• Thu. May 23rd, 2024

KPMG and Google Cloud expand alliance to accelerate the adoption of generative AI among enterprises

Bynewsmagzines

May 8, 2023
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Google Cloud and KPMG recently announced a substantial expansion of their alliance to assist enterprises in integrating generative AI technologies into their operations. The collaboration will merge KPMG’s proficiency in cloud computing, data analytics and responsible AI with Google Cloud’s next-gen infrastructure and generative AI capabilities. 

The partnership aims to provide practical and real-world applications of generative AI, creating value across numerous industries and empowering employees to adopt data-driven decision-making.

“Google Cloud is focused on applying generative AI to practical, real-world use cases that will create value across industries,” Thomas Kurian, CEO of Google Cloud, said in a written statement. “Through our expanded alliance with KPMG, we will accelerate the application of Google Cloud generative AI throughout the world’s largest organizations, helping them deliver innovation and empower employees, create more value from data and more.” 

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The companies said the alliance’s expansion is in response to the growing demand for AI and cloud-based services. As businesses seek to accelerate their digital transformation and innovation, this collaboration will equip clients with the necessary tools and expertise to fully leverage generative AI and revolutionize their operations.

“As Google Cloud clients look to embed Google’s generative AI capabilities into their business, our joint team will help them to understand how it can fit into their broader business transformation strategies,” Todd Lohr, U.S. technology consulting leader at KPMG, told VentureBeat. 

This alliance extends the successful collaborations between KPMG and Google Cloud. Lohr said that previous collaborations have included implementing cloud-based intelligent conversational AI for HSBC, providing critical medical predictions from real-time data in the ICU, and offering a 360-degree customer view with advanced analytics for a global life insurer.

Leveraging generative AI for data-driven decision making 

KPMG plans to invest significantly in the rapid training of its team of Google Cloud experts to meet the increasing demand for Google Cloud’s AI innovations. The company told VentureBeat that this would further enable them to assist clients in integrating Google Cloud’s generative AI technologies into their offices and empower them to achieve business objectives efficiently.

According to Lohr, the collaboration is a fusion of KPMG’s industry-leading expertise in cloud transformation, analytics and responsible AI with Google Cloud’s reliable infrastructure and cutting-edge generative AI capabilities. These capabilities include Google Cloud’s Vertex AI and generative AI app builder products, their large language models (LLMs), and other tools.

“KPMG has focused on expanding our partnership over the past 12 months, building a robust network of certified Google Cloud practitioners (doubling it), as well as a catalog of client successes across multiple industries,” said Lohr. “We intend to expand this practice to meet the market demands of this rapidly developing space.”

Initially, the partnership will concentrate on assisting clients in the financial services, healthcare and retail industries. Lohr said that these industries are already experiencing the immediate impact of generative AI, and the partnership aims to help organizations in the space with data-driven transformation and decision-making.

“These industries all have potential use cases across the front, middle and back offices that stand to benefit from generative AI. Our experience shows that the organizations that benefit the most from emerging technologies are those that develop a cohesive strategy rather than operating in siloes,” explained Lohr. “Additionally, these three industries are areas where KPMG and Google Cloud have a strong track record of client success, including the use of AI. This allows us to build on our past portfolio of work and use cases and integrate the capabilities into cloud implementation journeys that are already well underway.”

Ensuring responsible AI adoption

Lohr said that the companies would closely monitor how their joint services will impact existing business models and potentially create new ones. They will also consider the implications for talent strategy and how clients can ensure they have the appropriate risk and responsible use controls and governance.

“Over the past 10 years, KPMG has developed robust AI security and responsible frameworks to help clients confidently adopt emerging technologies. KPMG is applying these tried-and-trusted approaches to rapidly develop new solutions while prioritizing protection and adhering to the principles of responsible AI,” Lohr told VentureBeat. “Trust continues to be a priority for KPMG and is at the center of everything we do. Combining these capabilities with the secure Google Cloud platform means that we can help our clients adopt these capabilities confidently at scale.”

Lohr emphasized that offering clients generative AI and analytics solutions on a secure cloud platform creates an agile and flexible environment, enabling them to quickly adapt and scale their generative AI capabilities while adapting to the constantly evolving industry landscape.

“Combining KPMG’s industry knowledge and functional expertise with Google Cloud technology, KPMG can help businesses harness the potential of generative AI and analytics to quickly adapt in the face of market volatility. We will develop solutions that allow clients to use generative AI to conduct rapid data analysis, putting data at their fingertips to improve decision-making,” he added.

Lohr believes that generative AI will unlock significant economic value for businesses and society. However, he emphasized that it is also important to have responsible and secure practices in place when dealing with such technology.

“Together with our clients, we expect to innovate, learn and build on the potential of the technology,” he said. “While our initial alliance is focused on three industries in the U.S., we will scale over time, helping clients across industries to reimagine their ways of working and creating value.”

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