Earlier this month, KPMG signed with IBM’s Watson Supercomputer to take care of rule based tasks in auditing. KPMG consultants will use Watson to analyze massive volumes of data to detect anomalies, for example in commercial loans or financial statements of a company. On the same day (March 8), Deloitte signed up with Kira Systems to help free its workers from the mundane task of reviewing contracts and other documents. Watson’s key offering is the processing of unstructured data, which has been widely used in healthcare – going through vast pools of data to help patients and providers make better decisions. Kira has similar offerings, but is more of a start-up and has professional services firms as target customers.
Deloitte and Ernst & Young are also using in-house analytics engines to automate similar tasks:
All this proves the need to keep pushing the envelope on mind+machine.