KPMG, one of the world’s leading accounting firms, has announced its intention to invest a staggering ZAR 38 billion in artificial intelligence (AI) and cloud services. This strategic move comes as the company seeks to leverage the latest technologies to combat a decline in advisory deals. Following in the footsteps of Accenture, KPMG aims to adapt to the evolving market dynamics and meet the changing needs of its clients.

The partnership between KPMG and Microsoft, already well-established, will be significantly expanded to incorporate AI into KPMG’s core services, including audit, tax, and advisory offerings. This integration will enable KPMG to enhance its service delivery, provide more comprehensive solutions, and remain at the forefront of the industry’s digital transformation.

In a challenging macroeconomic environment, professional services firms are grappling with a slowdown in business as clients reduce spending and postpone consulting and transformation projects in an effort to cut costs. Recognizing these challenges, KPMG’s decision to embrace AI and cloud services demonstrates its commitment to addressing the evolving demands of its customers while maintaining its competitive edge.

Through the expanded partnership with Microsoft, KPMG aims to provide robust support to its clients. With AI technologies seamlessly integrated into their operations, KPMG will be able to offer more accurate and efficient auditing processes, streamlined tax advisory services, and cutting-edge business consulting solutions. By harnessing the power of AI and cloud computing, KPMG aims to deliver greater value and insights to its 2,500 joint customers, thereby strengthening its position as a trusted advisor in the professional services space.

The ZAR 38 billion investment underscores KPMG’s commitment to remain at the forefront of innovation in the industry. By leveraging Microsoft’s expertise and resources, KPMG aims to accelerate its digital transformation journey, enhance its service offerings, and drive growth in an increasingly technology-driven landscape.

Commenting on the partnership, KPMG’s spokesperson said, “Our collaboration with Microsoft represents a major milestone in our ongoing commitment to deliver exceptional services to our clients. By infusing AI and cloud capabilities into our core operations, we will be better equipped to provide cutting-edge solutions that address the complex challenges faced by businesses today.”

As KPMG embraces AI and cloud services, it joins a growing number of professional services firms that recognize the potential of these technologies to revolutionize the industry. By proactively investing in advanced technologies, KPMG is positioning itself to adapt to evolving client needs, capitalize on emerging opportunities, and thrive in a rapidly changing business landscape.

With this bold ZAR 38 billion commitment, KPMG demonstrates its determination to remain a trusted partner to its clients, leveraging the power of AI and cloud services to drive innovation, efficiency, and growth in the professional services sector.