KPMG International has launched KPMG Insights Labs, a virtual research and development center with locations in the UK, the US and India, which will develop data and analytics applications.
The launch of the Insights Labs is the latest step in KPMG's strategy to expand its portfolio of data solutions and services. Throughout 2013, as revealed by the International Accounting Bulletin World Survey earlier this year, KPMG member firms have engaged in acquisition and partnership in this sector.
And last year the Big Four network launched KPMG Capital, a global investment fund to invest primarily in data and analytics businesses via strategic acquisitions, technology partnerships and other data-driven capabilities.
KPMG global leader for data and analytics Mark Toon said: "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 first solutions that will go through the Insights Labs process will be new applications for customer analytics, competitive positioning, regulatory compliance and predictive modeling for clients in financial services, telecommunications, healthcare and life sciences and retail, according to a KPMG statement.
KPMG Insights Labs head Eddie Short said: "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 greater insights more quickly."
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