EY announces AI model; will train 400,000 employees on it
Ernst & Young (EY) has invested $1.4 billion in artificial intelligence (AI) and created its own large language model, EY.ai EYQ. It will be used as an in-house chat interface. The model, currently trained on publicly available information, will eventually be trained on internal data, including 100 years of tax figures. EY also announced the AI-powered platform EY.ai, aimed at helping clients incorporate AI into their workflows.
EY employees are embracing AI learning
EY.ai EYQ, the large language model developed by EY, will be used to help employees in the workplace. All 400,000 employees of EY will be trained on it. The company has started rolling out AI learning and development services, with more than 5,000 employees already commencing the training. Microsoft provided EY with early access to OpenAI's GPT-3 and GPT-4 language models. They were used as a foundation for "building and deploying advanced generative AI solutions to enhance EY service offerings."
EY.ai platform streamlines client AI integration
Separately, the EY.ai AI-backed platform includes a payroll chatbot to answer "complex employee payroll questions." It also has features that assist clients in managing data, providing predictive analytics, aiding with searching content and summarization, and verifying financial document accuracy. The access to OpenAI's GPT-3 and GPT-4 models played a crucial role in the platform's development.
Big Four consultancies compete in AI investments
EY's $1.4 billion investment in AI follows similar moves by other Big Four consultancies. PwC announced a $1 billion investment in AI over three years, while KPMG plans to spend $2 billion on AI and cloud products for the workplace over five years. Deloitte invested $1.4 billion in professional development services, which include AI training. Companies like Netflix, Walmart, Meta, and Hinge are also investing in AI technology and promising hefty salaries to employees with generative AI skills.
