Week 4 Case Study 8.2 – Deloitte, What is Deloitte LLP

week4 case study

Case Study 1

Read “Case 8.2: Deloitte” and write an essay that answers the following questions:

1. What is Deloitte LLP? What services does it provide, and how did it become the accounting and auditing giant it is known as today?

2. How does Deloitte use AI in its business operations, and what are some examples of how it creates value from its processes?

3. What is the Trustworthy AI framework, and why did Deloitte develop it? What are its six key dimensions?

4. How does Deloitte’s automated document-review system work? What are its benefits, and how has it been helpful within the organization?

5. How does Deloitte use big data to gather information about its customers, and how does it use that information to influence its approaches to accounting for each individual customer?

6. What is the IDO framework, and how does it help businesses achieve strategic goals? What are the benefits of using artificial intelligence to analyze large amounts of data?

7. What is the Behavior and Emotion Analytics Tool (BEAT), and how does it work? What are some of its key functions, and how can it help organizations with regulatory matters regarding their contracts? 

Requirements:

· There is no specific page requirement for your analysis. Instead, your work will be evaluated based on how thoroughly it addresses each of the questions that have been outlined for you.

· You must utilize proper APA formatting and citations throughout your paper. If you use any supporting evidence from external sources, it is imperative that you provide accurate citations for each reference.

· You must include a minimum of two sources from scholarly articles or business periodicals, aside from the course textbook. 

· Include your best critical thinking and analysis to arrive at your justification.    

 

 

Case 8.2: Deloitte

Deloitte LLP is a company that provides accounting, bookkeeping, and auditing services. Founded by William Welch Deloitte in 1845, Deloitte Touche Tohmatsu Limited merged with another company in America in 1989 to become the account- ing and auditing giant it is known as today. In 2020, Deloitte generated $47.6 billion (USD). Also as of 2020, they employ 330,000 members of the company.

As a highly data-driven company, Deloitte takes measures to remain on the fore- front of information systems and technology. As such, Deloitte uses artificial intel- ligence in many ways. The company writes a State of AI in the Enterprise report every year, which investigates other accounting companies and their use of AI over the past year. In 2020’s edition, they found that “AI investments are increasingly leading to measurable organizational benefits: improved process efficiency, better decision-making, increased worker productivity, and enhanced products and services” (Ammanath et al., 2020). Deloitte’s findings have influenced their own methods of application. Deloitte’s Trustworthy AI framework is their answer to increasing AI usage. It includes six key dimensions: fair/impartial, robust/reliable, safe/secure, responsible/accountable, transparent/explainable, and privacy.

Some examples of how Deloitte’s Trustworthy AI framework creates value from its processes include automating responses to certain repetitive tasks, placing online job ads, making product recommendations to customers, and even trading on behalf of its clients (an example of AI as a user agent). One of the major applications has been their implementation of an automated document-review platform, which uses “cognitive technologies to read and automatically identify relevant information within a set of documents” (Deloitte US: Market Development, 2017). Reviewing documents is a common, tedious task within the field of accounting and auditing. Auditors would often spend hundreds of hours reviewing relevant documents, con- tracts, and invoices for a company. In order to expedite this process, Deloitte devel- oped the automated document-review system. This system was developed using natural language processing to comb over documents and recognize any patterns and also applies machine learning to identify relevant terms or information that is needed in the document. Each input subsequently improves the accuracy of the system as more information and data is run through it. The system is able to learn from the big data and previous inputs and can adjust itself to become more precise. An automated document review system has been very helpful within the organiza- tion, as Deloitte’s teams have been able to process documents and any unstructured information with great speed and accuracy, “one team was able to increase the scope of their contract review effort by multiple orders of magnitude—processing more than 150,000 documents—using the application” (Deloitte US: Market Development, 2017). This automated document processing system is a very powerful system that can improve Deloitte’s service quality with their clients, help analyze data and doc- uments to bring valuable insights to the company, and enable workers at the com- pany to spend more of their time on other important areas.

Deloitte uses a global audit platform that is digital, dynamic, and cloud based. Their analytics engine, called Deloitte Omnia, looks for hidden patterns, trends, and risks in large data sets and large entry populations. Omnia can also “curate publicly available financial information, such as disclosures and SEC comment letters, to perform more comprehensive risk assessments, and deliver industry benchmarking, perspective and visualizations” (Deloitte, 2021). Deloitte uses big data to gather information about its customers and use that information to influence their approaches to accounting for each individual customer. By gathering this data, they will be able to find patterns in customers’ actions, anticipate what they will do next, and cater to their customers better. Another application of artificial intelligence used by Deloitte has been their development of an insight-driven organization (IDO) framework to help businesses achieve strategic goals. This IDO framework is able to analyze large amounts of data and provide feedback to make more informed financial decisions. The artificial intelligence system is able to translate “growing data volumes into measurable business value and creating long-term competitive advantage from existing data assets” (Zhang & Xiong, 2020). This IDO system is able to improve the quality of decision-making and also expedites the process, while at the same time reducing decision cost. Anyone with access to the framework can make better, more educated decisions regarding any accounting or auditing matters.

Using deep learning technology, Deloitte has also developed a voice analysis program, known as the Behavior and Emotion Analytics Tool (BEAT). BEAT is able to monitor and analyze any voice interactions, in over 30 different languages. BEAT has several key functions that help Deloitte increase competitiveness within their field. One of the functions is BEAT’s ability to detect high-risk interactions, using natural language processing technology. This can help organizations with regula- tory matters regarding their contracts, as the BEAT system can judge the prelimi- nary data extracted from internal and external information and then determine the regulatory compliance of the signed contracts (Zhang & Xiong, 2020). BEAT is also fully customizable, so it can meet specific requirements set by the user to analyze the risk. One of the other functions of the BEAT technology is the ability to alert users to actions that may result in a negative outcome, such as complaints or behav- ioral issues. BEAT can then provide detailed information about the reasons for their occurrence. This is useful information for any organization, as they can analyze what sort of context results in negative outcomes and can adjust their strategy to try and avoid situations of that type in the future.

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