AI, Innovation and People-Centric Leadership: The EY Story

Ernst & Young (EY) is a global leader in professional services, renowned for its innovative solutions and commitment to helping organizations thrive in an ever-changing business landscape. From leveraging cutting-edge technologies like artificial intelligence to pioneering industry-leading platforms, the organization continues to set benchmarks in delivering value to its clients.

But what truly stands out is EY's ability to support startups and emerging enterprises with the same dedication it extends to multinational corporations—helping them reach their full potential.

In this StartupTalky, we will find out how EY’s innovative approaches, strategic partnerships, and deep expertise empower business enterprises, governments, and powerful entities to navigate challenges, scale sustainably, and make a lasting impact. Let's also learn about its founders, history, business model, revenue model, funding, competitors, and more.

EY- Company Highlights

EY - About
EY - Industry
EY - Founders and Team
EY - Startup Story
EY - Mission and Vision
EY - Name, Tagline and Logo
EY - Business Model
EY - Revenue Model
EY - Challenges Faced
EY - Funding and Investors
EY - Mergers and Acquisitions
EY - Growth
EY - Advertisements and Social Media Campaigns
EY - Awards and Achievements
EY - Competitors
EY - Future Plans

EY - About

EY empowers businesses to create long-term value for all stakeholders by combining data-driven insights and advanced technology. Through its comprehensive services, EY helps organizations build trust, transform operations, and achieve sustainable growth. EY-Parthenon delivers actionable strategies by merging innovation with pragmatic thinking while consulting services prioritize human-centric approaches, rapid technology integration, and scalable innovation. With a focus on workforce development, transaction, and corporate finance, EY reshapes business ecosystems and unlocks the potential of people to drive competitive advantage. From assurance services that foster trust in capital markets to tax and legal solutions designed for an ever-changing global landscape, EY provides the expertise needed to navigate complexity. Their technology-driven solutions reimagine industries and managed services free businesses to focus on innovation. EY’s commitment to sustainability ensures that value creation benefits society and the planet, making it a trusted partner for organizations aiming to thrive in a rapidly evolving world.

Ernst & Young - Industry

The Indian tax consulting market has experienced remarkable growth, expanding by 9% over the past year to achieve revenues of approximately $6.5 billion (INR 42,500 crore). This trajectory is expected to continue, with another 9% growth projected by 2018, pushing the market’s value to around $7.1 billion (INR 46,500 crore). The growth surge is largely attributed to the implementation of the Goods and Services Tax (GST), which has significantly increased demand for tax advisory services. Research from Consultancy.in, based on Statista data, highlights the pivotal role of the Big Four firms, whose aggressive expansion strategies have driven this trend.

The GST regime has introduced compliance requirements for an estimated 9 million companies in India, creating unprecedented demand for tax consultants. Conservative estimates suggest the need for 1.3 million additional tax consultants, with large companies requiring approximately five consultants each and mid-sized firms needing at least one. This demand is poised to further fuel the growth of the tax consulting sector.

Similarly, the broader Indian business and management consulting market has seen steady progress, growing 6% annually, and is expected to reach a value of $12.348 billion by next year. This consistent expansion reflects the increasing complexity of business operations and the growing reliance on professional advisory services.

EY - Founders and Team

Alwin C. Ernst

Alwin C. Ernst, a visionary accountant, co-founded Ernst & Ernst in Cleveland, Ohio, in 1903 alongside his brother Theodore. His innovative approach to accounting and focus on quality services laid the foundation for what would become one of the world’s leading professional services firms.

Arthur Young

Arthur Young, a Scottish accountant with a passion for entrepreneurship, founded Arthur Young & Co. in Chicago in 1906. After moving to the United States in 1890, he dedicated himself to advancing the accounting profession and providing strategic financial solutions to clients, setting the stage for global impact.

Janet Truncale

Janet Truncale is the EY Global Chair and CEO, leading one of the world’s largest and most influential professional services organizations. With a career marked by innovation and excellence, Janet has played a pivotal role in shaping EY's strategic vision and global operations.

Before assuming her current position, Janet served as EY Vice Chair and Regional Managing Partner of the Americas Financial Services Organization (FSO), where she managed a diverse team of over 14,000 professionals across 90 offices. Her extensive experience includes providing assurance and consulting services to Fortune 500 companies and collaborating with boards, audit committees, and senior management to address complex business challenges.

Joining EY as an intern, Janet advanced through a variety of leadership roles, including Americas FSO Assurance Managing Partner, Banking and Capital Markets Co-Sector Leader, and Initial Public Offering Leader. She has also served as a Global Client Service Partner and Senior Advisory Partner to some of EY’s biggest clients.

Janet holds a BSE from The Wharton School at the University of Pennsylvania and an MBA from Columbia University. A certified public accountant in New York and a member of the American Institute of Certified Public Accountants, she has earned recognition as one of the “25 Most Influential Women” by the Financial Times. Janet’s journey is a testament to her expertise, leadership, and unwavering commitment to empowering businesses worldwide.

EY - Startup Story

EY's current partnership was officially established in 1989 through the merger of two prominent accounting firms, Ernst & Whinney and Arthur Young & Co. Initially known as Ernst & Young, the firm underwent a rebranding in 2013, formally adopting the widely recognized abbreviation "EY." However, this shorthand had already been in informal use long before its official endorsement.

The firm's roots trace back over 150 years, with a rich history shaped by multiple mergers of predecessor firms. The oldest of these, Harding & Pullein, was founded in England in 1849. That same year, Frederick Whinney joined the firm, eventually becoming a partner a decade later. By 1894, after his son joined the practice, the firm was renamed Whinney, Smith & Whinney, solidifying its legacy within the accounting profession. This lineage reflects EY's enduring commitment to growth, innovation, and professional excellence.

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EY - Mission and Vision

Vision

EY envisions a better working world where trust and confidence drive progress in global capital markets and economies. Their focus is on fostering innovation, creating sustainable growth, and making meaningful contributions to businesses and communities around the world.

Mission

EY’s mission is to deliver top-tier services and insights that help businesses tackle challenges, achieve breakthroughs, and modernize key processes like finance and supply chain strategies. They are dedicated to developing exceptional leaders who create lasting value for stakeholders while championing sustainable, inclusive growth. Through these efforts, EY continues to play a pivotal role in shaping a better future for its clients, people, and communities.

EY - Name, Tagline and Logo

"Shape the future with confidence" – EY’s tagline encapsulates their commitment to empowering businesses and individuals to navigate challenges and seize opportunities with assurance and clarity.

EY introduced its current logo in 2013 as part of its rebranding from Ernst & Young to EY. The design symbolizes the collective knowledge, experience, and insight of their people, all working together to create a "better working world." The yellow in the logo reflects optimism, light, and energy, reinforcing EY's dedication to delivering impactful and forward-thinking solutions.

EY - Business Model

EY’s business model revolves around building and nurturing strong client relationships while delivering tailored solutions across diverse industries. Key elements of their approach include:

• Customized Services: Each client is assigned a dedicated account manager and engagement team, ensuring services are customized and communication is consistent.
• Reliable Support: EY provides continuous assistance, helping clients adapt to evolving business landscapes and regulatory challenges.
• Training and Workshops: EY offers programs to empower clients with the knowledge and skills needed to tackle complex business issues effectively.
• Purpose-driven Assistance: By publishing reports, articles, and whitepapers on industry trends, EY shares valuable insights that establish expertise and guide clients in decision-making.

EY serves a wide range of clients, categorized into key segments:

1. Large Multinational Corporations: Supporting global companies across sectors like finance, healthcare, and technology with audit, tax, consulting, and advisory services.
2. Small and Medium-Sized Enterprises (SMEs): Offering solutions to navigate regulatory complexities and manage growth.
3. Government Agencies: Assisting in policy development, program evaluation, and operational advice.
4. Non-Profit Organizations: Providing support in governance, risk management, and financial reporting.

EY - Revenue Model

EY generates revenue through professional fees charged for its services, tailored to the nature of each engagement. These fees may be structured as fixed, hourly, or performance-based. The primary sources of EY’s revenue include:

1. Advisory: Providing expertise in specialized areas like mergers and acquisitions, capital markets, and regulatory compliance.
2. Tax Services: Offering tax planning, compliance, and advisory solutions that help clients navigate complex regulations and optimize tax liabilities.
3. Consulting: Supporting clients in areas such as business strategy, operations, technology implementation, and risk management.
4. Audit and Assurance: Delivering independent audits and assurance services to verify financial statement accuracy and ensure compliance with accounting standards.

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EY - Challenges Faced

Delivering successful business transformations is no easy feat. It requires seamless alignment across people, processes, technology, data, and governance. Yet, many organizations struggle to realize the full benefits of their efforts. A transformation mindset, where people are central to the process, is essential. This approach not only fosters innovation at scale but also enables technology to be implemented at speed.

Recent survey insights emphasize the value of a structured Project Management Office (PMO) in driving effective transformation. Interestingly, 56% of respondents reported an acceleration in their organization's transformation agenda in 2022, particularly in digital innovation. However, challenges continued, including limited senior leadership support, inadequate resources, and a lack of a clear vision.

The Role of Emerging Technologies

Data analytics is becoming a cornerstone of transformation initiatives, with 46% of respondents identifying it as a critical focus area for delivering projects and programs. While the use of Artificial Intelligence (AI) in transformation has dipped, this underutilized technology is positioned to grow in importance.

As AI begins to demonstrate its value throughout the project lifecycle, it will enhance organizations' ability to manage complex transformation efforts effectively.

Sustainability at the Core

Sustainability is no longer a peripheral concern; it is becoming deeply intertwined with core transformation strategies. Over half of the survey participants believe that sustainability will drive their corporate strategies moving forward. Among organizations planning to establish a Transformation Management Office (TMO), 63% identified sustainability as a key value driver, signaling a broader acceptance of its role in transformative programs.

Delivering Transformation

The landscape of business transformation is evolving rapidly. Organizations must adapt by fostering a culture of innovation, agility, and collaboration. To meet the demands of this new era, having robust project management frameworks is non-negotiable. With the right structures in place, organizations can deliver transformations with speed and precision, ensuring they stay ahead in a dynamic world.

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EY - Funding and Investors

Ernst & Young (EY) has been involved in noteworthy exits, including Kanisa and NetDecide, showcasing its ability to identify and support innovative ventures. In 2023, growth investments emerged as the driving force behind Private Equity and Venture Capital (PE/VC) activity, accounting for a substantial US$17.1 billion across 147 deals.

The infrastructure sector led the charge, attracting US$11.6 billion across 57 deals, marking a 29% year-on-year growth.

EY - Mergers and Acquisitions

Ernst & Young (EY) continues to expand its global reach and service capabilities with strategic acquisitions, having successfully acquired 55 organizations to date. The most recent addition to its portfolio is Dignari.

EY - Growth

Revenue Growth: EY reported a 3.9% increase in global revenue for the fiscal year ending June 2024, reaching a total of $51.2 billion. Revenue grew across all service lines:

• Tax Services led growth with a 6.3% increase in local currency (6.7% in USD).
• Assurance showed a 6.3% rise in local currency (5.8% in USD).
• Strategy and Transactions (SaT) grew by 2.3% in local currency (2.8% in USD).
• Consulting remained steady, with a 0.1% increase in local currency (unchanged in USD).

Technological Advancements: EY continues investing in cutting-edge technology to support client transformations:

• EY Fabric, the core technology platform, now serves over 2 million unique users across 180 countries.
• In September 2023, EY launched:
  • EY.ai, is an integrated platform combining AI with human expertise across services like strategy, risk, tax, and assurance.
  • EYQ, a private large language model (LLM), rolled out to the global workforce. Over 70% of EY employees are trained in the responsible use of AI and 75% have utilized EYQ, generating 68 million prompts since its launch. EYQ has earned multiple awards for its AI and innovation excellence.

In FY25, EY plans to expand the integration of AI into its operations, helping clients adopt AI responsibly for transformative growth.

Strategic Partnerships: EY has built a robust network of 100+ ecosystem alliances, 20 of which were added in FY24. These partnerships drive 48% of EY’s growth by blending technology, data, and sector expertise. Over the last five years, EY’s alliance partner revenues have grown at a 31% compound annual growth rate (CAGR).

Sustainability Initiatives: EY remains committed to reducing greenhouse gas (GHG) emissions. Achievements in FY24 include:

• A 40% reduction in total GHG emissions compared to FY19 levels.
• A 42% reduction in Scope 3 travel emissions, supported by initiatives that have prevented an additional 98,000 tons of CO2e, equal to nearly 20% of travel emissions.

Value-Driven Reporting: EY’s integrated annual report, Value Realized, details financial performance alongside environmental, social, and governance (ESG) initiatives. It underscores EY’s dedication to creating long-term value for clients, employees, and society.

With continued investments in AI, sustainability, and ecosystem alliances, EY remains at the forefront of innovation and growth, helping businesses transform and thrive in a complex global landscape.

EY - Advertisements and Social Media Campaigns

EY's New Marketing Campaign: "The Face of the Future"

EY has launched a groundbreaking, fully integrated marketing campaign, "The Face of the Future," to emphasize the importance of keeping humans at the center of artificial intelligence (AI) transformation. This campaign showcases EY.ai, the organization's unifying AI platform, and underscores how human-centric innovation can unlock the exponential value of AI.

Highlights of the Campaign:

• People-Centered Approach: Over 200 EY employees worldwide were featured, illustrating that confidence in AI starts with prioritizing human involvement in technological advancements.
• Innovative Production Techniques:
  • A bespoke one-shot StyleGAN model was developed to highlight individual facial features, animating still images into dynamic, expressive visuals.
  • A single professional voice recording was transformed using voice AI technology to create an unlimited array of voices that precisely synchronized with the animated visuals.
  • The campaign's innovative production techniques saved hundreds of hours typically spent on traditional filming and editing.
• Creative Storytelling: By combining cutting-edge AI and creative artistry, EY delivers a powerful message about the future of work and the role humans will continue to play alongside AI.

EY’s Digital Marketing in Action: The Global Information Security Survey

Another standout digital marketing initiative by EY is its Global Information Security Survey (GISS), an annual study providing valuable insights into cybersecurity trends and challenges.

Strategic Elements of the Campaign:

1. Comprehensive Reporting: EY publishes an in-depth, visually engaging report featuring infographics and interactive elements tailored to CIOs, IT managers, and decision-makers.
2. Omnichannel Promotion:
   • The findings are shared across EY’s website, email newsletters, and social media platforms.
   • Paid ads on LinkedIn and Google Ads boost visibility and reach.
3. Content Syndication: EY partners with industry-specific publications and platforms to syndicate the report, increasing exposure and driving traffic to its website.
4. Performance Metrics: The campaign garners strong engagement, including:
   • High download rates.
   • Increased social media interactions.
   • Widespread media coverage.

Impact:

The GISS campaign not only positions EY as a thought leader in cybersecurity but also strengthens its reputation and generates high-value leads.

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EY - Awards and Achievements

Technology Awards

EY has consistently been recognized for its innovative work in technology, earning accolades in various categories:

• Machine Learning: EY Fabric won the Machine Learning category in the 2022 AI Tech Awards.
• Platform as a Service: EY Fabric secured a Silver Stevie Award in the Platform as a Service category at the 2022 Stevie Awards.
• DevOps Solutions: EY achieved a Silver Stevie Award for DevOps Solutions in the 2022 Stevie Awards.
• Metaverse Technology: EY won the Metaverse Tech of the Year award at the 2023 National Technology Awards.

Business Awards

EY’s dedication to its people, partners, and entrepreneurial spirit is reflected in its business honors:

• Fortune 100 Best Companies to Work For EY has been named one of the Fortune 100 Best Companies to Work For an impressive 26 years in a row.
• Entrepreneur of the Year: EY’s renowned Entrepreneur of the Year program celebrates global leaders, with the 2024 world winner being Vellayan Subbiah of India.
• Partner of the Year Awards: EY has earned Partner of the Year awards from major tech companies, including:
  • ServiceNow
  • UiPath
  • Adobe
  • SS&C Blue Prism
  • Pega
  • SAS

EY - Competitors

EY has major competitors in consulting, technology, and professional services. Some of these are listed below:

• PricewaterhouseCoopers (PwC)
• Capgemini Services
• KPMG
• Pilot
• Accenture 
• Wipro 
• Deloitte Consulting
• Baker Tilly

EY - Future Plans

EY envisions a transformative future for India, leveraging the nation’s unique strengths to drive sustainable growth and innovation. With its critical role in global economic development, India is poised for immense progress, particularly in infrastructure, energy, and technology. However, alongside these opportunities come challenges like decarbonization, digital transformation, and ensuring equitable growth—all areas where EY is stepping in as a trusted advisor and strategic partner.

The infrastructure sector is on the cusp of a revolution, with investments under the National Infrastructure Pipeline (NIP) projected at $1.4 trillion by 2025. EY emphasizes the need for differentiation to attract investments in an increasingly competitive landscape. Innovative models like GIFT City are paving the way, combining financial innovation and global connectivity to draw significant foreign direct investments (FDIs).

Energy demand is also set to nearly double by 2030, pushing India to adopt sustainable power solutions. EY is committed to helping industries and governments meet these demands while aligning with decarbonization goals.

EY’s projections paint an optimistic picture: India’s per capita income is expected to surpass $13,000 by 2045, fueled by strategic infrastructure investments and private-sector collaboration. Additionally, India’s Global Capability Centers (GCCs) are predicted to grow exponentially, with cities like Coimbatore emerging as rising stars.

From fostering digital adoption in governance to promoting Diversity, Equity, and Inclusion (DEI), EY is charting a roadmap to a future where innovation and inclusivity go hand in hand.

FAQs

What does EY do?

EY (Ernst & Young) is a company that advises businesses. It helps with taxes, checking accounts, and planning for growth. It also helps companies follow rules and use technology better.

Who are the founders of EY?

EY was founded by Arthur Young and Alwin C. Ernst in 1989 after their companies merged.

• Arthur Young started Arthur Young & Co. in 1906 in the U.S.
• Alwin C. Ernst started Ernst & Ernst in 1903 in the U.S.

Their firms joined to create Ernst & Young, now called EY.

Who is the CEO of EY?

Janet Truncale is the Global Chair and CEO of EY.

Who are the main competitors of EY?

The main competitors of EY include PWC, Deloitte, KPMG, Accenture, Wipro, and more.