

Instead, they anticipate an upcoming revolution,

further reinforcing the widespread belief in the revolutionary impact of AI technologies.

As the AI landscape continues to evolve, EY remains committed to staying at the forefront of this revolution.

Through ongoing training, credential programs, and strategic initiatives,

EY positions itself as a frontrunner in adopting and promoting AI services, actively driving innovation and delivering exceptional value to its clients in this transformative era.

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