KPMG, Microsoft to revolutionize professional services with AI and Cloud capabilities
In a groundbreaking move set to reshape professional services, KPMG International has announced a significant expansion of its global relationship with technology giant Microsoft.
This amplified alliance aims to pioneer advances in crucial areas such as workforce modernization, secure development, and the implementation of artificial intelligence (AI) solutions for clients and industries, with societal implications as well.
The partnership, characterized by KPMG’s multibillion-dollar commitment to Microsoft’s cloud and AI services over the next five years, is predicted to unleash an incremental growth opportunity exceeding $12 billion. This will not only augment client engagements but will also revolutionize the employee experience in a responsible, secure, and trustworthy manner.
Embracing Microsoft’s cloud and Azure OpenAI Service capabilities, KPMG’s global workforce of 265,000 is set to see a productivity boost. This integration will help them deliver faster analyses, unleash their creativity, and provide strategic advice. The initiative aims to equip clients, including over 2,500 joint KPMG-Microsoft clients, to keep pace with the fast-changing AI landscape and overcome their greatest business hurdles, paving the way for their future success.
KPMG’s multibillion-dollar commitment to Microsoft Cloud and AI poised to unlock over $12bn growth opportunity. Photo courtesy of DennisM/Wikimedia Commons.
Under the alliance, KPMG professionals will pilot early access to Microsoft 365 Copilot and Azure OpenAI Service. Select business groups within the global organization will get an opportunity to amalgamate the enhanced capabilities of these tools with their industry insights and experience. This strategic combination will accelerate digital solution development and elevate client engagements.
This extended collaboration, built on a decade-long foundation, is poised to revitalize KPMG’s core business areas, namely audit, tax, and advisory services. For instance, KPMG Clara, the smart audit platform, will integrate data analytics, AI, and Azure Cognitive Services into the audit process, enabling professionals to focus more on high-risk areas and sector-specific challenges. This integration is projected to generate new market opportunities for KPMG professionals and their clients.
The inclusion of Azure OpenAI Service and Microsoft Fabric into KPMG Digital Gateway will enhance KPMG Tax & Legal technologies. Clients will have a more integrated and transparent access to their data, allowing a holistic approach to tax function management. KPMG firms will also deploy a generative-AI powered “virtual assistant,” expected to boost efficiency and generate revenue opportunities, particularly in complex tax law knowledge management.
For advisory services, the alliance will lead to the development of AI-enabled application and knowledge platforms on Microsoft Azure, expediting the creation of specialized solutions for clients. These solutions will enhance their competitive advantage and profitability while ensuring ethical practices and secure operations.
Bill Thomas — KPMG International Global Chairman and CEO 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.”
Beyond the commercial scope, the agreement holds prospects of a wider societal impact. Joint teams will continue to support businesses with their environmental, social and governance (ESG) agendas. Moreover, the partners will explore opportunities to drive social and community impact worldwide, including initiatives like the UNESCO global education coalition and KPMG’s 10×30 strategy.
Satya Nadella — Microsoft Chairman and CEO 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.”