The creation of KPMG Insights Labs is the latest step KPMG has taken in recent months to expand its portfolio of data & analytics (D&A) solutions and services, with new innovative solutions to help member firms’ clients unlock the value of their data.
In November 2013, KPMG International announced the launch of KPMG Capital, a fund created to accelerate innovation in D&A services and solutions. And, since December 2013, KPMG member firms in the U.S., U.K. and Australia announced a number of acquisitions or partnerships that are designed to offer D&A and digital solutions to clients helping them manage risk and cost, and drive growth.
As the global R&D resource for D&A solutions, which all of KPMG’s member firms worldwide can access, the Insights Labs will undertake R&D for the assets acquired by KPMG Capital as well as for existing KPMG intellectual property.
The Insights Lab, with hub locations in the U.K., U.S. and India will provide an environment where new D&A applications can be developed, ‘proof of concept’ designs demonstrated and verified, and ideas incubated.
“The Insights Labs are intended to fill a critical gap for clients,” said Mark Toon, Global Leader of Data & Analytics and CEO of KPMG Capital. “While companies are quickly pursuing strategies to capture and examine their data – the ‘Big Data’ chase – what we’re providing is an environment for putting data-driven solutions to the test."
“The Labs were designed with input from member firms’ clients and alliance partners, and will help them to explore and pressure-test new applications and simulate real scenarios to derive insights faster.”
Critical areas for enhancing data-driven decision making – and those that will be the first to go through KPMG’s Insights Labs R&D process – will initially include new applications for customer analytics, competitive positioning, regulatory compliance and predictive modeling for clients in financial services, telecommunications, healthcare and life sciences and retail.
The KPMG Insights Labs are modeled on prototype lab environments in which KPMG firms’ professionals work with clients to test data-driven applications and derive the essential insights needed to address a complex business issue.
Eddie Short, head of KPMG’s Insights Labs and KPMG’s Data & Analytics practice for the Europe, Middle East and Africa region added:
“More than ever, businesses need decisions backed by insight, and the KPMG Insight Labs have been created to accelerate the pace of innovation in a secure and controlled environment, helping clients arrive at the right insight quickly. We will bring together specialists from KPMG member firms and the broader business community to enable clients to experience firsthand the ‘art of the possible and the ‘art of the probable’ in leveraging their data for faster, more insightful decisions.”