EY and IBM Expand Partnership to Provide AI Solution for HR Automation
EY, a leading consulting firm, has announced its expansion of the partnership with IBM to offer an AI solution focused on automating HR tasks and processes. This new offering, called EY.ai Workforce, utilizes IBM’s watsonx technology to enable HR teams to streamline their workflows using AI. From creating job descriptions to managing payrolls, EY.ai Workforce aims to drive efficiency and improve overall productivity.
This collaboration between EY and IBM is part of EY’s broader strategy to leverage AI capabilities. Last month, EY launched the EY.ai platform, which integrates technologies from various companies including Microsoft, OpenAI, Dell Technologies, SAP, ServiceNow, Thomson Reuters, and UiPath. This trend of consulting firms, such as McKinsey and BCG, entering the AI space reflects the growing demand for enterprise-grade AI tools.
Andy Baldwin, EY’s global managing partner for client service, emphasizes the importance of streamlining operations in the rapidly evolving modern workplace. EY.ai Workforce aims to leverage AI to optimize talent management and create an improved work experience for businesses.
EY.ai Workforce combines IBM’s watsonx Orchestrate with EY’s expertise in HR transformation and business processes. The AI and automation capabilities of Watsonx Orchestrate, which integrates with various applications and tools like Gmail, Salesforce, and Workday, automate routine HR workflows through natural language processing and machine learning. By integrating EY.ai, employees can easily perform tasks such as drafting job descriptions, sending follow-up communications, and analyzing feedback surveys simply by requesting the AI.
SAP and Oracle have also made moves to automate HR functions using AI. SAP has integrated Microsoft’s AI Copilot and Azure OpenAI Service into its talent management processes, while Oracle has added generative AI to its Fusion Cloud Human Capital Management (HCM) offering. EY’s investment in AI technologies goes beyond HR automation, with plans to enhance various capabilities through the EY.ai platform.
EY.ai Workforce is just the beginning of EY’s AI endeavors. With a significant investment of $1.4 billion, EY is embedding AI into its proprietary technologies like EY Fabric, as well as funding cloud and automation technology acquisitions. The company is also working on launching its own large language model called EY.ai EYQ following a successful internal pilot.
According to research by McKinsey, the implementation of generative AI could lead to additional operating profits of $400 billion to $660 billion annually for retail and consumer packaged goods companies alone. Across sectors, generative AI has the potential to generate $2.6 trillion to $4.4 trillion in global corporate profits.
EY’s commitment to AI reflects the growing recognition of its transformative potential. With their strategic partnerships and investments, EY aims to provide clients with cutting-edge AI solutions that drive operational excellence and unlock new business opportunities.
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Sources:
– “EY expands partnership with IBM to provide AI solution aimed at automating HR tasks and processes” – VentureBeat
– “EY launches AI platform and LLM after $1.4 billion investment” – VentureBeat
– “Cohere is teaming up with McKinsey to bring AI to enterprise clients” – VentureBeat
– “Anthropic and BCG form new alliance to deliver enterprise AI to clients” – VentureBeat
– “SAP acquires AI-powered human resources platform SwoopTalent” – VentureBeat
– “Enterprises need to control their own generative AI, say data scientists” – VentureBeat
– “Oracle taps generative AI to streamline HR workflows” – VentureBeat
– “AI could increase corporate profits by $4 trillion a year, according to new research” – McKinsey
