ZAVENTEM, December 5, 2019 – 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 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.”
Not only our clients are being disrupted by new technologies, so are we. In this new digital era we are integrating new technologies and digital solutions in our services offerings to better serve our clients and help them reach their full potential, leading them to success.
As a firm KPMG wants to stay on top of today’s digital shift by leveraging global digital strategies and investments in technologies such as cloud-based technologies and AI, people and innovation. Our global and local alliance with Microsoft will play a huge factor in strengthening our client offerings. We want to help our customers become more agile in an increasingly complex business environment by being at the forefront of change and thus better prepared for a digital-first future.
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.
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.
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.
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.
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 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.