- Ernst & Young has invested $1.4 billion in artificial intelligence.
- The consulting giant announced a new AI platform and its own large language model.
- The company now plans on teaching its 400,000 employees how to use AI in the workplace.
So get this, Ernst & Young is going full steam ahead with AI! They just dropped a whopping $1.4 billion into harnessing the power of artificial intelligence. And get this, over the past 18 months, they’ve been developing all kinds of AI tools right in-house. This is huge!
Carmine Di Sibio, the big boss at EY, said in a press release, “It’s about unlocking new economic value responsibly to realize the vast potential of this technological evolution.” This guy gets it. He knows the potential AI has to offer.
And get this, they even built their own large language model called EY.ai EYQ. It’s like their own personal chat interface. Right now, it’s trained on publicly available information on the internet, but they’re hoping to train it on internal data too, like a century’s worth of tax figures. How crazy is that?
But hold on, they wanna make it clear that they won’t be using client data to train the model. They’re all about responsible AI use. And the prompts given to EY.ai EYQ? They’re not even retained or used by the model. Straight up privacy, folks!
But that’s not all! EY also announced their AI-powered platform called, you guessed it, EY.ai. They want their clients to join in on the AI fun and incorporate it into their workflows. And I gotta say, this platform is stacked. It’s got a payroll chatbot that claims to answer “complex employee payroll questions.” Talk about convenience!
But wait, there’s more! This platform also helps clients manage their data, provides predictive analytics, aids with content search and summarization, and even verifies if the numbers in financial documents match the ones in their audits. That’s like having your own AI assistant!
And here’s the kicker. Microsoft gave EY early access to OpenAI’s GPT-3 and GPT-4 language models. Those bad boys were the foundation for EY’s advanced generative AI solutions. That’s right, they’re taking things to the next level!
What’s even crazier is that EY plans to train all of their 400,000 employees on how to use this technology. They’re not holding back. They’ve already started rolling out AI learning and development services, and over 5,000 employees have already hopped on the AI train. It’s an exciting time at EY, folks!
And get this, EY isn’t the only consulting firm going all-in on AI. PwC dropped a cool $1 billion on AI growth, KPMG plans to spend $2 billion on AI and cloud services, and Deloitte threw $1.4 billion into professional development services including AI trainings. It’s an AI gold rush!
But hold on tight, it’s not just consulting firms diving into AI. Even Walmart is getting in on the action by giving their corporate employees an AI “assistant” to boost productivity. And companies like Meta, Netflix, and Hinge are shelling out six-figure salaries to folks with generative AI skills. The future is here, people!
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