The four largest accounting firms, Deloitte, EY, PwC, and KPMG, also known as “the Big 4”, have initiated an internal revolution to implement new technologies and grow.
The blockchain is the technology with which they push their business towards the future, with which they modify traditional services and the way they collaborate with companies. These four have invested more in new technologies, staff training, and ad hoc departments with specialized technology figures, improving internal processes. Let’s find out who.
In 2021 Statista Research Department published the revenues of the giants of finance showing that the turnover ‘last billion, exceeding 157 US dollars in 2020. Deloitte took first place in revenue rankings, surpassing the other three with $ 47.6 in 2020.
Deloitte, EY, PwC, and KPMG have invested $ 9 billion in artificial intelligence and data technology. Not just blockchain but an investment that also covers data analytics, artificial intelligence work, and technical training for employees, as reported by Enterprise Talk.
In 2018 and 2019, the companies announced these long-term investments ranging from 2 to 5 years. KPMG has made a five-year investment of $ 5 billion in automation, artificial intelligence, and the creation of new products and training. PwC has invested over $ 3 billion in technology and training over the next four years. Ernst & Young has invested $ 1 billion in automation and blockchain projects. Deloitte hasn’t released an investment figure but is building a niche providing automation services to law firms and law firms.
Deloitte and technology: investments and new trends
Among the various events on our October program, we organized a panel allowing four working professionals in the corresponding big 4 to confront each other. Many topics were addressed, from investments to new technologies implemented. You can find here below the Traent “Digital Roads to Sustainability Event” Big4 Roundtable.
Antonio Senatore, Deloitte Global blockchain CTO and head of the Deloitte EMEA Blockchain Lab, during that session, talked about how technology is changing the industry. The triangle between Blockchain, IoT, and artificial intelligence is strengthened. He explains that the blockchain functions as a shared ledger and is a trusted personal machine. The data are there, the digital identities.
Although this system is well established, the combination of blockchain with IoT labeling devices, evaluation devices, and IoT cannot exist properly without blockchain growth.
Senatore argues that integrating more artificial intelligence and mathematical models allows for identifying fraud and better protection systems. These activities work if they have a reliable data set at their disposal, and the blockchain can play a huge role here. This triangle of blockchain, IoT, and AI is fundamental to achieving the proposed objectives in terms of ESG. It can help you reduce the risk of data fraud, evaluate your efforts, and get results. The ultimate goal will be to automate everything. Auditors are testing the blockchain in the ecosystem to make the practice automated.