BrazilEY launches own artificial intelligence platform: EY.ai
After 18 months in the making, global consulting firm EY has unveiled its own artificial intelligence (AI) platform on the back of a $1.4 billion investment. This substantial financial commitment has paved the way for the introduction of the cutting-edge platform, which is designed to facilitate the seamless integration of AI within organisations.
Andy Baldwin, global managing partner for client service at EY, stated that with a substantial team of data and AI experts, EY’s new AI platform (‘EY.ai’) is well-positioned to assist companies in their efforts to transform their operations and serve as a conduit, connecting clients with the most cutting-edge technology available on the market.
The EY.ai platform has AI-embedded versions of the firm’s products, like EY Fabric, which is used by 60,000 EY clients and around 1.5 million unique client users. Additional tools in the AI suite include tools for internal inquiries and quickly accessing EY generated data.
This AI initiative from EY is not unlike moves made by rivals such as Accenture, PwC, and Bain & Company, which are also investing millions or even billions of dollars into AI. Other consulting firms have also created their own proprietary AI system for use by their employees or by clients, like for example, McKinsey & Company’s generative AI tool Lilli, which is used to quickly access the firm’s archival body of knowledge.
The importance of AI cannot be underestimated, though the speed with which new tools are being rolled out calls for caution at the risk of over-application of the still-evolving technology. A previous report found that generative AI, in all areas of the economy and in a multitude of different forms, could boost the global productivity by as much as $4.4 trillion annually, though such estimates vary widely.
“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,” said Carmine Di Sibio, global chairman and chief executive officer of EY.
“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. It’s about unlocking new economic value responsibly to realize the vast potential of this technological evolution.”
EY’s new platform will be supported by the EY.ai Confidence Index, which combines risk management, governance, and data management to provide a thorough monitoring system for the AI technology.
