As Global Chief Innovation Officer (CIO) at Ey, Joe Depa Helps His FIM Embrace New Ideas That Boost Service Delivery and Address Client Challenges in Key Areas, Such as tax and SSURANCE.
Depa, Previous Chief Data and Artificial Intelligence (AI) Officer at Emory University and Global Lead for Data and AI At Accessor, Became Global Cio at Ey In Ins NoveMabers 2024, and Says Data-Intensive Nature of the Role appeared to him.
“Tax and assurance give't sound all that exciting at first, but then you learn about what it involves, it's about dealing with an amazing amount of data,” He Says.
,At eye, we process about a trillion lines of Financial data Annually. We've Got 50% of the Fortune 500 Companies' Datasets as Part of our tax and assurance business. That data puts us in a unique position to help our clients make more strategic decisions. “
Depa Says The Role Allows Him to Apply Some of the skills he's acquired during his career. With the Rise of Ai and the Ever-Increasing Importance of Data, He Saw The Opportunity to Lead Ey Into Novel Areas: “I wanted to contineue to controlte my Learning in teachnovation The global landscape and I felt like eye gave me the platform to do that. “
Innovating in the right places
As Global Cio, Depa is responsible for advancing the firm's Innovation strategyHis team helps the business exploit value-weeding technologies, from new products and services to better ways of working. There are three main components to his role.
One part is running the firm's data office – Ey's Chief data officer reports to depa. The second component of his role is what he calls responsible ai agent orchestration: “That's about the ability to leverage the data using our policies and frameworks.”
Depa Says Part of that Work Involves Creating an assurance practice for the data and Ai agents That will be used in the future, which he referrs to as a “critical” Piece of work, Given the fast-moving nature of the digital environment.
The third component of depa's role is to think about the next frontier, which covers technological developments on the horizon: “It's focused on things like robotics, Physical, Cyber, Cyber, Ai, Quantum – Some of the technologies that are not nextarily having an impact right now, but they're coming soon, and they're coming fast.
“We have a data-jam approach, unsurprisingly, beCause i'm a data guy at heart, and we look at venture capital and private equity equity spec. Markets, Regents and Industries.
“For venture capital, we know the timeline is typically five to 10 years, and we know the private equity right timeline is a little bit short, call it but but it five or less. Physical Ai, which is robotics, particularly in some area, like asia-pacific. So, the data we collect allows me to think, 'Okay, I Need to Focus on that are'. “
Depa says that another focus for the next frontier is what he referrs to as the omniverse, which encompasseses Metavens and digital twin technologies: “The ability to simulate a multitude of Scenarios at Once is see a lot of investment,” he says. With this Knowledge Acquired, Depa Helps Ey and Its Staff to Deploy Technologies Internally and to Advise Clients external.
“It's about asking questions like, 'How do you apply the right ai-redy data within our environment? Weian Our clients. “
Creating an effective strategy
Depa's 100-Strong Innovation Team Works With Ey's 400,000 Professionals to Highlight Opportunities for Data-Led Business Change. The firm's governance structure means innovation is applied consistently and quickly across service lines and regions.
“When I came into the role, I said the last thing I want to do is Centralise Data, AI and Innovation Security that Approach STIFLES Change Change, It Slows Things Down,” He Says. “My Team's Role is to enable, Orchestrate and Raise Visibility About What's Working in Each of the regions and service lines.”
Depa's Team Spreads Good Ideas From One Place in the Business to Another, ENSURING The Gap Between theoretical and Practical Deployment is Bridged Rapidly and effectively. While He's only been in the cio role for six months, Depa Can Alredy Point to come key achievements.
“I want us to be the best in data-ai-ready data that we own. I want us to be the best at second the data and harvesting that data for our clients in a second and responsible ai manner
Joe Depa, Ey
“What I wanted to do very quickly waste “Applied Innovation is an important term, and I chose it purposefully believe I wanted to ensure that we're applying innovation. Things in a lab that didn't apply to eye or our clients. “
Depa Built the Applied Innovation Strategy with Input from Regional Leaders, Market Leaders, Ey's Clients and the Firm's Professional Tems. He wanted to understand how to focus the strategy on compeling ideas, which can be a stroggle for innovation chiefs.
“When I came in, and I think many companies have this issue, we wear to do a lot of things all at Once and, therefore, not doing not doing anything well,” He says. “I said, 'let's focus on three areas we can do well based on our brand positioning.”
Delivering Excellence in Three Areas
Depa says the first of that three areas is data: “I want us to be the best in data-ai-readi data that we own Responsible ai manner. “
The second area is creating differentiation Around Responsible ai: “I want to truly Embed Responsible Ai Into Our Processes and The Way Our Clients Leverage Data and Ai. Ai. I call it the orchestiation tower beCause our Assurance Procession CAN HELP RALP RALP RALPA Risks that can provides traceability and audiibility for the ai agents of the future. “
The third area covers what depa referrs to as the innovation muscle, which he says
“That's about how we, as an innovation team, help our organization adapt to the rapid pace of change,” he adds. “The speed is fast for everyone, include eye and our clients. Success means enabling the right people, processes and training so our teams can rain to the occasion.”
Depa Says His Team Has Made Good Progress Across Three Areas and Is Applying The Principles internal and with the firm's clients. The team is also looking at how it will invest in talent, via internal training programs and external hiring, to support development access that those three areas.
New products are being pushed into operation. Ey has deployed a new toolkit for assurance that allows the firm to embed responsible Ey has also pionered developments in synthetic dataWhich companies use to fill gaps where real data is limited, essentially in regulated industries.
“Synthetic data enables us to try some simulations and Scenarios with our clients, without using real data,” He says. “We can test things more safely. Synthetic data will be an important component of an ai-redy data strategy for eye and our clients.”
Training the innovation muscle
Depa is pleased with the program during his first six months at eye. He Refeers to the Importance of an “Open Innovation EcoSystem”, which allows to brings to bring toge to the brightest minds and technologies to get to market qiqly. He says the best innovation Chiefs are humble and look to learn something new daily.
“I believe that, for innovation officers of the future, the concept of centralized control will diminish because it does not give you speed,” He says. “The second thing to recognize is that no innovation chief has all the answers. All CIOS must know how to collaborate and work togethr with alliance partners, leaders and clients to get answers.”
During the next 24 months, Depa Wants Ey to become an expert in ai-redy data, ensuring the firm uses and deploys responsible ai at scale. He says any business that gets the data foundations rights rights
Depa returns to the concept of the innovation muscle and says he's eager for people for account to feel confident they can use technology to help them do their jobs. He wants people to adopt and adapt emerging technology faster than today. As an example, Depa Refeers to Ey.Ai Eyq, A BESPOKE GENERAVE AI Platform Designed to Empower The Firm's Staff with data-power with data-power, secure environment.
“Eyq is a large language model platform that allows eye professionals to interact with a chatgpt-style chat. What I find interesting is that our data shows that the employees who use the technology are more engaged, ”he says.
“That Results Show You That Ai Can Help You, In Many Ways, to do your job better. Develop Over the Next 24 months, where Employees are more engaged, Happier about their jobs, and feel like they're having an impact.