In response to a downturn in advisory deals, KPMG announced its plans to invest $2 billion in artificial intelligence (AI) and cloud services, following in the footsteps of Accenture. This substantial investment is aimed at leveraging the latest technologies to navigate the current business landscape.
As part of a five-year partnership with Microsoft, KPMG intends to integrate AI capabilities into its core audit, tax, and advisory services, enhancing its offerings to clients. The objective is to provide more advanced and efficient solutions while adapting to the challenging macroeconomic conditions that have led many customers to scale down operations or delay consulting and transformation projects to reduce costs.
The expanded partnership between KPMG and Microsoft will play a crucial role in supporting KPMG’s extensive client base, as well as the 2,500 customers that receive services from both companies jointly. By embracing AI and cloud services, KPMG aims to deliver enhanced value and innovative solutions to meet the evolving needs of its clients in a rapidly changing business environment.