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Yahoo
6 days ago
- Business
- Yahoo
Inside KPMG's $100 million AI investment: How Google Cloud's partnership is fueling the firm's new AI services
KPMG is expanding its Google Cloud partnership to enhance AI services for clients. The Big Four accounting firm could drive $1 billion growth from its AI initiatives. This article is part of "CXO AI Playbook" — straight talk from business leaders on how they're testing and using AI. KPMG is a professional services company and one of the Big Four accounting firms in the US. It offers audit, tax, and advisory services to organizations in multiple sectors, including healthcare, finance, banking, and more. KPMG has more than 90 offices and 36,000 employees in the US. It also operates in more than 140 countries. Steve Chase, vice chair of artificial intelligence and digital innovation at KPMG, said part of the company's business involves helping organizations across industries modernize their operations with technology, including their accounting systems and customer service. Recently, Chase said more clients have sought assistance in incorporating artificial intelligence and cloud services into their digital transformation strategies. To help, KPMG announced an expansion of its partnership with Google Cloud in November to advance GenAI, data analytics, and cybersecurity for its clients. The expansion includes a $100 million investment in KPMG's Google Cloud practice. Chase said the goal is to tailor AI services to specific customers, business models, and industries so that these organizations can use AI to improve their businesses, such as by speeding up data analysis. The expanded Google Cloud partnership will initially focus on clients in the retail, healthcare, and financial services industries. Chase said KPMG has been using AI for several years and has had a long-standing relationship with Google. In 2024, KPMG created the Google Cloud Center of Excellence to combine Google's AI technologies with its own expertise to help clients use AI to boost their businesses. Its latest partnership expansion involves creating new AI tools. KPMG also works with Microsoft, Amazon Web Services, and other tech companies on other AI-related projects. KPMG has been using Google Cloud's Vertex AI Search, an AI development platform for building and using GenAI, internally to connect and analyze its vast amount of data. Chase said the company is using this information to develop GenAI agents for clients, such as chatbots to answer questions or tools to gather and analyze data, to address various business challenges and expand capabilities. For example, Chase said KPMG is using Vertex AI and Gemini, a Google Cloud AI-powered assistant, to help financial services companies automate tasks that have been cumbersome for humans, including fraud detection and loan applications. Chase added that KPMG also built an AI "store performance analyzer" for a large retailer. The tool allows the company to use automation to speed up and combine information from store locations, such as inventory levels, sales data, and details about the location, to determine how it performs compared to other stores. "It's able to actually do a detailed analysis in a fast way," which used to be completed by a team of people and take longer, Chase said. "Now, the people involved are actually reviewing the results, as opposed to doing all the manual work of pulling all the data together." For healthcare clients, KPMG is using Google Cloud's Healthcare API to develop AI tools that help doctors improve disease detection, treatment, and overall patient care. Chase said that KPMG's partnership with Google Cloud could drive $1 billion incremental growth for the firm. "We've been super pleased with how it's going," he said. While he said the company couldn't disclose specifics on how it'll reach this figure, he said it will be a multi-year initiative that involves adding new clients and expanding the AI services it offers to existing companies. KPMG continues to roll out new AI initiatives. In April, the company announced another expansion of its collaboration with Google Cloud on AI tools for the legal and banking industries. KPMG also announced that it's joining the Google Cloud Security Partner Program to enhance cybersecurity for its clients. Read the original article on Business Insider Sign in to access your portfolio
Business Insider
6 days ago
- Business
- Business Insider
Inside KPMG's $100 million AI investment: How Google Cloud's partnership is fueling the firm's new AI services
KPMG is a professional services company and one of the Big Four accounting firms in the US. It offers audit, tax, and advisory services to organizations in multiple sectors, including healthcare, finance, banking, and more. KPMG has more than 90 offices and 36,000 employees in the US. It also operates in more than 140 countries. Situation analysis Steve Chase, vice chair of artificial intelligence and digital innovation at KPMG, said part of the company's business involves helping organizations across industries modernize their operations with technology, including their accounting systems and customer service. Recently, Chase said more clients have sought assistance in incorporating artificial intelligence and cloud services into their digital transformation strategies. To help, KPMG announced an expansion of its partnership with Google Cloud in November to advance GenAI, data analytics, and cybersecurity for its clients. The expansion includes a $100 million investment in KPMG's Google Cloud practice. Chase said the goal is to tailor AI services to specific customers, business models, and industries so that these organizations can use AI to improve their businesses, such as by speeding up data analysis. The expanded Google Cloud partnership will initially focus on clients in the retail, healthcare, and financial services industries. Key staff and partners Chase said KPMG has been using AI for several years and has had a long-standing relationship with Google. In 2024, KPMG created the Google Cloud Center of Excellence to combine Google's AI technologies with its own expertise to help clients use AI to boost their businesses. Its latest partnership expansion involves creating new AI tools. KPMG also works with Microsoft, Amazon Web Services, and other tech companies on other AI-related projects. AI in Action KPMG has been using Google Cloud's Vertex AI Search, an AI development platform for building and using GenAI, internally to connect and analyze its vast amount of data. Chase said the company is using this information to develop GenAI agents for clients, such as chatbots to answer questions or tools to gather and analyze data, to address various business challenges and expand capabilities. For example, Chase said KPMG is using Vertex AI and Gemini, a Google Cloud AI-powered assistant, to help financial services companies automate tasks that have been cumbersome for humans, including fraud detection and loan applications. Chase added that KPMG also built an AI "store performance analyzer" for a large retailer. The tool allows the company to use automation to speed up and combine information from store locations, such as inventory levels, sales data, and details about the location, to determine how it performs compared to other stores. "It's able to actually do a detailed analysis in a fast way," which used to be completed by a team of people and take longer, Chase said. "Now, the people involved are actually reviewing the results, as opposed to doing all the manual work of pulling all the data together." For healthcare clients, KPMG is using Google Cloud's Healthcare API to develop AI tools that help doctors improve disease detection, treatment, and overall patient care. Did it work, and how did leaders know? Chase said that KPMG's partnership with Google Cloud could drive $1 billion incremental growth for the firm. "We've been super pleased with how it's going," he said. While he said the company couldn't disclose specifics on how it'll reach this figure, he said it will be a multi-year initiative that involves adding new clients and expanding the AI services it offers to existing companies. KPMG continues to roll out new AI initiatives. In April, the company announced another expansion of its collaboration with Google Cloud on AI tools for the legal and banking industries. KPMG also announced that it's joining the Google Cloud Security Partner Program to enhance cybersecurity for its clients.
Associated Press
29-04-2025
- Business
- Associated Press
The American Trust in AI Paradox: Adoption Outpaces Governance
New York, New York--(Newsfile Corp. - April 29, 2025) - AI adoption in the U.S. workplace has outpaced most companies' ability to govern AI use according to the KPMG Trust, Attitudes and use of Artificial Intelligence: A global study 2025. Half of the U.S. workforce reported that they use AI tools at work without knowing whether it is allowed and more than four in ten (44%) are knowingly using it improperly at work. In addition, 58% of U.S. workers admit to relying on AI to complete work without properly evaluating the outcomes, and 53% claim to present AI-generated content as their own. 'This survey makes one thing clear: if you don't give people access to AI, they'll find their way into it anyway - often using it in ways that bypass policies, introduce errors, and blur accountability,' said Steve Chase, Vice Chair of AI & Digital Innovation. 'We're seeing this with clients too-especially those that have been slow to roll out tools or encourage responsible experimentation. If you haven't already, now's the time to invest in strong Trusted AI capabilities. And as agents become more and more a part of everyday workflows, getting this right only becomes more critical.' AI tools used without proper authorization or in inappropriate ways Nearly half (44%) of employees are using AI tools at work in ways that their employers haven't authorized - with 46% uploading sensitive company information and intellectual property to public AI platforms, violating policies, and creating vulnerabilities for their organizations. Furthermore, while two-thirds of U.S. workers are leveraging AI at work, many are not properly evaluating the outcomes. Sixty-four percent of employees admit to putting less effort into their work, knowing they can rely on AI, and 58% rely on AI output without thoroughly assessing the information. This reliance has led to 57% making mistakes in their work, and 53% avoid disclosing when they have used AI, often presenting AI-generated content as their own. 'Half of US workers are using AI tools without clear authorization, and many have admitted to using AI inappropriately,' said Samantha Gloede, Trusted Enterprise Leader, KPMG LLP. 'This highlights a significant gap in governance and raises serious concerns about transparency, ethical behavior, and the accuracy of AI-generated content. This should be a wake-up call for employers to provide comprehensive AI training to not only manage risks but also to maintain trust.' Trust is the bedrock of AI adoption While 70% of U.S. workers are eager to leverage AI's benefits and 61% have already experienced positive impacts, 75% remain concerned about negative outcomes. Despite the majority (80%) believing AI has improved operational efficiency and innovative strategy - because it can process massive volumes of data at incomprehensible speeds and strengthen humans' capabilities, insights, and productivity - trust in AI remains low, with 43% having low confidence in both commercial and government entities to develop and use AI responsibly. 'Employees are asking for greater investments in AI training and the implementation of clear governance policies to bridge the gap between AI's potential and its responsible use, said Bryan McGowan, Trusted AI leader, KPMG LLP. 'It's not enough for AI to simply work; it needs to be trustworthy. Building this strong foundation is an investment that will pay dividends in future productivity and growth.' AI governance is struggling to keep pace with the rapid integration of AI Only 54% of U.S. Consumers believe their organizations have policies for responsible AI use, and another 25% think no such policies exist altogether. Similarly, 55% believe their organizations regularly monitor AI systems; with only three fifths (59%) of U.S. workers believe there are people within their organizations accountable for overseeing the use of AI. 'AI is advancing rapidly, yet governance in many organizations has not kept pace; organizations must incorporate comprehensive safeguards into AI systems and proactively prepare for foreseeable challenges and mitigate operational, financial, and reputational risks,' said Gloede. Perception from survey participants mirrors these concerns, with only 29% of U.S. consumers believing current regulations are sufficient for AI safety, and 72% saying more regulation is needed. Trust in AI could improve if laws and policies were in place, as 81% of U.S. consumers would be more willing to trust AI systems under such conditions. However, currently U.S. consumers have low confidence in commercial and government to develop and use AI, with most putting their trust in universities, research institutions, healthcare providers and big technology companies to develop and use AI in the best interests of the public. There are also specific areas where U.S. consumers are most keen to see additional government oversight; notably 85% percent of U.S. consumers also express a strong desire for laws and policies to combat AI-generated misinformation. 'U.S. consumers see the value in guardrails and accountability,' said McGowan. 'The majority of our survey participants want regulation to combat AI-generated misinformation, and nearly all agreed that news and social media companies must ensure people can detect AI-generated content.' About the report The Trust, attitudes and use of Artificial Intelligence: A global study 2025 was led by Professor Nicole Gillespie, Chair of Trust at Melbourne Business School at the University of Melbourne and Dr. Steve Lockey, Research Fellow at Melbourne Business School, in collaboration with KPMG, is the most comprehensive global study into the public's trust, use and attitudes towards AI. The study surveyed over 48,000 people across 47 countries between November 2024 and January 2025, including 1,019 people in the U.S. Read more about the findings below About KPMG LLP KPMG LLP is the U.S. member firm of the KPMG global organization of independent member firms providing audit, tax and advisory services. The KPMG global organization operates in 142 countries and territories and has more than 275,000 people working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients. KPMG is widely recognized as an exceptional place to work and develop a career. Its people are united by a sense of purpose in their work, a strong commitment to increasing access to education and opportunity, advancing mental health, and supporting community vitality. Explore more at Media Contact: Andreas Marathovouniotis [email protected] To view the source version of this press release, please visit
