After a KPMG survey found that an overwhelming 96 percent of top companies were not using data and analytics effectively, KPMG International decided to launch KPMG Capital, an investment fund to accelerate innovation in data and analytics (D&A).According to Mark Toon, CEO of KPMG Capital and global lead for KPMG’s D&A practice, the firm’s 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.
“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 added, “With more data produced and stored in the last two years than in the rest of human history, many businesses are looking for strategic and practical solutions to manage the volume, velocity and variety of this data revolution. KPMG Capital will lead the way in addressing the challenge of the three ‘v’s.”
KPMG Capital is set to help companies look at their data differently and turn it into value. It will invest in a number of critical business areas such as healthcare, financial services, energy and telecommunications. The funds will help the firms to make their business flexible, finance them for growth, help in regulation and compliance and improve workforce productivity and customer acquisition.
Apart from just investing in firms, KPMG Capital will also partner with and or acquire organizations that specialize in data and analytics tools and assets.
“D&A is part of our heritage, but with the fast pace of technology and globalization, clients want deeper insight more quickly. KPMG Capital’s structure will allow us the flexibility to commercialize solutions which our global network of professionals can use to help business leaders harness the right data, analyze it and translate it into value. This is a transformative step for the future of KPMG’s member firms as well as for clients’ businesses,” said Michael Andrew, Chairman of KPMG International.
“KPMG Capital will enable a nexus for the world’s best thinking in data and analytics,” he concluded.