The Economic Times: May, 2014
Bengaluru: US-based, consultancy firm KPMG International launched KPMG Insights Labs, a virtual R&D center in Bangalore--third after UK and US. The new centre will serve as a global innovation hub with the aim to incubate and develop data-driven business solutions for KPMG member firms' clients.
"The Insights Labs are intended to fill a critical gap for clients. 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," said Mark Toon, Global Leader of Data & Analytics and CEO of KPMG Capital.
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. The Insights Lab will provide an environment where new D&A applications can be developed, 'proof of concept' designs demonstrated and verified, and ideas incubated.
"The new lab in Bangalore will act as ground to build solutions for Indian and global markets. Indian clients are getting more sophisticated about use of data and analytics and KPMG lab in Bangalore will help our clients in leveraging their data for faster, more insightful decisions", added Amit Khanna, Data & Analytics lead for KPMG in India.
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.
"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," mentioned KPMG in a media release.