KPMG expects to invest US$5 billion on digital leadership in professional services
HONG KONG, Dec. 5, 2019 /PRNewswire/ -- KPMG today announced investments in technology, people and innovation, and expects to spend US$5 billion over the next five years to enhance its leadership position in the digital transformation of professional services.
This investment will accelerate the digital transformation of KPMG and its clients, who will benefit from the latest technological advancements across Audit, Tax and Advisory and the expertise of highly-skilled KPMG professionals to help them transform their businesses.
KPMG's investment will be prioritized in three key areas to strengthen client relationships and capitalize on growth opportunities in a time of transformative change. These include:
- Technology: consistent, global cloud-based platforms to drive the quality of service delivery and new client-facing business solutions and managed services
- People: augmenting the digital skills of KPMG's global workforce and expanding talent in areas such as data science and digital architecture
- Innovation: extending the range of digital offerings and winning work through a diversified ecosystem of strategic alliances and a global innovation network
"Technology is disrupting organizations across the globe," says Bill Thomas, Global Chairman, KPMG International. "Clients are turning to us like never before and trust KPMG professionals to help them implement, manage and optimize the digital transformation of their organizations. Our investment places KPMG firmly at the forefront of this digital shift and enhances our position as a digital leader in professional services."
KPMG enters five-year agreement with Microsoft to invest in cloud-based technologies
As part of this investment, KPMG and Microsoft have signed a five-year agreement that enables KPMG member firms and mutual clients to benefit from Microsoft technology, innovation and advancements in Microsoft's cloud platforms. KPMG is utilizing Microsoft technology – including Microsoft Azure and Microsoft 365 – to create a consistent, global cloud-based platform and extend its range of digital offerings.
KPMG fully deploying cloud-based audit across the globe
In 2017, KPMG began its journey to a cloud-based audit with the launch of KPMG Clara, a smart audit platform based on Microsoft Azure. In doing so, KPMG became the first of the Big Four professional services firms to move to a cloud-based audit and is on track to full deployment across the globe. KPMG Clara enables professionals to apply their extensive industry knowledge to deliver high-quality audits that consistently meet applicable professional standards, build trust with clients and sustain public confidence. It houses advanced, predictive analytics capabilities within a single, cloud-based source and seamlessly adopts the latest cognitive and Artificial Intelligence (AI) solutions. This allows KPMG professionals to tap into advanced technologies that bring clients a greater range and depth of insights into risks and anomalies.
Key investments to help clients navigate tax and legal landscape
KPMG continues to invest heavily in tax technologies to help tax and legal leaders and their departments tackle regulatory change, streamline processes and data management, experience enhanced reporting and enable effective collaboration across departments. KPMG will invest more in cognitive, AI and machine learning capabilities to transform tax and legal functions.
Co-creating market-leading Advisory capabilities with clients and alliances
KPMG's digital transformation approach helps clients align their operations across the enterprise and enable an integrated customer journey by leveraging KPMG's Connected Enterprise and Powered Enterprise solutions. Additional leading capabilities include analyst-recognized Cyber security solutions and advanced use of AI and intelligent automation in Regulatory Driven Transformation and Deal Advisory solutions. KPMG professionals have access to globally consistent tools and solutions, benchmarks and industry analytics to provide clients with consistent support wherever they do business.
Investment in people to harness the latest technology
KPMG is making bold investments in the professional development of its people by creating a world-class learning and innovation center in Orlando, Florida. Beginning in January 2020, KPMG expects to welcome 800 partners and professionals to KPMG Lakehouse each week and lead more than one million hours of in-person learning experiences. Drawing on advanced technology and custom-designed, flexible learning spaces – including inverted classrooms that open to the outdoors – Lakehouse will encourage collaboration, creativity and discovery.
The inaugural class of KPMG's cloud training program launched in November 2019. This program is designed to help KPMG professionals understand the full potential of cloud technology and to leverage those tools when developing internal and client-facing business solutions.
KPMG strengthens global innovation capabilities
KPMG continues to stimulate technology innovation through a number of global programs including its growing ecosystem of strategic alliances and KPMG Global Lighthouse, its Center of Excellence for Data-driven Technologies.
KPMG is further investing in its global innovation network with currently 52 locations. These include KPMG Ignition Centers, which allow KPMG professionals and clients to experience all of the dimensions of our innovation capabilities in one location; KPMG Insights Centers – high-tech collaborative environments to explore data-driven technologies, emerging trends and the latest analytic solutions and services; and Innovation Labs, where KPMG professionals work with clients in an immersive process to apply design thinking for business model innovation, draw on industry research, customer insights, technology innovation and investment analysis to translate signals of change and help them take action.
In addition, KPMG's Sensory Advantage Ecosystem is a global network that helps proactively identify early marketplace trends and conducts research to help KPMG and clients accelerate growth and strategy.
About KPMG International
KPMG is a global network of professional services firms providing Audit, Tax and Advisory services. We operate in 153 countries and territories and have 207,000 people 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.
Throughout this release, "we", "KPMG", "us" and "our" refer to the network of independent member firms operating under the KPMG name and affiliated with KPMG International or to one or more of these firms or to KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.