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· Posted on
February 21, 2024

KPMG's KymChat has crunched the numbers... and it could be time to audit your job away

When ChatGPT was released, KPMG had an idea to leverage its smarts... with a bit of a twist!

What's the key learning?

  • KPMG realised that a modified version of ChatGPT could be used to scan a company's internal database - without sensitive client data ever leaving the company's internal environment
  • ChatGPT was first hailed as a time-saver for individuals, but now, it's also hailed as a job-saver for companies.
  • The more AI automation that can be done within a white-collar workforce, the less jobs required by everyday humans with everyday brains.

👉 Background: KPMG, which actually stands for "Klynveld Peat Marwick Goerdeler," is one of the Big Four accounting organizations that does all the fun stuff. Think: audit, think tax, and think advisory.

👉 What happened: When ChatGPT was released, KPMG had an idea to leverage its smarts... with a bit of a twist! KPMG realised that a modified version of ChatGPT could be used to scan a company's internal database - without sensitive client data ever leaving the company's internal environment!

👉 What else: This internal version of ChatGPT, called Kymchat, could help automate many manual tasks.

  • “ChatGPT: Act as an auditor and run your eyes over this company’s financial statements and tell me if anything looks fishy”
  • “ChatGPT: Create a pitch deck that I can present to Telstra about a digital transformation”

KPMG released this internally and now plans to roll out mini-versions of ChatGPT within organisations.

What's the key learning?

💡Start polishing your resumes because AI is swooping on a job near you. ChatGPT was first hailed as a time-saver for individuals, but now, it's also hailed as a job-saver for companies.

💡The more AI automation that can be done within a white-collar workforce, the less jobs required by everyday humans with everyday brains.

💡The introduction of a secure, local AI machine could wipe many jobs, particularly those that are more process-driven or data-driven. In fact, KPMG reckons that the deployment of AI tools is an $18 billion growth opportunity for them alone.

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