According to “Deloitte’s 2020 State of AI in the Enterprise, 3rd Edition” study, 83% of respondents believe that artificial intelligence (AI) will be very or critically important to their business success in the next two years, but only 47% feel they have a high level of skill in selecting AI technologies and suppliers. As AI becomes more widely available and crucial to market leadership, organizations need to swiftly apply AI within their businesses. To help solve for rapid AI integration, Deloitte today announced its CortexAI™ platform.
An award-winning solution already in market and proven in client engagements by Deloitte audit and tax clients, CortexAI is now being expanded to Deloitte consulting and risk and financial advisory clients. CortexAI brings together Deloitte’s unique expertise with the power of an AI platform to rapidly develop and deploy scalable, applied AI solutions that drive impact and enable companies to garner fast results and return on investment.
“In today’s rapidly evolving technology landscape, businesses must move quickly to harness the potential of AI – or risk being left behind,” said Nishita Henry, chief innovation officer, Deloitte Consulting LLP. “CortexAI is an innovation platform that enables organizations to quickly operationalize and drive value while addressing specific business needs. As a result, ROI can be delivered and recognized faster, saving money and time, as the platform and solution offerings ultimately leapfrog the current siloed data ecosystem.”
For example, Deloitte recently worked with several large financial institutions to automate the Coronavirus Aid, Relief, and Economic Security (CARES) Act requirements, a governmental measure that provided over $2 trillion in economic relief from the impacts of COVID-19 to the American people. To help these institutions with evolving regulations and a large volume of data from multiple sources, Deloitte leveraged the automation and advanced analytics capabilities of the CortexAI platform to quickly deploy a solution in weeks. As a result, CortexAI is enabling clients to process more than 100,000 Paycheck Protection Program (or PPP) loan forgiveness applications, while performing anomaly and fraud analysis, increasing support to those most financially impacted due to the coronavirus pandemic.
The multi-cloud platform, which is also used internally in Deloitte’s own AI operations, includes a comprehensive set of plug-and-play technologies for data, analytics, intelligent automation and machine learning, which seamlessly integrate to create unique solutions. Customizable and adaptable to the specific needs and environment of any organization or industry, CortexAI provides integration of multiple AI capabilities from leading cloud providers and AI startups with Deloitte’s algorithms and models.
“The CortexAI platform furthers Deloitte’s mission to help our clients apply AI in innovative ways and solve their most complex business problems in the ‘Age of With™,’ a world where humans work side-by-side with machines,” said Nitin Mittal, principal and AI co-leader, Deloitte Consulting LLP. “With our deep, cross-industry expertise and innovative platform, Deloitte is uniquely positioned to adapt CortexAI to the size, speed and scale organizations require to accelerate their AI journeys.”
The platform provides a secure and scalable multi-cloud infrastructure to build and host AI applications, enabling rapid development of client-specific solutions. From auto-ML and curated datasets to industry-aligned asset libraries and algorithms to intelligent automation capabilities, CortexAI brings the power of AI to help organizations innovate, automate and generate smart insights. Combined with Deloitte’s industry knowledge, multidisciplinary expertise and services, CortexAI can transform how organizations achieve operational efficiency and revenue growth.
Leveraging CortexAI technologies, Omnia DNAV, a key feature of Deloitte’s Omnia audit platform, was recently named “2020 Audit Innovation of the Year” by the International Accounting Bulletin for revolutionizing the audit of investments and securities.
For more information about CortexAI, please visit our website.