KPMG and Microsoft Enter Landmark Agreement to Put AI at the Forefront of Professional Services

KPMG and Microsoft Enter Landmark Agreement to Put AI at the Forefront of Professional Services

Article content

Multi-year cloud and AI alliance to supercharge the employee experience and accelerate innovation for clients across Audit, Tax and Advisory

LONDON & REDMOND, Wash. — KPMG and Microsoft have announced a significant expansion of their global relationship that will reshape professional services across a number of business-critical areas including workforce modernization, safe and secure development, and use of Artificial Intelligence (AI) solutions for clients, industries and society more broadly.

Advertisement 2

Story continues below

Article content

Article content

The industry-leading collaboration between the two global organizations includes a KPMG multibillion dollar commitment in Microsoft cloud and AI services over the next 5 years that will help to unlock potential incremental growth opportunity for KPMG of over US$12 billion. The expanded alliance will enhance KPMG client engagements and supercharge the employee experience in a way that is responsible, trustworthy and safe.

The Microsoft cloud and Azure OpenAI Service capabilities will empower the KPMG global workforce of 265,000 to unleash their creativity, provide faster analysis and spend more time on strategic advice. This will enable them to help clients, including more than 2,500 KPMG and Microsoft joint clients, keep pace with the rapidly evolving AI landscape and solve their greatest business challenges while positioning them for success in the future world of work.

See also  Revitalist Non-Profit, “Community Change Foundation”, Receives $1M Grant to Address Adolescent Mental Health and School Violence

As an early access partner for Microsoft 365 Copilot and Azure OpenAI Service, KPMG professionals will pilot the technologies with select business groups across the global organization, bringing together the increased capabilities of these tools with their experience, insights and sector expertise to enhance client engagements and accelerate digital solution development.

Bill Thomas, Global Chairman and CEO, KPMG International, said: “Our renewed and strengthened relationship with Microsoft is an exciting moment for our people and our clients. It will help harness the power of our multidisciplinary model by ensuring that our people always have the right expertise, skills, and tools to overcome challenges and provide the very best advice to clients. It will also help make KPMG a more agile and resilient business that continues to be an interesting and exciting place to work. This expansion of our global alliance builds on the combined power of two world-class organizations that share a common set of core values, working together to responsibly use cutting-edge cloud and AI technologies. KPMG is embracing the future, and we believe that AI is key to unlocking sustainable growth in a way that will build a better future for our people, our clients and society.”

Satya Nadella, Chairman and CEO, Microsoft, said: “We have a real opportunity to apply this next generation of AI to help transform every industry, including professional services. Our expanded partnership with KPMG will bring together AI innovation across the Microsoft Cloud with KPMG’s tax, audit and advisory expertise to empower its employees and unlock insights for its customers.”

Article content

Advertisement 3

Story continues below

Article content

The collaboration, which spans more than a decade, underpinned by this major expansion will benefit KPMG firms’ core business areas in the following ways:

Audit

By infusing data analytics, AI and Azure Cognitive Services into the audit process, through the KPMG smart audit platform KPMG Clara, 85,000 audit professionals who collectively work on hundreds of thousands of audits a year will be empowered to focus more closely on higher-risk areas of the audit, sector-specific risks and challenges – to the benefit of both stakeholders and capital markets. This integration also opens up new market opportunities for KPMG professionals and their clients. For example, with the integration of Microsoft Fabric, KPMG teams will have the ability to directly point to client data instead of having to ingest it, which is a key component to helping enable KPMG professionals to perform audits on a more real time basis.

See also  What is the Purpose of Basic Life Support: A Clear and Concise Explanation

Tax

Integrating Azure OpenAI Service and Microsoft Fabric into KPMG Digital Gateway, a KPMG single platform solution, will give clients access to the full suite of KPMG Tax & Legal technologies, and allow them to gain more integrated and transparent access to their data and take a more holistic management approach to their tax functions. This was demonstrated most recently through a co-developed AI solution using the Azure OpenAI Service that helps to analyze environmental, social and governance (ESG) data, establish data patterns and draft ESG tax transparency reports, all at increased speed and scale. Additionally, KPMG firms will operate a generative-AI powered “virtual assistant” to create new client service models to help tax professionals become more efficient. It will also help with revenue-generating opportunities such as product experience enhancements and knowledge management for complex tax laws.

Advisory

Developing an AI-enabled application development and knowledge platform on Microsoft Azure will expedite the creation of specialized solutions for clients, helping to enhance their competitive advantage and profitability while putting ethics and security at the very core of the offerings. The benefits and ongoing success of this continued collaboration already include a joint engagement with Coca-Cola EuroPacific Partners (CCEP) of which Peter Brickley, Chief Information Officer at CCEP said, “KPMG and Microsoft are working together with Coca-Cola EuroPacific Partners on innovative use cases which pioneer improvements to back-office efficiency using generative AI on the Azure platform. By using this new technology, we will prepare our organization for the future, improve our employee experience and support our growth ambitions globally.”

Advertisement 4

Story continues below

Article content

Making an Impact

KPMG professionals will work together with Microsoft to help support businesses with their ESG agendas. Building on the success of the KPMG Circularity Tracker and an ESG and climate data management and analytics solution, both of which have Microsoft Cloud for Sustainability and Microsoft Azure at their core, joint teams will continue to help clients to unify their data sources, leverage the required inputs to help make real-time value-add decisions, and help them to deliver on their sustainability commitments.

In addition, to enhance the commercial prospects of the agreement, KPMG and Microsoft will continue to explore and participate in joint opportunities where they can work together to drive social and community impact worldwide. These currently include the UNESCO global education coalition and the KPMG 10×30 strategy to help economically empower 10 million underprivileged youths by 2030 — through education, employment and entrepreneurship opportunities. The companies will also continue to work together to enhance the reliability of carbon accounting through the Carbon Call to which both KPMG and Microsoft were founding signatories.

See also  The Moneyist: ‘My mother claimed me as a dependent in 2019, but I was not aware of this.’ What can I do to claim my $1,200 stimulus check?

Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities.

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

© 2023 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved.

KPMG refers to the global organization or to one or more of the member firms of KPMG International Limited (“KPMG International”), each of which is a separate legal entity. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. For more detail about our structure please visit kpmg.com/governance.

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization.

Advertisement 5

Story continues below

Article content

ABOUT MICROSOFT

Microsoft (Nasdaq “MSFT” @Microsoft) enables digital transformation for the era of an intelligent cloud and an intelligent edge. Its mission is to empower every person and every organization on the planet to achieve more.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230711515500/en/

logo

Contacts

For media inquiries, please contact:

Kathryn Wright, Head of Global External Communications, KPMG International
T: +44 (0)7880784296
E: Kathryn.wright@kpmg.co.uk

Microsoft Media Relations, WE Communications for Microsoft
T: +1 (425) 638-7777
E: rapidresponse@we-worldwide.com

Article content

Comments

Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings.

Join the Conversation

Leave a Reply

Your email address will not be published. Required fields are marked *