KPMG UK has partnered with Databricks to accelerate the firm’s adoption of AI and further support clients.
The partnership looks to combine KPMG’s technical expertise with the Databricks Data Intelligence Lakehouse Platform, an open data management architecture that is designed to improve data analysis and helps create greater collaboration.
One specific area of KPMG’s business that will be enhanced through the partnership are Audits. Databricks platform will be embedded into KPMG Clara, the firm’s global audit technology platform.
Ian West, Head of Alliances at KPMG UK, commented: “It is impossible to achieve value from investments in artificial intelligence without good data foundations, including data accuracy and access. With AI moving at such pace, organisations need to know that any tools they use or build are developed on the best data architecture with an appropriate data strategy.”
Utilising the AI technology, KPMG auditors will gain the ability to analyse billions of financial transactions spanning numerous audits, empowering them to not only enhance audit quality but also gain deeper insights into audit-related risks.
West added: “That’s why we are thrilled to announce our alliance with Databricks, so we can support our clients, whether it’s to better utilise their data and innovate at speed or to deliver them more robust audits.”
According to a report by KPMG, generative AI could add an additional £31bn to the UK economy per year, with the company hoping that this partnership will better position it to reap the future rewards of AI.
“In 2024 we will start to see more UK businesses build solid data foundations, democratising data across an organisation so that generative AI can start to drive tangible business outcomes,” Michael Green, VP of Northern Europe at Databricks, said.
“We are therefore proud to form this alliance with KPMG to support more businesses in adopting a modern data architecture – one that is built on open standards with a robust governance model.”
