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Smart City Building Short description of how we are changing the industry with this new technology.
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A BETTER SYSTEM OF SOLUTIONS What is AI really and how it’s shaping today’s economy
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BUILDING A CITY THAT CAN THINK What is AI really and how it’s shaping today’s economy
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KPMG identified an opportunity to evolve core parts of their business, particularly those that relied on manual gathering of critical data from incomplete or disparate sources. For example, auditors would have to search manually through reams of financial information to identify a possible anomaly that may give pause to the appropriateness of a company’s assertion. Now, with the application of AI technologies, the accumulation of large data sets and the application of advanced analytics make it possible to rapidly analyze larger, more complete populations of financial and non-financial data. These technologies are expected to sustain execution of high quality audits by generating richer, more detailed evidence, informing decision mak ing, and providing the auditor deeper insights into a company’s business, risks, processes, controls, and financial reporting. In other service areas, KPMG professionals would also benefit from having timely access to relevant data. By incorporating AI technologies and re-engineering their workflows, KPMG is driving towards a future where its partners’ and employees’ work product is enriched by having powerful insights from relevant structured and unstructured data at their fingertips. KPMG is transforming the experience of their audit, tax, and advisory professionals and enabling them to continue to enhance quality and value through judgment work, while allowing the more manual data accumulation to be handled by these new technologies. By integrating AI into their workflows, they are addressing a key problem their industry faces in virtually everything they do: Capturing and analyzing the right information effectively and efficiently. The right cognitive tools help KPMG’s professionals gather and analyze relevant data – the latest background on loan assets, critical details in a company’s financial statements, or nuanced tax interpretations and decisions – more quickly and comprehensively than ever before. Auditing, for example, involves financial statements, massive amounts of data, and associated materials for a given company. Rather than an auditor needing to read and analyze this data manually, cognitive technology is efficiently and effectively reading this data, extracting relevant attributes from the data,and identifying potential risks and anomalies for further audit effort. With their ability to look at more data both within the audited organization as well as through access to informationin the public domain, the right AI technologies can offer invaluable insights for the independent auditor.
BUILDING A CITY THAT CAN THINK What is AI really and how it’s shaping today’s economy
KPMG identified an opportunity to evolve core parts of their business, particularly those that relied on manual gathering of critical data from incomplete or disparate sources. For example, auditors would have to search manually through reams of financial information to identify a possible anomaly that may give pause to the appropriateness of a company’s assertion. Now, with the application of AI technologies, the accumulation of large data sets and the application of advanced analytics make it possible to rapidly analyze larger, more complete populations of financial and non-financial data. These technologies are expected to sustain execution of high quality audits by generating richer, more detailed evidence, informing decision mak
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“BUILDING A CITY THAT CAN THINK, AND PREDICT WHAT’S GOING TO HAPPEN.” ing, and providing the auditor deeper insights into a company’s business, risks, processes, controls, and financial reporting. In other service areas, KPMG professionals would also benefit from having timely access to relevant data. By incorporating AI technologies and re-engineering their workflows, KPMG is driving towards a future where its partners’ and employees’ work product is enriched by having powerful insights from relevant structured and unstructured data at their fingertips. KPMG is transforming the experience of their audit, tax, and advisory professionals and enabling them to continue to enhance quality and value through judgment work, while allowing the more manual data accumulation to be handled by these new technologies. By integrating AI into their workflows, they are addressing a key problem their industry faces in virtually everything they do: Capturing and analyzing the right information effectively and efficiently. The right cognitive tools help KPMG’s professionals gather and analyze relevant data – the latest background on loan assets, critical details in a company’s financial statements, or nuanced tax interpretations and decisions – more quickly and comprehensively than ever before. Auditing, for example, involves financial statements, massive amounts of data, and associated materials for a given company. Rather than an auditor needing to read and analyze this data manually, cognitive technology is efficiently and effectively reading this data, extracting relevant attributes from the data,and identifying potential risks and anomalies for further audit effort. With their ability to look at more data both within the audited organization as well as through access to informationin the public domain, the right AI technologies can offer invaluable insights for the independent auditor.