It’s a truism that the era of Big Data has added huge challenges for enterprises seeking to unlock the value in that data. That’s why data analytics is such a booming field right now. But sometimes it seems as if even leading edge analytics technology is straining to keep pace with the growing complexity of information.
In the hope of reducing some of that complexity, KPMG International has announced the launch of “KPMG Insight Labs,” a global, virtual R&D centre that supports the incubation and development of data solutions for the clients of KPMG member firms.
“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,” KPMG said in making the announcement.
The announcement follows the launch last November of KPMG Capital, which funds the development of data and analytics solutions. Since then, a number of acquisitions and partnerships have been announced to bring D&A solutions to market. These include the December acquisition of Link Analytics, and more recent partnerships with a major mobile app development house and a data science training centre.
Insight Labs will serve as KPMG’s global hub for D&A solutions. All KPMG member firms globally will have access to the hub, which will conduct R&D for the assets acquired by KPMG Capital as well as for existing KPMG intellectual property. In labs located in the U.K., U.S. and India, Insight Labs will allow developers to build D&A applications, trial and verify proof of concept designs, and generate new concepts.
“The Insights Labs are intended to fill a critical gap for clients,” said Mark Toon, global leader of data and analytics and CEO of KPMG Capital in the KPMG press release. “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.”
KPMG says that new applications for customer analytics, competitive positioning, regulatory compliance and predictive modelling for clients in financial services, telecommunications, healthcare and life sciences and retail are first in the R&D pipe.
The full announcement can be read here.