Microsoft and KPMG have agreed to advance their coalition for mutual benefit. Both major industry players have agreed to cooperate on developing personalized artificial intelligence over the next five years. This partnership will strengthen KPMG’s professional services across several business segments. This will include building a more skilled workforce, implementing safe and secure AI solutions, and ensuring society’s safety.
KPMG and Microsoft are entering a substantial phase in their relationship, which began in 2000. The goal will be to take advantage of the growing prospects for AI in the business world. The expanded cooperation will enhance client engagements and employee experiences in a more responsible, trustworthy, and sound manner.
Satya Nadella, Chairman and CEO at Microsoft, in the announcement remarked,
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.
Today, we’re expanding our partnership with @KPMG, as we bring together AI innovation across the Microsoft Cloud with KPMG’s tax, audit, and advisory expertise to empower employees and unlock insights for customers in the new age of AI. https://t.co/KiAhfGg31A
— Satya Nadella (@satyanadella) July 11, 2023
The deal will include the accounting firm’s multibillion-dollar pledge to Microsoft cloud and AI services. The agreement is said to unlock potential incremental growth projections in areas such as cybersecurity, cloud computing and tax services. KPMG is estimated to gain more than $12 billion in benefits from the agreement.
KPMG will have prompt access to Microsoft’s 365 Copilot, cloud, and Azure OpenAI Service offerings. As a result, KPMG’s global workforce of more than 265,000 will be equipped to unlock their vision, provide quick analysis, and gather detailed strategic information. The professionals will also head the technologies for a select group of businesses across the organization globally. Moreover, KPMG and Microsoft will be able to support 2.5K combined clients to keep up with AI developments. They will be able to overcome business obstacles.
What’s in it for KPMG?
The KPMG-Microsoft extended partnership will benefit KPMG’s audit, tax, and advisory business sectors. This is a detailed analysis of how it will be helpful to KPMG.
KPMG Clara is KPMG’s smart audit platform and has 85,000 audit personnel responsible for auditing more than hundreds of thousands of works annually. They will be able to invest in analytics, artificial intelligence, and Azure Cognitive Services to enhance their audit process. As a result of this method, shareholders and capital markets will understand high-risk areas in audits and sector-specific risks. This collaboration will enable KPMG professionals and clients to discover new horizons.
Clients will get access to KPMG’s Tax and Legal technology through KPMG Digital Gateway, one of the firm’s single platform solutions. It will enable them to have explicit access to their data collection and a more comprehensive management outlook on their tax functions. In addition, KPMG professionals will work with a generative AI powered virtual assistant for establishing tailored client service models. This will help tax specialists become more proficient. It will also offer income-generating opportunities like product experience development and knowledge management of tax laws.
Client-based specialized services will be deployed using an AI development and knowledge platform integrated into Azure. With ethos and security at the center, the agreement will advance their competitive advantage and productivity.
Making an impact
The deal will also extend to commercial prospects. KPMG and Microsoft will discover and contribute to allied opportunities where they will join forces and lead social and community impact across the world. These drives will include UNESCO’s global education coalition and KPMG’s 10×30 strategy. This will empower more than ten million destitute youth economically by 2030. The global education coalition has been launched to help the student population affected by school closures because of Covid-19. It will provide the highest quality distance learning practices for those most affected. Building on KPMG’s Circularity Tracker, the relationship will also encompass their clients’ environmental, social, and governance (ESG) initiatives.
Bill Thomas, Global Chairman and CEO, KPMG international stated,
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 to clients.
He further added,
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.