KPMG Australia has implemented an innovative AI-driven system to enhance tax advisory services significantly. At the Forrester APAC Technology & Innovation Summit, Chief Digital Officer John Munnelly revealed that the firm’s operations transformed after the launch of ChatGPT in late 2022, prompting a swift adaptation to AI technologies. Despite initial concerns, including a security breach revealing sensitive employee data, KPMG pivoted to create a proprietary platform, “KPMG Workbench,” utilizing various language models from OpenAI, Microsoft, Google, and others.
The AI system drastically reduces the time required for tax document preparation—from two weeks to merely one day—by efficiently compiling advice and legislation. Munnelly emphasized the importance of speed in client engagements, especially during mergers. The system allows tax agents to generate comprehensive documents rapidly, boosting productivity and employee satisfaction. Additionally, KPMG has identified new revenue streams through client interest in these AI solutions, marking a transformative step in their consultancy approach.
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