KPMG plans to invest five billion US dollars worldwide in its employees, technology and innovation over the course of the next five years. A part of this drive towards digitalization is built on a global alliance with Microsoft. Artificial intelligence and cloud-based applications are to help KPMG promote the digital transformation of both its own firm and its clients.
Digitalization is also opening up new opportunities in the audit and advisory business. To live up to its role as a leader in the area of digitalization, KPMG is planning to invest five billion US dollars in technology, its employees and innovations between now and 2024. These investments will both help strengthen the firm’s relationship with its clients while also creating growth and synergy potential between its various functions.
These substantial investments will flow into three main areas: technology, innovation and employees. In fact, the firm’s employees play a vital role in these efforts because they will be the ones responsible for helping clients best harness the potential offered by this new digitalization and will need to develop new digital skills and expertise in order to do so. To that end, KPMG plans to step up its investments in training and further education as well as in expanding its capacities in the areas of data science and cyber security.
In the area of technology, the focus is on developing global, cloud-based platforms with two main thrusts, the first being to strengthen both the collaboration and the flexibility of this collaboration between KPMG’s more than 200,000 employees, and the second being to enhance and expand the quality of the services KPMG offers its clients in general and the firm’s digital range of services, in particular. Strategic alliances with Microsoft and other partners help KPMG in these efforts.
Demand for digitalization is being driven by two key factors, increased regulation and the growing complexity of cross-border business transactions, as they are making compliance with legal and tax requirements and standards increasingly difficult. Another focus is on the digitalization of business models. Accordingly, client demand for simple, automated solutions for ensuring legal conformity, lower costs and innovation is high – particularly in internationally intertwined economies like Switzerland.
This year alone, KPMG Switzerland has invested some CHF 30 million in software and technological advances plus CHF 10 million in training and further education for its employees. The grand opening of the Insights Center in Zurich was particularly noteworthy. There, in a modern, high-tech environment, KPMG clients can interact with their data directly via an interactive touchscreen wall. This novel approach to data visualization and analysis lets clients systematically exploit their company’s data to establish a better basis for decision-making. Other innovative solutions can be found in the areas of audit and AI-based forensics as well as automation solutions used in the areas of tax and finance.
“We will continue to invest substantially in efforts aimed at enhancing our innovative strength in the coming year as well,” stated Stefan Pfister, CEO of KPMG Switzerland. “These investments underscore our aspiration to remain one of the Swiss market’s digital pioneers going forward.”