EY announces launch of AI platform EY.ai, $1.4bn invested over 18 mths

EY's announcement of launching a dedicated AI platform comes as players in the IT services space has also announced billions of dollar investment in creating expertise

Consulting firm EY today announced the launch of its artificial intelligence platform, EY.ai. The platform is backed by an investment of $1.4 billion, part of EY's larger $10 billion enterprise investment plan spanning three years, which was announced in 2021.

The unveiling of EY.ai occurs as other key players in the IT services sector also announce substantial investments to bolster their expertise in artificial intelligence.

According to the company statement, EY.ai incorporates state-of-the-art EY technology platforms and AI capabilities. It brings together expertise in strategy, transactions, transformation, risk, assurance, and tax, all augmented by a robust AI ecosystem.

These investments have facilitated the integration of AI into proprietary EY technologies such as EY Fabric, utilised by 60,000 EY clients and more than 1.5 million unique client users. The investments have also aided in securing a series of EY technology acquisitions that support cloud and automation technologies.

Carmine Di Sibio, EY Global Chairman and Chief Executive Officer, stated, "AI’s moment is now. Its adoption extends beyond mere technology challenges. EY teams are helping clients capture the transformative power of AI across the enterprise. It's about unlocking new economic value responsibly to capitalise on the immense potential of this technological evolution."

This development is particularly relevant to EY's operations in India, where the firm employs 30,000 people, half of whom are technology consulting talent while the rest work in the global delivery centre.

Focusing on the development of its personnel, EY has initiated a pilot programme involving 4,200 technology-focused team members. The firm plans to release a secure, large language model named EY.ai EYQ. In addition, EY will introduce bespoke AI learning and development courses.

The EY learning programme aims to enhance the AI skills of its workforce, including responsible AI use. This initiative builds on the comprehensive AI, data, and analytics learning badge curriculum introduced in 2018, which has awarded over 100,000 credentials, as well as the EY Tech Master of Business Administration launched in 2020.