By
Godfrey Benjamin
March 28th, 2024
EY says that its new AI tool will help client and client users with the responsible adoption of AI, for strategy, tax, and other purposes.
British multinational professional services giant EY has announced a new artificial intelligence (AI) tool to offer AI-powered services to its clients. The new tool, EY.ai, will help clients with responsible adoption of AI for various functions, including transactions, strategy, assurance, risk, and transformation.
In a Wednesday press release, EY noted that it spent $1.4 billion on the AI platform. The publication also noted that EY has integrated artificial intelligence into its previous tools for millions of clients and client users:
“These investments have supported the embedding of AI into proprietary EY technologies like EY Fabric, used by 60,000 EY clients and more than 1.5 million unique client users, as well as helping secure a series of EY technology acquisitions with supporting cloud and automation technologies.”
EY AI and LLM
EY has also announced that after an initial pilot with more than 4,000 team members, the company will release a large language model (LLM) called EY.ai EYQ. All of these efforts are geared at creating tailored solutions for AI learning and development, which are beneficial to the company’s global workforce. These solutions will be part of a learning program that expands EY people’s AI skills and helps with the responsible use of artificial technology.
EY Global Chairman and CEO Carmine Di Sibio spoke on the importance of AI and how beneficial it is to the company and the world in general. According to the CEO, AI brings significant economic value:
“AI’s moment is now. Every business is considering how it will be integrated into operations and its impact on the future. However, the adoption of AI is more than a technology challenge. That’s why EY teams help clients identify how to capture the transformative power of AI from every seat at the boardroom table and across the enterprise.”
EY’s AI tool also hopes to allay fears about data privacy and security. Many companies and stakeholders alike are worried about data privacy and security with AI tools. To this, EY global managing partner, client service, Andy Baldwin, said EY.ai EYQ’s training comes from data publicly available on the internet. This means that users can rest assured that their texts or prompts will not be used to train the LLM.
Other EY Endeavors
For the financial year ended June (FY23), EY Global reported a 14.2% in global revenues at $49.4 billion. For the full year, the company invested a total of $3.6 billion in several endeavors, including innovation, technology, people, and audit quality. This was part of a $10 billion investment plan for three years, earlier announced in FY21.
Other EY efforts include a decarbonization plan, part of plans to become net zero in 2025. The company is using renewable energy for this purpose, and also using technology for real-time carbon tracking. So far, EY has succeeded in reducing global emissions by 43% even though the organization’s workforce and revenue has grown 40% since FY19.