KPMG Plans To Generate $12B In Revenue Over Five Years With AI, Cloud Tech Boost

One of the Big Four accounting organizations, KPMG, is reportedly looking to invest around $2 billion in artificial intelligence (AI) and cloud services across its global business lines over the next five years.

This investment is part of an expanded partnership with Microsoft Corporation MSFT, highlighting a trend among the Big Four accounting firms to embrace these technologies increasingly.

KPMG, as part of the partnership expansion, will gain early access to Microsoft 365 Copilot, an AI assistant, before its public launch. The partnership includes Microsoft's Azure cloud platform, which KPMG uses with OpenAI to build and run applications.

KPMG expects the partnership to generate over $12 billion in revenue over five years, approximately 7% of KPMG's global revenue, which was $34.64 billion in the year ended September 30, 2022.

The investment will further automate aspects of KPMG's tax, audit, and consulting services to enable faster analysis, increased strategic advice, and assist more companies in integrating AI into their operations.

KPMG's Global Chair and CEO, Bill Thomas, assures that this technology investment is not meant to eliminate jobs Wall Street Journal noted, but to enhance the workforce with AI skills, moving people to new roles or offering them training.

A significant part of KPMG's investment will be channeled toward generative AI for its potential to streamline finances, cut costs, and boost efficiencies.

Amidst slowing growth in consulting businesses and recession concerns, KPMG, like other companies, is navigating reduced corporate spending on certain services.

In 2019, KPMG committed to investing $5 billion in general technology over five years, which included partnerships with Microsoft and other providers.

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