KPMG signed a partnership agreement with Microsoft
Accounting firm KPMG plans to invest USD 2 billion in the development of artificial intelligence technologies and cloud services. The firm has signed a 5-year partnership agreement with Microsoft Corporation to invest.
KPMG is one of the “big four” accounting and consulting firms. According to a statement from representatives, the company intends to implement AI in several areas to serve clients with the support of the IT giant. According to KPMG, the use of new technologies to provide tax and consulting services will increase the company’s revenue by around $12 billion. This growth opportunity is important for firms as this market sector is experiencing a slowdown. Many clients are concerned about the global economic downturn. They are looking to cut costs by cutting back on professional services. KPMG hopes that embedding AI into its services will help clients optimise their budgets and remain efficient.
The firm’s strategic investments focus on two innovative solutions from Microsoft. 365 Copilot and Azure OpenAI will be part of the company’s core business processes. Using the new technologies, KPMG employees will be able to:
– work more productively and deepen their knowledge;
– provide high-quality service to customers;
– process more information to find the right solution;
– perform complex tasks, thereby expanding the company’s range of services.
Benefits of KPMG and Microsoft partnership
KPMG believes that the partnership with Microsoft will help to strengthen the company’s market position and accelerate the scaling of its business. In addition, new AI solutions will enable the firm to respond more flexibly to global changes by providing relevant products.
Several market sectors, including audit and consulting, are integrating artificial intelligence technologies. KPMG representatives note the importance of Microsoft’s AI developments for business transformation and improved service delivery. One of the key areas for the firm is the IT giant’s cloud platforms and their use in the tax system. In addition, the automated approach allows for the avoidance of work errors and the selection of the ideal way for the client to improve business efficiency.
The accounting firm plans to integrate data analytics solutions and Azure Cognitive Service tools into its KPMG Clara platform, with support from the IT giant. This will enable specialists to predict client risks based on global and internal factors and provide recommendations on how to address them. In addition, the companies will work together to offer ESG services. Microsoft’s developments will enhance KPMG’s Circularity Tracker programme to track climate data and implement environmental business goals.
