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KPMG International has launched KPMG Insights Labs, a virtual research and development (R&D) centre in Bangalore, that will serve as a global innovation hub. The aim is to incubate and develop data driven business solutions for KPMG member firms’ clients.
The creation of KPMG Insights Labs is the latest step KPMG has taken to expand its portfolio of data and analytics (D&A) solutions and services, with new innovative solutions to help member firms’ clients unlock the value of their data.
In November 2013, KPMG International announced the launch of KPMG Capital, a fund created to accelerate innovation in D&A services and solutions. Since December 2013, KPMG member firms in the US, UK 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 in India, the Insights Labs will undertake R&D for the assets acquired by KPMG Capital as well as for existing KPMG intellectual property. All of KPMG’s member firms worldwide can access the details, a statement from KPMG noted.
The company's Insights Lab, with hub locations in the UK, US and India will provide an environment where new D&A applications can be developed, proof of concept designs demonstrated and verified, and ideas incubated.
"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. "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.''
He added that more than ever, businesses need decision backed by insight, and the KPMG Insight Labs have been created to accelerate the pace of innovation.
"The new lab in Bangalore recognises the capabilities of our Indian data scientists and 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 Bengaluru will help our clients to experience first and the art of the possible and the art of the probable in leveraging their data for faster, more insightful decisions,'' added Amit Khanna, Data and Analytics lead for KPMG in India.
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