KPMG and Imperial College London today announce the launch of a major new partnership to create the ‘KPMG Centre for Advanced Business Analytics’. KPMG will invest over £20m, with the aim of putting the UK at the forefront of data science.
The project will focus on five key areas - analysis of business capital, growth opportunities, people, operations and resilience. Each area has been selected to help UK businesses gain a competitive edge by launching products and services ahead of international competitors. The new KPMG Centre will also develop innovative approaches, analytical methods and tools for using big data, giving UK businesses the opportunity to solve complex issues, such as enabling banks to predict fraud or helping retailers better understand consumer behaviour.
The eight year project will see a joint team working together, with the ambition of completing 15-20 projects per year.
The Centre will be led by researchers at Imperial College Business School as part of the College’s Data Science Institute, which is developing new data science methods and technologies and supporting world class data-driven research.
As part of the launch, KPMG and Imperial are unveiling a number of initiatives – the first of which is a Global Data Observatory. Created to bring large and complex amounts of data together with data visualisation capabilities, it will allow researchers to spot patterns and get real insights into complex business issues.
Simon Collins, UK Chairman and Senior Partner at KPMG commented: “More data has been created in the last two years than in the rest of history. That’s amazing but we can all drown in data unless we know what to do with it. Our collaboration with Imperial is about developing the people and skills to use that data to drive new industries and new services. It is immensely exciting for the UK economy and we are very proud to be leading in this crucial area.”
Alwin Magimay, KPMG UK Head of Digital and Analytics, adds: "Our clients are facing the enormity and complexity of big-data and our partnership with Imperial will help our clients meet this challenge. The fact is that one in five of the UK's largest companies now measure the value of corporate data on their balance sheets. Businesses realise that finding better ways of analysing data is the key to unlocking its profitability and we hope to help them unleash new waves of productivity, growth and innovation.
Our new Global Data Observatory, for example, will act as ‘the Hubble of Business Data’, offering a unique platform to use leading analytical methods and solve complex business issues. We are still at the silent movie era with respect to evolution of big-data and together with Imperial, we will break new ground with a simple objective of generating new insights to create new business value for our clients."
Professor G ‘Anand’ Anandalingam, Dean of Imperial College Business School, concluded: “For businesses to compete in a globalised economy they need a full understanding of markets, customers, products, regulations, competitors, employees and much more. The effective use of information and analytics is key to this in order for companies to develop, grow and innovate. However, processing huge swathes of data is a major challenge for leading businesses. Today's datasets are so big and complex to process that they require new ideas, tools and infrastructures. The KPMG Centre for Advanced Business Analytics aims to address these challenges by looking at how we can translate complicated information and turn it into potential solutions. Doing this successfully could help businesses solve a range of issues and develop more commercial ideas.”
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Notes to Editors:
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with approximately 11,500 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2013. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 155,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
About Imperial College London
Consistently rated amongst the world's best universities, Imperial College London is a science-based institution with a reputation for excellence in teaching and research that attracts 14,000 students and 6,000 staff of the highest international quality. Innovative research at the College explores the interface between science, medicine, engineering and business, delivering practical solutions that improve quality of life and the environment - underpinned by a dynamic enterprise culture.
Since its foundation in 1907, Imperial's contributions to society have included the discovery of penicillin, the development of holography and the foundations of fibre optics. This commitment to the application of research for the benefit of all continues today, with current focuses including interdisciplinary collaborations to improve global health, tackle climate change, develop sustainable sources of energy and address security challenges.
In 2007, Imperial College London and Imperial College Healthcare NHS Trust formed the UK's first Academic Health Science Centre. This unique partnership aims to improve the quality of life of patients and populations by taking new discoveries and translating them into new therapies as quickly as possible.