The Three Rs: Risk, Reputation and Regulation
As regulators become more active, organizations in a number of industries – financial services, telecommunications, utilities and healthcare in particular – have experienced an increased burden of compliance.
For some, the challenge comes from bringing together data from across different legacy platforms to deliver a clear compliance picture. For others, responding to regulator requests in a timely and accurate fashion has highlighted the need for better D&A.
Data and analytics have led to new approaches for managing forensic investigations. Astrus , a web-enabled integrity due diligence solution offered by KPMG member firms around the globe provides organizations with a strategic, cost-effective, and time-efficient approach to gathering information and assessing risk associated with customers, suppliers, agents, and other third parties.
Our analysis of nearly 8,000 integrity due diligence reports covering 172 countries provides clients with valuable insights of third-party risk through our series of "Astrus Insights" publications.
Enhancing business flexibility
As companies become more complex, they are looking to for more flexibility. Retailers and consumer-markets organizations are using data and analytics to reduce their inventory levels, optimize their shelf space and improve forecasts. As a result, they have achieved greater flexibility in the way they use their assets, spend their capital and select their product lines.
But today's organizations aren't just looking for data precision, they also want data relevance and insight to help them make better decisions, faster and more confidently. That is why KPMG in the US acquired Wise Window, the pioneer of a mass opinion business intelligence (MOBI) platform that analyzes internal and external data about specific industry trends, product issues or brands. This solution has enabled member firms' clients to improve strategy and decision-making. In other sectors, organizations are using data and analytics to improve flexibility in supply chains and operations. These organizations are eliminating redundancies, improving processes and increasing collaboration.
Customer and revenue growth
In today's market, growth is hard to find and even more difficult to sustain. That's why leading organizations have turned to data and analytics to help them create new revenue opportunities.
In some cases, organizations are using D&A to improve their research and development, gathering customer preferences to focus their innovation and reduce failure rates. Others are using predictive analytics to identify new customer segments or capitalize on emerging market trends.
In recent years, online retailers have been able to successfully use data and analytics to drive growth. By tracking and analyzing customer preferences, these companies are able to provide tailored customer recommendations. This insight has not only led to increased sales but it has allowed a number of these retailers to move into new markets.
KPMG's network of professionals has worked with organizations of all sizes and industry sectors to create more achievable and sustainable growth strategies. By leveraging our member firms' deep market experience, unmatched data access and 360-degree view of analytics, we have developed a unique understanding of how D&A can drive growth.
Changes to the tax environment
The days are gone when tax was solely an expense to be managed. With approaches to tax management requiring new levels of detail and transparency, companies must review and asses where they put their time, effort and dollars.
Managing tax means more than simply having the correct information in time to meet compliance deadlines. It also means having confidence in the underlying data. Further, by managing and monitoring tax data companies can uncover actionable insights and opportunities for the business as a whole.
KPMG Tax professionals work with you to provide well-rounded approaches to managing your tax function and data. Technical expertise (in IT and Tax) combined with our client-centric approach means you get the clearest picture with forward-thinking and value-adding insight, strategies and actions.
Workforce productivity and engagement
A growing number of organizations around the world are recognizing the potential value of a well-planned, predictive HR analytics program. Applied properly, HR analytics can show connections, correlations and even causality between HR metrics and other key business measures, all of which can inform the HR strategy and actions.
In other words, HR analytics are creating a clear "line of sight" between people strategies and organizational profitability. And now is the perfect time for the HR department to step up its analytics game. Thanks to HR management systems and cloud storage, it is becoming easy for organizations to maintain all of their HR data in one place and then integrate it with other critical management information.
Data and society
We are seeing and experiencing a transition from the 'Digital Age' into the 'Analytical Age'. The evolution of technology has seen a gradual change in the technology life cycle of an organization. And the evolution and development in the topic of Big Data has had a significant impact on how organizations view and manage data.
But the impact of data is not unique to business. Effective use of data and analytics can have huge impact on society, especially in areas such as healthcare.
Watch video: Frank Rizzo: Go Beyond the Data: improving public services in Africa
Frank Rizzo, Partner, KPMG in South Africa, explains how recent advances in analytics have created unparalleled opportunities for Africa's businesses and governments to learn more about their customers, their targets and themselves