EY has unveiled plans to invest a billion dollars in new technology solutions, client services and innovation, as part of a two-year strategy effective immediately.
Spanning global and local practices, the consultancy giant aims to deepen “innovative offerings” to customers through emerging and disruptive technologies.
The new round of funding - emphasising EY’s commitment to advising and implementing technology solutions - is in addition to the existing, “significant” annual investment made by the business.
Specifically, the funding will be used to create new technology-based services and solutions in areas such as financial services, cyber, risk management, managed services, software services as well as digital tax and audit services.
“In this transformative age, businesses and governments are under significant pressure to not only keep pace, but get ahead of the vast disruption and technological change,” said Mark Weinberger, chairman and CEO of EY.
“We see enormous opportunities in helping clients address these challenges and stay ahead of the technology curve.
“With this investment and expanded technology leadership team, EY will help businesses navigate industry disruption to realise their growth potential.”
Alongside increased investment, Nicola Morini Bianzino has joined as global chief client technology officer and Steve George as global chief information officer.
Rounding out the revamped worldwide leadership team is Barbara O’Neill, global chief information and security officer.
According to Weinberger, the triple appointment will help drive the EY digital transformation and innovation agenda.
“These appointments complement our existing investments in innovation including our global artificial intelligence (AI) and blockchain labs,” he added.
“Over the past year we have initiated, pioneered and launched a number of innovative services such as the use of blockchain in marine insurance and in the automation and payment of royalties and the piloting of the use of drones in inventory observations.
“We have also made big technological improvements to existing offerings such as those in audit and tax. These new investments allow us to build on our strong IT capabilities and invest even more in client and market solutions.”