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In this article, we’ll look at the reasons behind the expansion of the alliance between KPMG and Google Cloud, aiming to accelerate the adoption of generative AI in businesses across various industries.
Key Takeaways:
- KPMG and Google Cloud expand their alliance to help enterprises integrate generative AI technologies into their operations.
- The partnership will focus on practical, real-world applications of generative AI, creating value across industries.
- The companies will initially concentrate on assisting clients in the financial services, healthcare, and retail sectors.
- KPMG plans to invest significantly in training its team of Google Cloud experts to meet the growing demand for AI innovations.
- The collaboration emphasizes responsible AI adoption, focusing on secure and trustworthy practices.
Expanding the KPMG and Google Cloud Alliance
KPMG and Google Cloud have recently announced a significant expansion of their partnership. This collaboration is designed to help enterprises integrate generative AI technologies into their operations.
The partnership aims to combine KPMG’s expertise in cloud computing, data analytics, and responsible AI with Google Cloud’s state-of-the-art infrastructure and generative AI capabilities.
This move comes as a response to the increasing demand for AI and cloud-based services. Businesses are looking to speed up their digital transformation and innovation efforts.
The collaboration will provide clients with the necessary tools and know-how to fully leverage generative AI and transform their operations.
Todd Lohr, U.S. technology consulting leader at KPMG, told VentureBeat that the joint team will help clients understand how generative AI can fit into their broader business transformation strategies.
This expansion builds on the successful previous collaborations between KPMG and Google Cloud. Lohr mentioned that past 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 make significant investments in the rapid training of its team of Google Cloud experts. This move aims to meet the growing demand for Google Cloud’s AI innovations.
The company told VentureBeat that this would enable them to further assist clients in integrating Google Cloud’s generative AI technologies into their offices. This support will empower clients to achieve their 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.
“We intend to expand this practice to meet the market demands of this rapidly developing space,” Lohr said.
Focusing on Financial Services, Healthcare, and Retail Industries
Initially, the partnership will concentrate on assisting clients in the financial services, healthcare, and retail sectors.
Lohr stated that these industries are already experiencing the immediate impact of generative AI. The partnership aims to help organizations in these sectors with data-driven transformation and decision-making.
He explained, “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 silos.”
Lohr also highlighted that 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 them to build on their past portfolio of work and use cases, integrating the capabilities into cloud implementation journeys that are already well underway.
Ensuring Responsible AI Adoption
Lohr mentioned 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 in place.
KPMG has developed robust AI security and responsible frameworks over the past 10 years. These frameworks help clients confidently adopt emerging technologies.
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 providing clients with generative AI and analytics solutions on a secure cloud platform creates an agile and flexible environment.
This setup enables businesses to quickly adapt and scale their generative AI capabilities while adjusting 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,” Lohr added.
Lohr believes that generative AI will unlock significant economic value for businesses and society.
However, he emphasized the importance of having 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.”
Conclusion
The expanded alliance between KPMG and Google Cloud signifies a major step towards integrating generative AI technologies into the operations of enterprises in various industries.
By focusing on practical applications, fostering data-driven decision-making, and emphasizing responsible AI adoption, this partnership aims to revolutionize the way businesses innovate and adapt to the ever-changing industry landscape.
The collaboration will initially target the financial services, healthcare, and retail sectors, but plans to scale over time, benefiting a wider range of industries.
