The integration of AI in accounting is not just a technological advancement; it marks a paradigm shift in how financial data is scrutinised, audited and reported. The Big Four — Deloitte, EY, PwC and KPMG—have robust AI initiatives to improve their services and offer advanced solutions to clients. Sudhir Chowdhary takes a look at their AI gameplan.
DELOITTE INDIA
Prashanth Kaddi, Partner
AI brings a heap of benefits
At Deloitte, there is a strong focus on AI to improve business outcomes and key areas of operations. “We are boosting an enterprise-wide adoption of AI and GenAI across our functions such as tax, assurance, human capital, cyber and more,” says Prashanth Kaddi, partner, Deloitte India. “We have worked on a plethora of use cases across banking, ecommerce, CPG, retail, automobile, and government sectors along with our partnership with many alliances and tech firms to get hardware and software support to build these solutions,” he points out.
For one of its banking clients, Deloitte has developed a GenAI-based customer feedback assist tool to help them in their journey to improve their services. In another use case involving automotive industry, Deloitte has implemented a GenAI solution that transformed their approach to data management and accessibility, ultimately enhancing supply chain efficiency. The firm has also helped a leading global computer services company to automate and craft personalised messages using GenAI-powered template creator for customer queries to boost customer experience by automating routine tasks.
Deloitte has trained more than 120,000 professionals via the Deloitte AI Academy and is investing more than $2 billion in global technology learning and development initiatives to boost skills in AI and other areas.
EY INDIA
Rakesh Kaul Punjabi, partner & AI Activation Leader
Innovating for human impact
A prolific user of technology, EY has embedded AI into many of its solutions. “AI has become synonymous with the EY brand in the minds of our clients, and we’re today perceived as a pioneer in being able to deliver AI-led transformation,” says Rakesh Kaul Punjabi, partner and AI Activation Leader, EY India. The firm sees sectors such as banking and financial services, manufacturing, healthcare, technology & telecom and retail experiencing greater adoption of AI technologies. Its AI platform, EY.ai, connects the vast business experience of EY teams in strategy, transformation, risk, assurance and tax with EY technology platforms and AI capabilities in supporting clients to confidently adopt AI while addressing its challenges. “We’ve taken hundreds of home-grown AI products and solutions to our clients across a host of industries & sectors over the past few years led by EY Fabric, our core platform, AI Space & the EY Generative AI Studio,” says Punjabi. The firm launched ‘AIVarsity’ to upskill 40,000+ Indian employees in AI, from beginners to experts. “Our GenAI platform EYQ, used by 200k+ staff monthly, has processed 91 billion tokens and 33 million prompts since launch,” he informs.
PWC INDIA
Manpreet Singh Ahuja, chief digital officer
Building intelligence inside
PwC is charting a bold AI strategy that reshapes how it operates, serves clients, and empowers employees. It has developed over 30 AI products and solutions across sectors, addressing areas like finance, tax, cybersecurity, and customer experience. For instance, PwC’s Intelligent Spend Management Suite, with its nine proprietary AI agents, is streamlining value chains for CFOs. Its AI-powered tax suite helps manage tax compliances, while customer service platforms and cybersecurity solutions enhance both experience and safety. “Key areas seeing strong AI adoption include finance transformation, legal, contract management, and data analytics,” says Manpreet Singh Ahuja, TMT sector leader and CDO at PwC India. The firm is also making significant investments in AI partnerships, including collaborations with tech giants. Its GenAI Experience Lab in Gurgaon offers clients a glimpse into AI’s potential through cutting-edge exhibits. “With pervasive usage of AI, finance functions can identify and address potential risks related to contracts, non-reconciling items and tax,” feels Ahuja. “Gen AI solutions can help increase the literacy of accounting standards and best practices by being an intelligent chat buddy answering scenario questions on IndAs, IFRS, US GAAP, etc. The firm has over 12,000 active GenAI tool users,” he adds.
KPMG INDIA
Amit Patnaik, Partner
A problem-solving approach for client benefit
KPMG in India has been an early adopter of AI and GenAI across its service lines, leveraging these technologies to enhance client services. “In our advisory services, we use AI to address business challenges. While AI is not a panacea, it can significantly improve operations across various domains such as sales, marketing, manufacturing, supply chain, finance, and HR,” says Amit Patnaik, partner, KPMG in India. “Our strategy involves identifying problems across the value chain and developing customised AI solutions. This problem-focused approach has helped clients achieve benefits like improved market share and revenue, cost reductions and better margins, better safety and working conditions, and improved customer satisfaction,” he adds.
KPMG in India is witnessing strong AI adoption across all its services. According to Patnaik, AI and GenAI are revolutionising accounting work by improving accuracy and reducing workload. “Significant investments have been made to build our AI capabilities, and we actively engage with technology startups for their offerings in this space and specific solutions aligned to our needs and industry bodies for insights,” he informs. KPMG is also investing in making platforms that democratise the use of AI for problem-solving and platforms that accelerate the deployment and scaling of AI solutions. “Internally, our technology service teams focus on continuous upskilling and certifications, while strategy and business teams learn to solve business problems with AI and communicate these solutions effectively to clients,” Patnaik adds.