KPMG Invests $100 Million in AI Through Google Cloud Partnership

SAN FRANCISCO, November 20, 2024 – KPMG announced an investment of $100 million over the next four years to strengthen its AI services, taking advantage of a partnership with Google Cloud. ​This strategic movement, detailed by Steve Chase, Vice ​President ​of ​AI and ​Innovation at KPMG, highlights the company’s commitment ​to promoting the integration of AI into professional services.

Although part ​of the ​funding ​will cover direct payments to Google, most will support internal initiatives using Google’s AI technology. These include the development of Aiti-led officers and the development of KPMG staff to improve their feasibility through advanced AI tools. ​”We are very much on the ground from [design testing] and testing ​to scale,” Chase told Reuters, highlighting AI’s transformation potential for professional services.

The announcement reflects a growing trend among professional service companies, ​which are the primary beneficiaries of AI technology as ​companies seek expertise to integrate AI into their operations. According to ​a KPMG survey, 50% of ​companies plan to ​allocate $100 million to IA projects next year and 20% plan ​to spend at least $250 million. This data is aligned ​with more extensive industry research that shows that UFOs are increasingly using AI (GenAI) for tasks such as financial reporting, forecasting and visualization of data.

KPMG’s ​association with Google Cloud has already yielded significant results, with reserves for related services increasingly increasing over the past two years. Recognizing the different demands ​of ​its customers, KPMG has ​also partnered with other cloud providers, committing $2 ​billion over five years to build AI and cloud ​capabilities with Microsoft. This multi-faceted approach highlights ​the company’s strategy to guide the transformation of AI-based professional services.

Google Cloud, which has seen ​a 35% ​increase ​in cloud sales ​this year, sees collaboration with consulting companies as essential ​to its growth. “We plan to make further announcements on investments in this area,” ​said Chase, noting KPMG’s continued commitment to expand its IA footprint. While Wall Street is monitoring the technology sector to ​achieve measurable returns on ​IA investments, KPMG’s proactive initiatives ​have established a ​benchmark to leverage IA to drive business ​transformation.