KPMG and Microsoft Team Up for a $2 Billion AI Playground
So, KPMG and Microsoft have decided to throw a little party. And by little, I mean a $2 billion bash for cloud and generative AI tools. The invitations have been sent out and the RSVP list is none other than all of KPMG’s businesses — audit, tax and advisory. This is the kind of techno-jamboree we’re seeing a lot these days as businesses scramble to ride the AI-powered rocket to the future.
Not Playing Catch Up, But Leapfrog
This isn’t about keeping up with the Joneses, or in this case, the PwCs and Accentures of the world. No, KPMG and Microsoft are playing leapfrog, hoping their investments will transform AI from trendy buzzword into a genuine business game-changer.
And let me tell you, they’re aiming for the stars. Paul Knopp, KPMG U.S. chair and CEO, assures us that they’re ready to train KPMG’s 265,000 global employees on using AI and new products to their advantage. Now that’s a commitment!
Unleashing the Power of AI on Audit and Tax
Don’t you just love when technology comes in to make things easier? Well, KPMG’s audit and tax teams sure will. They’ll have generative AI at their beck and call to sort through reams of text and interpret regulations faster. Now that’s what I call an upgrade!
Consultants are in for a treat too. They’ll get to test drive digital strategies and product launches in virtual reality before going full throttle in the real world. We’re talking about a win-win situation here: better results for clients and fewer caffeine-infused all-nighters for consultants.
The AI Arms Race
Generative AI is currently the tech world’s glittery prom queen, thanks largely to the showstopper performance of OpenAI’s ChatGPT. So, you can see why every firm, not just the consulting giants, is strutting their in-house AI prowess.
And here’s a nugget to chew on: Microsoft, yes, the same one investing billions with KPMG, is the largest outside investor in OpenAI. Draw your own conclusions there.
Looking Into The AI Crystal Ball
Investing in AI is like buying a lottery ticket for the future, with predictions of a gigantic multiplier effect on revenue. By 2026, the market for generative AI enterprise applications alone could balloon to $98 billion, shooting up from an estimated $43 billion this year. And Knopp, clearly not one for modest predictions, thinks they’ll generate an additional $12 billion of global opportunities for KPMG. Now, wouldn’t that be a sweet jackpot!
