Company: EY, a global professional services firm that offers audit, tax, consulting, and advisory services.

Challenge: EY wanted to help its clients improve their business performance and compliance by using AI to automate and enhance various tasks and processes. The company also wanted to increase its competitive edge and market share by offering innovative and value-added solutions to its clients.

Solution:

EY used AI to create a suite of solutions that leverage both data and human expertise to deliver tailored and relevant insights and recommendations to its clients. The company used several types of AI models, such as natural language processing (NLP), computer vision, and machine learning.

• NLP: EY used NLP to enable its clients to access and analyze large volumes of unstructured data, such as contracts, reports, and regulations. The NLP model was trained on a large corpus of business-related text, and it could extract and summarize key information, such as terms, clauses, risks, and obligations. The NLP model also used natural language generation (NLG) to create reports and dashboards that present the analysis results in a clear and concise manner.
• Computer vision: EY used computer vision to enable its clients to process and verify various types of documents, such as invoices, receipts, and identity cards. The computer vision model was trained on a large dataset of document images, and it could recognize and classify the attributes and features of each document, such as the type, date, amount, and signature. The computer vision model also used optical character recognition (OCR) to convert the images into text, and image enhancement to improve the quality and clarity of the images.
• Machine learning: EY used machine learning to enable its clients to make better and faster decisions, based on data and evidence. The machine learning model was trained on a large dataset of business data, and it could analyze and predict various outcomes and scenarios, such as revenue, profitability, risk, and compliance. The machine learning model also used data analytics to provide clients with insights and recommendations, such as best practices, benchmarks, and action plans.

Outcome:

The AI-enhanced solutions helped EY improve its client satisfaction and retention, as well as its business performance. Some of the benefits were:

• Increased client efficiency: The AI-enabled solutions reduced the time and effort required for various tasks and processes, such as data collection, analysis, and reporting. The AI system also reduced the errors and inconsistencies that often occur in manual and repetitive tasks.
• Increased client quality: The AI-enabled solutions improved the accuracy and reliability of the data and analysis, resulting in more informed and confident decisions. The AI system also improved the compliance and security of the data and documents, reducing the exposure to legal and regulatory risks.
• Enhanced client value: The AI-enabled solutions provided clients with more personalized and relevant insights and recommendations, based on their specific needs and goals. The AI system also provided clients with more innovative and value-added solutions, such as predictive analytics, scenario planning, and optimization.

Conclusion:

This case study shows how a global professional services firm, like EY, used AI to create a suite of solutions that automate and enhance various tasks and processes for its clients. By using AI, EY was able to help its clients improve their business performance and compliance, by offering faster, easier, and more convenient ways to access and analyze data, process and verify documents, and make decisions. EY not only improved its client satisfaction and retention, but also enhanced its competitive edge and market share by using AI to offer innovative and value-added solutions to its clients.

If you want to learn more about AI in professional services, you can check out these articles:

• AI in Professional Services: How It’s Used in 2024
• How AI is transforming the accounting profession
• How AI is changing the legal profession