KPMG thinks Big Data is a Big Deal
by CanadianManufacturing.com Staff
New KPMG fund will invest in, partner with and acquire organizations that specialize in data and analytics tools and assets
NEW YORK—KPMG International has formed a new investment fund to accelerate innovation in data and analytics (D&A) and unlock tangible value of big data.
The KPMG Capital fund’s aim is to invest in, partner with and acquire organizations that specialize in data and analytics tools and assets. It will support technology partnerships, strategic alliances and recruitment of top talent to create new D&A solutions. With these capabilities, KPMG member firms will help clients 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 they collect. A new KPMG survey of business leaders from many of the world’s leading companies found that while 69 per cent see D&A as strategically important to their current growth plans, and 96 per cent 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.”
With more data produced and stored in the last two years than in the rest of human history, Toon says many businesses are looking for strategic and practical solutions to manage the volume, velocity and variety of this data.
“Too many companies still see big data principally as a technology issue, when it really is a business issue across all industries,” he said. “We’re 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 initially focus on healthcare, financial services, energy and telecommunications.
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