KPMG and Google Cloud announced on Wednesday a major expansion of their US alliance, focused on advancing generative AI, data analytics, and cybersecurity solutions among global enterprises. KPMG revealed plans to invest USD 100 million over the next few years to bolster its enterprise artificial intelligence services through its partnership with Alphabet's Google Cloud. The move is expected to generate USD 1 billion in incremental growth for KPMG through solutions powered by Google Cloud's generative AI technology.
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Growth in Google Cloud Bookings
KPMG has reportedly seen a 10x increase in Google Cloud-related bookings over the past two years. In April 2024, KPMG created a Google Cloud Center of Excellence (CoE) to align its product development, industry expertise, and technical resources for enterprises. With the new investment, KPMG will collaborate on new solutions with Google Cloud to help clients solve complex business challenges, focusing on data modernisation and responsible AI adoption across industries. Initial efforts will target the consumer and retail, healthcare, and financial services sectors.
KPMG said it has deployed Vertex AI Search internally to better connect and analyse its corpus of data. Building on this experience, KPMG is now developing advanced gen AI agents for clients to further enhance knowledge assistance and data management experiences. By building AI agents with Vertex AI and grounding data through retrieval augmented generation (RAG) techniques, KPMG can help analysts complete financial research tasks, analyse market trends, and summarise lengthy reports with ease.
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Transforming with Generative AI Solutions
"By tailoring solutions to the specific customers, business models, and workflows of each industry, KPMG and Google Cloud will empower our clients to fully leverage AI and drive value across their enterprises," said Steve Chase, Vice Chair at KPMG, Artificial Intelligence and Digital Innovation. "Integrating KPMG's deep industry, data and AI expertise with Google Cloud's cutting-edge AI technology is a powerful combination that has boosted our clients' market advantage, and this expansion will scale the impact we deliver for clients."
"As technological innovation accelerates and our clients' needs rapidly evolve, technology partners like Google Cloud are critical to building capabilities in AI, data, and cloud that help us drive sustainable and innovative growth for our clients and our firm," said Carl Carande, Global Head and US Vice Chair – KPMG Advisory.
The expanded alliance will focus on:
- Financial Services: Introducing Vertex AI and Gemini models to automate complex processes, such as fraud detection, financial crime prevention, and commercial lending.
- Healthcare: Enhancing patient support by leveraging Google Cloud's Healthcare API to assist medical practitioners with research and clinical trials. New solutions aim to support clinicians in areas such as disease detection and care management.
- Consumer and Retail: Optimising operational efficiency and personalising customer experiences with generative AI use cases.
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AI-Powered Sustainable Growth
"KPMG has enabled some of the world's largest organizations to transform how they operate with Google Cloud's technology," said Matt Renner, President of Global Revenue, Google Cloud. "Through this next phase of our partnership, KPMG will help rapidly accelerate generative AI adoption by providing customers with the solutions, expertise, and technical resources needed to maximise potential from this powerful technology."
With this expanded alliance, KPMG and Google Cloud aim to help businesses harness the power of generative AI to solve complex business challenges and drive sustainable growth.
