You can with AI

Generative AI is a game-changing technology, offering innovative ways to engage users and create content with deeper insights. It is opening up entirely new avenues for improving experiences, delivering new value streams and transforming business models.

Generative AI models can be used across various business functions, from IT, human resources and operations, to finance, audit, legal and marketing. Applications could include drafting proposals, developing and testing code, and extracting and summarising complex information.

KPMG Trusted AI is our strategic approach and framework to designing, building, deploying and using AI strategies and solutions in a responsible and ethical manner so we can accelerate value with confidence.

As KPMG harnesses the power of AI and accelerates adoption, we recognise that advanced technologies can introduce complexity and AI risks that should be addressed clearly and responsibly.

Throughout the global organisation, we are committed to upholding ethical standards for AI solutions that align with our values and professional standards, and that foster the trust of KPMG clients, people, communities and regulators.

AI can optimise supply chains, improve forecasting, streamline processes through automation, and assist with real-time decision-making with advanced data analytics. One great example is KPMG’s partnership with Elara — a new way to make the right decisions, fast.

The KPMG/Elara solution facilitates a structured and data driven approach that integrates data, goals, and choices to create customised AI-enhanced solution enabling:

• Comprehensive insights
• Risk-free exploratory analysis
• Informed decision-making

To successfully manage AI risk, organisations must consider the entire AI ecosystem and the complete lifecycle of everything within it. It requires a well-designed operating model and processes that reflect leading governance practices.

Responsible AI is an approach to design, build, and deployment of AI systems in a safe, trustworthy, and ethical manner so companies can accelerate value with confidence.

Read the KPMG US 2023 risk survey results
Digital to the core (KPMG US) >

Read KPMG’s responsible AI principles
Trusted AI framework (KPMG Global) >

At a top level, ethical considerations include considering the human impact of AI, managing risk, ensuring privacy, preventing bias and maintaining transparency in AI decision-making.

In 2023, KPMG Australia made a submission to the Department of Industry, Science and Resources on Safe and responsible AI in Australia. Amongst our 16 recommendations included a people-centric approach to AI, prioritising regulatory action on its human rights impact and the possible harms created by specific data types used in AI solutions.

We also addressed data protection and integrity and other impacts, such as environmental considerations that will need to be addressed.

An AI strategy is a plan outlining how a business will implement AI technologies to improve efficiency, insights, and customer engagement, ultimately driving growth and competitive advantage.

Organisations must ensure any AI system they implement aligns with their overall business strategy. And they should consider how people, culture, governance and risk mechanisms support and reinforce trustworthy AI systems through their lifecycle.

Overall, businesses must make sure they stay informed about local and international regulations, implement a trusted AI framework, and engage in ethical AI practises that also adhere to legal requirements.

There is currently no one authoritative, consistent and overarching AI definition. So The AIIA and KPMG have developed a guide identifying how organisations can ensure AI is developed, used and secured in a way that meets future regulatory and ethical expectations.

AI has the power to completely redefine customer interactions, whether it’s identifying potential customers, personalising customer journeys at scale, enabling cross-selling or driving cost reduction through improved processes.

When implementing AI, organisations should consider KPMG’s Six Pillars of Customer Experience Excellence for superior customer results.

AI and IT together can shape the future of business through automated processes, personalised services, predictive analytics, and improved cybersecurity, fostering innovation and enabling data-driven decision-making for strategic agility and growth.