The AI tools will help companies analyze historical data, identify patterns, and detect correlations that may not be apparent to human analysts. They will also assist in interpreting a range of data to provide quicker information about potential threats and how to respond to them. Despite the increased use of AI, KPMG has stated that it has not led to layoffs so far. However, the firm acknowledges that future hiring for certain roles may change due to the increased use of AI.
Key takeaways:
- KPMG is partnering with Microsoft and investing $2 billion over five years to develop generative AI tools for areas like supply chain management and cybersecurity.
- The AI tools will be used by KPMG's employees and clients, with the aim of making some traditional business practices obsolete.
- AI is already being used by KPMG's US employees for tasks like drafting content, creating code, and summarizing documents, but it has not led to layoffs so far.
- Carl Carande, US vice chair and global head of KPMG Advisory, believes that the use of AI will change the hiring considerations for certain roles and will enable professionals to add more value faster.