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Consulting firm Ernst & Young disclosed a significant investment of $1.4 billion into artificial intelligence and the introduction of its proprietary large language model, EY.ai EYQ. EY also unveiled plans to provide AI training to its extensive workforce comprising 400,000 employees.
EY's exact annual budget for AI endeavors exceeds the total amount spent on AI by the firm over the past five years. The upcoming investments will focus on refining the firm's large language model and expanding its AI capabilities.
Several of EY's counterparts have also made substantial AI-related announcements in recent times. KPMG disclosed its intention to allocate $2 billion to AI and global cloud services over the next five years, while Accenture Plc (NYSE: ACN) committed $3 billion to enhance its data and AI practice. PricewaterhouseCoopers announced a $1 billion investment in generative AI for its U.S. operations within a three-year timeframe, and Deloitte unveiled plans to allocate $1.4 billion for employee training, including AI technologies.
EY's newly introduced EY.ai platform incorporates AI into the firm's existing and new products.
Corporate leaders in technology are under growing pressure to outline comprehensive AI strategies and implementation roadmaps. However, the complexity of AI adoption often leaves organizations seeking guidance from consultants, who have emerged as early beneficiaries of the generative AI revolution.
EY's platform aims to address privacy and data security issues associated with large language models. The firm's new model is trained on publicly available internet data while ensuring the safety of customer data input. Plans involve training the model using EY's extensive data library, resulting in a range of specialized Large Language Models (LLMs). Additionally, EY intends to provide AI training to its entire global workforce, with more than 5,000 employees already commencing training.
In July, OpenAI backer Microsoft Corp (NASDAQ: MSFT) launched premium AI features for its Microsoft 365 service, implying its growth potential. The ChatGPT maker OpenAI eyes over $1 billion in revenue over the next 12 months from selling artificial intelligence software and computing capacity. While Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) Google tapped AI kingpin Nvidia Corp (NASDAQ: NVDA) to accomplish its AI ambitions.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
