KPMG to step up innovation in data and analytics
KPMG International has announced the formation of KPMG Capital, a new investment fund created to accelerate innovation in data and analytics (D&A) that will help clients of member firms unlock tangible value of their ‘big data’.
KPMG Capital will support technology partnerships, strategic alliances and the recruitment of top talent to create new D&A solutions. This will help firms to solve critical business challenges in such areas as new revenue streams, risk management and cost optimization.
The use of D&A has become a critical business priority as companies try to derive value from the vast amounts of data now available to them. A new KPMG survey of business leaders from many of the world’s leading companies found that while 69 percent see D&A as strategically important to their current growth plans, an overwhelming 96 percent believe their company is not currently using D&A effectively.
“Our new research shows that business leaders recognize the tremendous importance of D&A to business growth but feel they need more support to develop effective solutions,” said Mark Toon, CEO of KPMG Capital and global lead for KPMG’s D&A practice. “KPMG Capital will enable us to develop or acquire opportunities in D&A quickly. Through partnerships with technology and service providers, strategic partners and other third parties, we aim to accelerate innovation in D&A to bring potential solutions to clients - and to the market - faster.”
Toon believes the most successful companies will be those not merely collecting the data, but those that can distill data and translate it to insightful business guidance. ”Too many companies still see big data principally as a technology issue, when it really is a business issue across all industries,” he said adding that the new initiative can helping companies look at their data differently and turn it into value.
Investment will be made in a number of critical business areas including enhancing business flexibility; finance; regulation and compliance; improving workforce productivity; and customer and revenue growth. KPMG Capital will work to develop solutions that will focus on growth sectors such as healthcare, financial services, energy and telecommunications.
KPMG Capital’s aim is to invest in, partner with and acquire organizations that specialize in data and analytics tools and assets. Combining that expertise with the KPMG network’s global reach, existing D&A capabilities and deep insights, KPMG Capital will work to address the most pressing business challenges and deliver new solutions to market more quickly.
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