Consulting is changing. Here are 4 unlikely ways the Big Four are reinventing themselves to seem less 'stodgy.'

The Big Four are expanding into new areas to put them closer to tech innovators and move away from what one expert called their "stodgy audit reputation.": Dukas/Universal Images Group via Getty ImagesHousehold names turn to the Big Four professional services firms for consulting and accounting.But the Big Four are moving into industries like space and venture capital.One industry observer says this helps distance them from a reputation for being "stodgy" as consulting changes.This year, Deloitte became the first of the Big Four consulting and accountancy firms to launch a satellite into space.No, really.You may know Deloitte, EY, PwC, and KPMG for consulting, accounting, audit, and tax, which embed them in some of the world's biggest organizations and generate billions in annual revenue for each firm.But space, advertising, and venture capital are among the buzzier projects they've been developing.These ventures are a way for the companies to show they are adapting to industry changes, Tom Rodenhauser, managing director of the consulting industry research firm Kennedy Intelligence, told Business Insider.They "demonstrate their innovation and creativity" while distancing the Big Four from their "stodgy audit reputation," he added.They also boost their profiles and serve as a recruitment tool, he said.The initiatives also bring consulting arms closer to tech companies and AI innovators, Rodenhauser said, as the firms pin their future success on the technology."I do expect more of these as consulting becomes even more technical," he added.Here are some Big Four's ventures that may not come to mind when you picture accountants and consultants.EY Studio+Your creative ad campaign isn't typically led by a team of corporate suits, but EY has acquired 37 agencies and firms specializing in design, marketing, and customer experience since 2014.In June, it announced that it was launching a business unit focused on marketing and sales, called EY Studio+. The division launched with 7,000 employees, and EY said it plans to expand it by 10% to 20% in the following year.EY was playing catch-up with rivals Deloitte, which has offered marketing solutions through Deloitte Digital since 2012, and Accenture, which created Accenture Song in 2022.EY Studio+ offers design, marketing, sales, customer service, and customer technology services. Its website features case studies that set out how it can advise clients on the back-office systems and strategies of marketing departments — as with its existing consulting work — but also take the lead in designing customer experiences.Laurence Buchanan, global leader of EY Studio+, told Business Insider, that they were targeting chief marketing officers who were "under increasing pressure to re-imagine their customer experience and business models" because of AI.When it launched the studio, EY said that the new unit marks "a significant milestone" in CEO Janet Truncale's "All in" strategy to reshape the firm to tackle client "issues that are more complex and inter-connected than ever before."Janet Truncale, Global Chair and Chief Executive Officer, EY,World Economic ForumDeloitte-1 SatelliteDeloitte — the largest of the Big Four, by annual revenue and employee numbers — has had a space division since April 2023 and launched a satellite in March in collaboration with SpaceX and Spire, a space data company."We're driving space-enabled innovation and shaping what's possible for industries both on and off this planet," Jason Girzadas, CEO of Deloitte US, said in a LinkedIn post.In July, Deloitte announced that it had built and installed a cyber defense system on its satellite, called "silent shield."Brett Loubert, leader of Deloitte's US space practice, said it would help clients protect their space-based assets and "understand and manage the risks to their missions, strengthen their cyber resiliency and protect against evolving cyber threats."KPMG and Hippocratic AILike the rest of the Big Four, KPMG has long had healthcare organizations among its advisory clients, but it's recently moved to direct collaborations with healthtech companies.The industry is booming, and in July, KPMG announced it was working with Hippocratic AI to deploy teams of medical AI agents.The AI agents are designed to address backlogs in healthcare systems by conducting "non-diagnostic patient-facing clinical tasks," KPMG said in a press release.A roster of AI nurses from Hippocratic AI.Hippocratic AIHippocratic AI developed the agents, while KPMG's role is to analyse and improve operations, upskill care professionals, and plan for the expansion of AI "across the entire care continuum."PwC Raise | VenturesPwC has three core lines of business — assurance, advisory, and tax. But the firm has also developed its own venture capital division called PwC Raise | Ventures, which operates in the UK.Raise | Ventures supports rapidly growing startups seeking Series A funding as well as larger businesses looking for further investment to grow, per PwC's website.An online guide says it can help founders improve pitch decks, introduce them to a network of investors, and help with due diligence.Its website tells prospective clients that working with PwC Raise | Ventures will "increase the probability of achieving a successful fundraise on good terms."Have a tip? Contact this reporter via email at [email protected] or Signal at Polly_Thompson.89. Use a personal email address, a nonwork WiFi network, and a nonwork device; here's our guide to sharing information securely.Read the original article on Business Insider

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