EY Unveils AI Platform EY.ai After a US$1.4 Billion Investment
Rebeca Moen Sep 17, 2023 07:17
EY has launched EY.ai, a platform integrating artificial intelligence (AI) into businesses. The 18-month development process and $1.4 billion investment have enabled the integration of AI into EY Fabric, a proprietary EY technology used by 60,000 clients and 1.5 million unique users. EY.ai will also introduce tailored AI learning programs for its workforce. The platform will be anchored by AI-powered tools and services, including the EY.ai Confidence Index and EY.ai Value Accelerator.
The global EY organization has officially announced the launch of EY.ai, a comprehensive platform designed to facilitate the confident and responsible integration of artificial intelligence (AI) into businesses. This initiative is the result of an 18-month development process and a significant investment of US$1.4 billion.
Key Highlights
EY.ai's Objective: The platform aims to merge human expertise with AI, leveraging EY's vast business experience. It is designed to assist organizations in harnessing the transformative power of AI across various sectors, including strategy, transactions, transformation, risk, assurance, and tax.
Investment Details: EY's US$1.4 billion investment has been instrumental in embedding AI into proprietary EY technologies, notably EY Fabric, which is currently utilized by 60,000 EY clients and over 1.5 million unique users. This investment also facilitated a series of EY technology acquisitions, bolstered by cloud and automation technologies.
EY.ai EYQ: Following a pilot involving 4,200 EY technology-focused team members, EY plans to release EY.ai EYQ, a secure, large language model. Additionally, EY will introduce tailored AI learning and development programs for its workforce. This initiative builds upon EY's previous AI and data analytics learning programs, which have awarded over 100,000 credentials since 2018.
AI Ecosystem: EY.ai is establishing an AI ecosystem that encompasses a diverse range of business, technological, and academic AI capabilities. Notable alliances include partnerships with industry giants such as Dell Technologies, IBM, Microsoft, SAP, ServiceNow, Thomson Reuters, and UiPath. Specifically, Microsoft has granted EY early access to Azure OpenAI capabilities, including GPT-3 and GPT-4, to enhance EY's service offerings.
AI Solutions and Services: EY.ai will be anchored by several AI-powered tools and services, including the EY.ai Confidence Index, the EY.ai Maturity Model, and the EY.ai Value Accelerator. Moreover, the platform will integrate generative AI into EY Fabric, which powers 80% of EY's US$50 billion business.
Collaborative Endeavor: Andy Baldwin, EY Global Managing Partner – Client Service, emphasized the collaborative nature of EY.ai, stating that the platform aims to "deliver an unparalleled level of excellence in client service" by merging the capabilities of EY's ecosystem collaborators with AI-enhanced teams.
Future Collaborations: EY is in discussions with the University of Southern California’s School of Advanced Computing regarding potential joint-research opportunities, following the university's US$1 billion Frontier of Computing initiative.
Marketing Campaign: EY.ai's launch will be accompanied by a marketing campaign themed 'The Face of the Future', set to go live in October. The campaign will focus on showcasing how AI can augment EY's diverse services.
About EY
EY, part of the global Ernst & Young organization, is dedicated to building a better working world by creating long-term value for clients, people, and society. With teams in over 150 countries, EY provides services across assurance, consulting, law, strategy, tax, and transactions. Leveraging data and technology, EY addresses complex issues facing today's world. While EY refers to the global organization, it encompasses various member firms of Ernst & Young Global Limited, each a distinct legal entity. EY prioritizes trust in the capital markets and innovation through its diverse teams.
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