KPMG has said it will invest USD 100 million investment over the next four years to strengthen its enterprise artificial intelligence (AI) services in collaboration with Google Cloud, marking its largest direct commitment to the platform to date, as per a Reuters report.
The initiative will focus on developing AI-powered solutions, training KPMG employees to use cutting-edge technology, and leveraging Google Cloud’s tools to meet the growing demand for AI implementation across industries.
Steve Chase, KPMG’s vice chair for AI and innovation, revealed in an interview with Reuters that the investment reflects a shift from experimenting with AI to scaling its use. He mentioned the rapid transformation in professional services, which he described as one of the sector’s most significant changes ever.
A recent KPMG survey of business leaders found that half of the respondents planned to spend at least USD 100 million on AI within the next year, while 20 per cent anticipated investments exceeding USD 250 million.
Demand for AI and cloud services has already fueled a tenfold increase in bookings for KPMG’s Google Cloud-related offerings over the past two years. Google Cloud President of Revenue Matt Renner told Reuters that partnerships with consulting firms like KPMG are a critical element of Google’s growth strategy. The cloud division’s success has been evident, with a 35 per cent increase in sales contributing to Alphabet’s strong third-quarter earnings in October.
KPMG’s investment in Google Cloud aligns with its broader strategy to expand AI capabilities across multiple platforms. In 2023, the firm committed USD 2 billion over five years to bolster its AI and cloud services via Microsoft. Chase noted that the latest collaboration with Google is part of KPMG’s ongoing efforts to meet clients’ needs and capitalise on the exponential growth opportunities in AI.
(Inputs from Reuters)
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