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    KPMG to invest $2 billion in AI, cloud services

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    KPMG, the accounting firm, announced on Tuesday that it will invest $2 billion in an expanded partnership with Microsoft to incorporate the latest technologies like AI and cloud services.

    The decision comes as Accenture, another major player in the industry, embraces new technologies to navigate a slowdown in advisory deals. Over the course of the five-year partnership, KPMG plans to integrate AI into its core audit, tax, and advisory services for clients. This collaboration aims to support KPMG’s clients as well as the 2,500 customers served jointly by KPMG and Microsoft.

    Professional services firms have been experiencing a decline in their customer base, leading to a slowdown in their business. Additionally, cost-saving measures in a challenging economic environment have resulted in a hold-off on consulting and transformation projects.

    Read: Wipro launches ai360 in India, to invest $1 billion in 3 years; all 2,50,000 employees to be AI-trained

    The KPMG-Microsoft collaboration involves a multibillion-dollar commitment from KPMG to Microsoft’s cloud and AI services over the next five years. This expanded alliance will enhance client engagements and improve the employee experience in a responsible, trustworthy, and safe manner.

    KPMG will leverage Microsoft’s cloud and Azure OpenAI Service capabilities to streamline its operations and provide better services to its clients, including the more than 2,500 joint clients of KPMG and Microsoft. The company will also gain access to Microsoft 365 Copilot and Azure OpenAI Services.

    Bill Thomas, Global Chairman and CEO of KPMG International, stated in a press release, “This expansion of our global alliance builds on the combined power of two world-class organizations that share a common set of core values, working together to responsibly use cutting-edge cloud and AI technologies. KPMG is embracing the future, and we believe that AI is key to unlocking sustainable growth in a way that will build a better future for our people, our clients, and society.”

    Satya Nadella, Chairman and CEO of Microsoft, expressed, “We have a real opportunity to apply this next generation of AI to help transform every industry, including professional services. Our expanded partnership with KPMG will bring together AI innovation across the Microsoft Cloud with KPMG’s tax, audit, and advisory expertise to empower its employees and unlock insights for its customers.”

    Read more: TCS upskill 25000 engineers on Microsoft’s Azure Open AI

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