Fortune 500 Companies AI/ML Use

Goals

To understand how Fortune 500 companies are using AI, machine learning, and big data to disrupt their industry in order to help prepare a pitch to Cognizant.

Early Findings

As we dove into background research on the subject, we gained the following insight:
  • Accenture is using AI for mortgage and credit card application processing, as well as other account payable and marketing operations and this has helped them improve speed and scale. The introduction of AI freed about 17,000 jobs and those employees were retrained to perform other roles, helping to increase revenue for the company.
  • Deloitte is using AI for Process and Insight. For example, Deloitte has a document-review platform that has helped the company automate the "process of reviewing and extracting all the relevant information from contracts, and reducing meticulous, laborious human efforts" by about 50%.
  • EY is already using AI to analyze lease contracts, enabling the company to capture important information from a contract document such as lease renewal data, lease commencement date, amount to be paid, lease termination, among others, quicker and more easily. The company is currently working on an AI that will help it speed up the auditing process.
  • PwC is using AI to analyze documents and to prepare reports. The company claims that its award-winning AI, GL.ai, is been trained to audit data from various countries such as Sweden, Germany, Canada, and the UK.
  • KPMG is already applying AI to various functions such as analyzing and extracting information from investment and lease agreements, predicting future business events, and to convert calls from customers to unstructured text.

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